FBCCI for signing FTA with UK

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md. Jashim Uddin on Tuesday stressed that Bangladesh should sign Free Trade Agreement (FTA) with the UK since it is one of the development and trade partners of Bangladesh.

Jashim made this remark at the Networking Dinner in honour of the President of the Confederation of British Industry (CBI) & Chancellor of the University of Birmingham Lord Karan Bilimoria, CBE DL FCA this evening at a hotel in the city.

The FBCCI chief sought CBI President's support in Bangladesh's initiatives for signing FTA with the UK and also solicited his assistance for continuing the existing trade benefit received from UK in the post LDC period.

"We look forward to the future of our engagements through signing an MoU with CBI and joint programs for business promotion, industry-academia partnerships and skills development," the FBCCI President added, said a press release.

At present, trade between Bangladesh and the UK stands at US$5.46 billion. In the FY 2021-22, Bangladesh exported goods worth US$4.83 billion to UK while imports were US$ 0.63 billion.

Seeking more UK investment, the FBCCI President said, "With the present pace of business growth and infrastructural development, we will be able to become the South Asian center for excellence and a regional hub with access via road, rail and sea. We foresee the scope of strengthening cooperation in trade and investment with a focus on development and innovation, food processing, ICT, Plastic, petrochemical, shipbuilding, tourism, infrastructure development, petroleum and energy and knowledge transfer to facilitate the transition of the 4IR."

Speaking as the chief guest, Industries Minister Nurul Majid Mahmud Humayun praised the democracy of Bangladesh and described the economic success stories that took place during the last 14 years of tenure of the Awami League government.

"The UK will remain a friend in the future journey of Bangladesh towards a developing country," the ministers expected.

President of CBI and Chancellor of University of Birmingham, UK Lord Karan Bilimoria recalled the liberation war of Bangladesh in 1971 as his father took part in that war as a member of the Indian Army.

The Lord expected the two countries to work together in harnessing the potential of the Bangladeshi youths highly skilled in ICT.

In future, the UK will welcome more Bangladeshi students in UK universities, said the Chancellor of Birmingham University, UK. "Developing the empathy between two countries is essential to bolster the bilateral investment,"the lord added.

Masud Bin Momen, Senior Secretary, Ministry of Foreign Affairs urged the private sector of the two countries to conduct a feasibility study on exporting Bangladeshi agro-products to the UK.

He also recommended undertaking initiatives to increase the access of Bangladeshi freelancers to the UK outsourcing market. "The private sector also may work on how Bangladesh can export more doctors, nurses, caregivers to the UK market," the the foreign secretary added.

British High Commissioner Robert Chatterton Dickson urged Bangladesh to work on getting more UK companies interested in investing in Bangladesh. He also suggested further developing the business environment.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu delivered the closing remarks at the event.

Former presidents of FBCCI Md. Mahbubur Rahman, Kazi Akram Uddin Ahmed, AK Azad, Matlub Ahmad, Vice Presidents Md. Amin Helaly, Salahuddin Alamgir, Md. Habib Ullah Dawn and directors of FBCCI were present, among others.