British businesses willing to contribute to Bangladesh’s growth

The British Business Group (BBG) says it is committed to help Bangladesh continue growth and meet the needs of its people.

Senior Correspondentbdnews24.com
Published : 25 April 2019, 07:55 PM
Updated : 25 April 2019, 07:55 PM

British experience, expertise and international connections can help sustain Bangladesh’s impressive social and economic development by providing jobs and skills training for its workers, the High Commission said after a meeting of the BBG on Thursday.

The BBG organised a breakfast meeting at the British High Commissioner’s residence to discuss the planned growth of Bangladesh and how trade could help achieve that goal.

The meeting was co-hosted by High Commissioner Robert Dickson, and the Chair of the BBG Francois de Maricourt, also CEO of HSBC Bangladesh.

Planning Minister MA Mannan was chief guest. Bangladesh High Commissioner to the UK Saida Muna Tasneem also attended the meeting.

The meeting heard how the government is planning for the momentous move from least developed country to middle income country in 2021.

This will involve changes to the existing trade relationships Bangladesh has with many countries.

It will also necessitate large scale infrastructure projects in areas such as power, roads, public transport and efforts to improve the environment.

“This opens up opportunities for UK businesses to partner Bangladeshi firms to deliver the improvements that are needed. The BBG expects Bangladesh to keep growing.”

In a recent report, HSBC predicted that Bangladesh is likely to be the biggest mover in global GDP rankings by 2030 from 42nd to 26th.

British firms, including those who already have a commercial presence in the country, can help Bangladesh achieve that goal, the High Commission said in a statement.

The planning minister said the prime minister’s first priority is the country’s development and business is part of her strategy for delivering that.

“The government’s door is open to business. It wants to hear from firms where the bottlenecks are and it will fast track resolution.  It wants a business environment fit for the 21st Century”.

Maricourt said continued infrastructure investment is “important for ensuring the country was ready to meet the challenges of moving to middle income country status.”

“British business, particularly its financial and professional services sector, was particularly well placed to contribute to Bangladesh’s development”.

High Commissioner Dickson said the UK is the second largest investor in Bangladesh and Bangladesh is the third largest destination for Bangladeshi exports.

“Trade is an important part of the bilateral relationship and could be made even more so in the future with progress on improving Ease of Doing Business.”