Dhaka Chamber of Commerce and Industry on Sunday urged the United Kingdom to import more from Bangladesh.
DCCI president Ashraf Ahmed made the call while meeting with British high commissioner to Bangladesh Sarah Cooke at DCCI Gulshan Centre in the city, said a press release.
DCCI vice-president Md Junaed Ibna Ali and members of the board of directors were also present at that time.
Welcoming the British high commissioner to DCCI, Ashraf Ahmed said that the total bilateral trade between Bangladesh and UK reached $5.73 billion in FY23.
The UK is the 3rd largest export destination and 26th largest import source of Bangladesh, he mentioned.
In FY2022-23, he said, export from Bangladesh to UK was $5.31 billion and total import from UK was $415.32 million.
The UK is the second largest foreign investment source for Bangladesh followed by USA with $3.04 billion FDI stock, he added.
He said that the potential of economic partnership between the UK and Bangladesh was very bright especially in the fields of finance, healthcare, Fin-tech, BPO, BPS, tourism and education sectors.
Moreover, he said, the UK can also transfer technical know-how, innovation and skills in ICT, architecture, healthcare sectors through joint venture partnership.
Both Bangladesh and the UK need to initiate and expand discussions for framing agreements at G2G level to boost bilateral trade and investment during the post LDC era, he added.
Bilateral discussions need to reflect new priorities arising from Bangladesh鈥檚 economic transition, he said.
Investments from the UK into Bangladesh needs new focus as does private sector to private sector connectivity, he added.
He informed that over 94 per cent of export from Bangladesh to UK concentrated on ready-made garments products ($5.03 billion).
Other than RMG products, few more items are also being exported to the UK, but their volume is not up to the expected level, he added.
Sarah Cooke said that Bangladesh had done a lot of changes in the last decade and its economy also advanced a lot.
She also said that the UK was interested to work with Bangladesh regarding economic progress and climate change issues.
She again said that the UK would extend its possible support to Bangladesh in successful graduation from the LDC to middle income country status.
But after the LDC graduation, to keep export market safe, Bangladesh needs to diversify its exportable items other than RMG products, she added.
She hoped that the both way trade and export between UK and Bangladesh would accelerate in the future.
Besides, the tax-GDP ratio of Bangladesh should be increased, she said.
Agriculture, sea food (shrimp), leather goods, light engineering especially bicycle and RMG have huge potential for Bangladeshi exporters in the UK market, she added.
She also stressed on producing quality products having international standard to grab international market.
In order to attract more FDI, she suggested that Bangladesh work more on policy reforms, sustainable and predictable policy regime, intellectual property right, alternative dispute resolution and repatriation of profit related issues.
Prioritising strong trade and investment relation further, she later invited Bangladeshi business delegations to UK to enhance better connectivity.
