Bangladesh might presumably maybe restful leverage the UK’s Growing Worldwide locations Trading Arrangement (DCTS) to withhold preferential entry to the UK market put up-LDC graduation, in step with a recent see on the UK-Bangladesh market.
The Arrangement is foremost for deeper integration into global provide chains, acknowledged the see titled “Navigating Unusual Alternatives: Diagnosis of the UK–Bangladesh Substitute Dynamics”, revealed by HSBC Bangladesh.
It additionally recommends diversifying Bangladesh’s export coarse beyond RMG, to encompass prescription capsules, leather-primarily based items, jute products, and agro–processed items.
The file additionally underscores the need for infrastructural trend in ports, logistics, and digital programs to facilitate smoother bilateral commerce.
Aligning regulatory frameworks and fostering talent trend thru partnerships is additionally talked about as foremost to sustaining this synergistic partnership.
It acknowledged the UK stands as one among Bangladesh’s valuable commerce and trend companions. Larger than 240 UK companies withhold key investments in Bangladesh starting from textiles and banking, to education.
The Hongkong and Shanghai Banking Company (HSBC) in Bangladesh lately revealed the see, commissioned by HSBC and accomplished by Ernst & Younger LLP Bangladesh and Quay Asia.
Initiated in November 2023, the see highlights doable areas of cooperation, aiming to make stronger commerce and investment between Bangladesh and the United Kingdom (UK).
Sarah Cooke, British high commissioner to Bangladesh, at the launching of the e-newsletter, acknowledged Bangladesh will need to grasp the strategic alternatives ahead as the country approaches its transition from LDC direct within the upcoming years.
“The UK’s DCTS will abet withhold entry to the UK market while promoting the enchancment of greater-tag sectors like electronics and electrical, prescription capsules, leather-primarily based items, and agro-processing,” she acknowledged.
Lutfey Siddiqi, special envoy on global affairs to the chief adviser, acknowledged, “Our government will step by step be supportive of to blame companies making an try to approach help in or export out of Bangladesh. The UK is a longstanding friend of Bangladesh. I thank HSBC for taking the initiative to stumble on the alternatives that exist for the 2 international locations”
Md Mahbub Ur Rahman, CEO, HSBC Bangladesh, spoke on the importance of UK-Bangladesh commerce ties and highlighted HSBC’s characteristic in facilitating this commerce relationship.
He added, “In this day’s globalised environment, emphasising on explicit and targeted endeavours can pave the style towards a a success and sturdy partnership in these strategic corridors.”
All over the match, assorted guests additionally spoke at the panel dialogue and highlighted Bangladesh’s alternatives led by its huge user market and tech-savvy young inhabitants, ancient and rising commerce investment ties with the UK and the doable varied investment sectors including manufacturing, education, prescription capsules and expertise.
The panel additionally incorporated how all people can rob fragment to map an investor pleasant environment and enhance the economy.
