Avoid preconceptions, have open mind about developing countries: Rushanara Ali to UK businesses

British Prime Minister’s Trade Envoy for Bangladesh Rushanara Ali has said businesses should avoid preconceptions and have an “open mind” about developing countries while making investments there.

During an interaction with journalists in Dhaka on Monday, she also said barriers in doing businesses are not specific to Bangladesh; those are “not uncommon” elsewhere in the world.

“But that does not mean we should not work hard to invest and trade with the [developing] economies,” the Labour MP said.

She made those comments when a journalist asked her about the barriers of doing businesses in Bangladesh such as corruption and red tape.

The UK is the second largest foreign investor in Bangladesh. Over 240 British companies are operating in such sectors as retail, banking, energy, infrastructure, consultancy and education with main centres of operation in Dhaka, Chittagong, and Sylhet.

The UK is also the third single largest destination for exports from Bangladesh.

This is the third visit to Dhaka of the Bangladesh-born British MP as a trade envoy to bolster partnerships.

The cross-party ‘Trade Envoy’ programme was established in 2012 to build bilateral trade relationships and help drive economic growth in countries identified as key markets for the UK.

All trade envoys are personally selected by the prime minister for their experience, skills, and knowledge of particular sectors and countries.

This is part of a new whole-of-government approach of the UK to boost trade with priority markets and sectors.

During her visit, Ali met Prime Minister Sheikh Hasina, and Commerce Minister Tofail Ahmed among others.

It comes when the talks on UK leaving the European Union are going on. London earlier made it clear that Bangladesh will get the duty and quota-free market access even after the Brexit.

Ali said British companies are mostly keen on investing in infrastructure, finance and insurance in Bangladesh.

She said solar and renewable energy and technology are some new areas where they can also work.

The MP said she always encourage businesses to come here to deal with some preconceptions that still exist in UK about the ease of doing business and barriers.

Traditionally, British businesses did not see Bangladesh as a destination. “They stopped in India. They haven’t taken the last leg of journey to get over here and see the opportunities,” she said.

Now they are coming “because there is a lot to gain from looking to Bangladesh”.

“It’s really important that the bigger economies have a strong partnership with emerging economies because if you get it right both sides get benefit.”

The MP said once there had been preconceptions about operating in China. “Now it has become a very successful economy outperforming many economies.”

She, however, said practical action needs to be taken within each country to remove the obstacles as perceptions also come from experiences.