UK to facilitate British ventures to invest in Bangladeshi start-ups: Dickson

British High Commissioner in Dhaka Robert Chatterton Dickson on Sunday said the UK would facilitate British venture capitalists looking at financial opportunities to invest in Bangladeshi start-ups.

Dickson said this while speaking at a webinar on “Bangladesh-UK Trade and Investment Cooperation: Service Sector Perspective” organised by the Dhaka Chamber of Commerce and Industry (DCCI).

He also suggested addressing the issues of improving the ease of doing business index to attract more FDIs as well as bringing transparent and good governance in all sectors.

“The commercial relation between Bangladesh and the UK is very good. Concerted efforts both from the government and private sector will boost bilateral trade opportunities,” he said.

Dickson said the UK is the second-largest investor in Bangladesh and the Bangladeshi IT sector would be an interesting market for the UK. “Service sectors like finance, healthcare, education and technology would be some emerging sectors where the future lies,” he added.

DCCI President Rizwan Rahman requested the UK government to retain the generalised system of preferences facility for export growth in the post-Brexit era until both countries agree for a free trade agreement to deepen economic fraternity.

“Our total FDI inflow was $2.370 billion in FY2019-20 where the service sector shares 6.5 per cent,” said Rizwan. He said in the new normal era, the British government can ensure a liberal tariff and trading ecosystem to support investment in the wide-ranging service sector.

He said that the UK is a large trading partner of Bangladesh with a bilateral trade of $4.2 billion. Bangladesh exported to the UK $3.751 billion in FY2020-21 having 8.63 per cent growth whereas it was $3.453 billion in FY2019-20.

Bangladesh Association of Software and Information Services (BASIS) President Syed Almas Kabir said Bangladesh’s export market IT and ITES is $1.3 billion. The domestic market of IT/ITES is about $1.4 billion.

“Bangladesh produces over 22,000 qualified IT engineers every year and its ICT industry can feed the world industry with quality engineers,” he said.

According to BASIS, 400 Bangladeshi companies export IT products and services to 80 countries including Japan, the US, Europe, and the Middle East.

Bangladesh High-Tech Park Authority Managing Director Bikarna Kumar Ghosh said eight high-tech parks were now ready for use and 160 companies invested in parks creating employment for 21,079 people. SBK Tech Ventures Founder and Managing Director Sonia Bashir Kabir said venture capitals can look into Bangladesh where India raised $20 billion venture capital funding. Bangladeshi start-ups are very good and need investors.

Managing Director of MF Asia Ltd Faqueer Tanvir Ahmed said Bangladeshi IT companies can support British companies, especially in the post-Brexit situation.

DCCI Senior Vice President NKA Mobin gave the vote of thanks in the virtual meeting.