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FTA key to expediting UK-Bangladesh trade ties: DCCI

Business networking meeting between DCCI and Chambers Wales held at DCCI
Staff Correspondent
01 Dec 2022 17:04:38 | Update: 01 Dec 2022 18:28:09
FTA key to expediting UK-Bangladesh trade ties: DCCI
— Courtesy Photo

The UK is the second largest foreign investor in Bangladesh. To make mutually beneficial economic relations, upon Brexit and LDC graduation of Bangladesh, FTA or CEPA should be signed to expedite bilateral economic relations.

Dhaka Chamber of Commerce & Industry (DCCI) President Rizwan Rahman made the remark at a business networking meeting between the DCCI and visiting 10-member business delegation from Chambers Wales, held in Dhaka on Thursday.

Welcoming the business delegation from UK’s Chambers Wales, Rizwan said, “Bangladesh and the UK maintain a friendly diplomatic tie and bilateral relation since ages. The UK is the third largest export destination of Bangladesh and we kept maintaining a positive trade balance with the UK.

“Bilateral trade reached approximately $4.11 billion in FY21, of which, Bangladesh exports around $3.75 billion.”

Rizwan also urged for setting up a Trade Support desk in association with Chambers Wales to assist likely trade deals and business proposals for the British investors, read a press release.

Moreover, the DCCI can conduct joint research to identify market needs aiming at the UK and Welsh market for export growth in the promising sectors, he added.

Executive Chair of Chambers Wales and leader of the delegation Paul Slevin said, “Bangladesh in the recent past has done a tremendous job in the infrastructure sector. It is a changed and different Bangladesh.

“Now it is time for action and execution as we are serious about business. UK investors are keen to do partnerships here in Bangladesh with their state-of-the- art intellect, knowledge and skills to help Bangladesh for its journey towards being a developed nation.”

He admired the preeminent role of Bangladeshi private sector in building the economy, saying that UK investors are already here, more eager to do business in Bangladesh and they are being engaged with various new ventures already. 

DCCI Senior Vice President Arman Haque, Directors Sameer Sattar, Malik Talha Ismail Bari also spoke on the occasion.