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Virtual dialogue titled `Bangladesh-UK trade and investment cooperation: service sector perspective’
Dhaka Chamber of Commerce & Industry (DCCI) organized a virtual dialogue titled `Bangladesh-UK trade and investment cooperation: service sector perspective’ held on August 29. British High Commissioner in Bangladesh Robert Chatterton Dickson participates in the dialogue as the chief guest.
DCCI President Rizwan Rahman in his opening remarks said The UK is large trading partner of Bangladesh. Bilateral trade is around USD4.2 billion. Bangladesh exported to the UK USD 3.751 billion in FY2020-21 recording 8.63% growth whereas it was USD 3.453 billion in FY2019-20. Our total FDI inflow was USD2.370 billion in FY2019-20 where service sector shares 6.5%. He also requested that in the new normal era, British Government can ensure liberal tariff and trading ecosystem to support investment in wide-ranging service sector. He also requested UK Government to retain GSP facility for export growth in post-Brexit time until both countries agree for FTA to deepen economic fraternity.
British High Commissioner in Bangladesh Robert Chatterton Dickson said the commercial relation between Bangladesh and UK is very good. UK is the second largest investor in Bangladesh, Dickson said. The Bangladeshi IT market would be an interesting market for UK. He said service sectors like finance, healthcare, education and technology would be some emerging sectors where the future lies. He further suggested to address the issues to improve in the ease of doing business index to attract more FDI. Concerted efforts both from the government and private sector will boost bilateral trade opportunities, he mentioned. The British High Commission will facilitate British venture capitalists looking at financial opportunities for the startups in Bangladesh.
Syed Almas Kabir, President, BASIS said IT and ITES 1.3 billion export in this sector with a growth. The domestic market of IT/ITES is of about USD 1.4 billion. 13% of IT/ITES products from Bangladesh go to the UK, he informed. He also said that worldwide there is big demand of IT graduates. At present more than 40 offshore development centres have started working in Bangladesh, he mentioned.
Bikarna Kumar Ghosh, Managing Director, Bangladesh High-Tech Park Authority said that 8 high-tech parks are ready to accommodate investors. Bangladesh’s annual demand for new handsets is 3.5 crore out of which local factories are supplying over 75 lakh. 160 companies have already invested in the high-tech parks which created employment of 21079 people. By the year 2025 about 4000 crore taka will be invested in the high-tech parks.
Sonia Bashir Kabir, Founder and Managing Director, SBK Tech Ventures said venture capitals can look into Bangladesh where India raised 20 billion venture capital funding. Bangladeshi startups are very good and need investors.
Faqueer Tanvir Ahmed, Managing Director, MF Asia Ltd. said Bangladeshi IT companies can support British companies especially in the post-Brexit situation. Bangladesh’s IT talents are doing good at home and abroad. But we are not aware of various opportunities in the UK for Bangladeshi companies. Due to Pandemic many businesses have been hampered but companies of IT and ITES did not suffer lot. British Companies can buy software from Bangladesh, he proposed. He also invited British companies to invest in Bangladesh.
DCCI Senior Vice President NKA Mobin, FCS, FCA gave vote of thanks.
Published on: 2021-08-29