A study report on the UK-Bangladesh market has recommended diversifying export base beyond RMG by the latter to bolster a more resilient and expanded economic partnership between two countries.
Commissioned by the HSBC and conducted by Ernst & Young LLP Bangladesh and Quay Asia, the study suggested more presence of pharmaceuticals, leather goods, jute products, and agro鈥損rocessed goods in the export basket.
Essential for deeper integration into global supply chains has been highlighted in the study as recommended by the UK鈥檚 Developing Countries Trading Scheme.
This will also ensure Bangladesh retains preferential access to the UK market during post-LDC graduation, said the report, underscoring the necessity for infrastructural development in ports, logistics, and digital systems to facilitate smoother bilateral trade.
Aligning regulatory frameworks and fostering skill development through partnerships is also vital to sustaining this synergistic partnership, said the report.
Lutfey Siddiqi, special envoy on international affairs to the chief adviser, attended the event as chief guest and Sarah Cooke, British high commissioner to Bangladesh, attended as special guest during report launching event recently in the capital, said a release of the HSBC.聽
Lutfey Siddiqi said, 鈥楤angladesh has set on a journey of reforms to create a congenial investment environment. Our government will always be supportive of responsible businesses looking to come in or export out of Bangladesh.鈥�
Sarah Cooke said, 鈥楢s Bangladesh approaches its transition from Least Developed Country status in the coming years, it will need to seize the strategic opportunities ahead.鈥�
Dan Pasha, director of trade and investment, British high commission; Shamima Akhter, director, corporate affairs, partnerships and communications, Unilever Bangladesh; Naushad Ekramullah, managing director, Ernst & Young, Bangladesh; Shuchi Trivedi, partner, Ernst & Young, LLP; Shaila Rahman, managing director, Quay Asia; Philip Choudhury, director, Quay Asia; Stuart Rogers, regional head of commercial banking, international markets, Asia Pacific, HSBC; Md Mahbub Ur Rahman, CEO, HSBC Bangladesh were also present in the event along with senior government officials, business leaders and representatives from trade associations.
