Extending the UK's full support to Bangladesh to chart a "peaceful transition" to an "inclusive, prosperous and democratic" future, its trade envoy for Bangladesh Baroness Winterton of Doncaster DBE has said there is a fresh impetus for the two countries to refresh their bonds and work ever more closely together on economic, trade and investment fronts.
"The UK and Bangladesh economic, trade and investment relationship is stronger than ever. I can tell there is a fresh impetus for us to refresh our bonds and work ever more closely together," she said, adding that the UK will remain a steadfast partner to Bangladesh, and their businesses and people in both countries will play an important role in that endeavour.
The British trade envoy, who left Dhaka on Thursday, reaffirmed the UK government's commitment to supporting British businesses around the world including in Bangladesh to advance mutually beneficial growth, an official told UNB.
Speaking at the Bangladesh Investment Summit's formal inaugural session on Wednesday, the British trade envoy said the event lays the foundation for unlocking these opportunities. Chief Adviser Dr Muhammad Yunus attended the event as the chief guest.
She said one of the challenges that affect everyone in Dhaka is its infamous traffic, which really dents productivity.
"That is why London's transport authority, Transport for London, is working with Dhaka city authorities to test ideas that can help reduce traffic jams," Baroness Winterton said.
The trade envoy said she is aware that many British and international businesses see the growth and opportunities of this market and want to expand their operations here.
"But at the same time, we also hear concerns from businesses about laws, regulations and red tape that make it more difficult for them," she said, adding that they are keen to help Bangladesh take full advantage of global business through an enhanced and enabling environment that rationalises the cost of doing business, removes regulatory bottlenecks and ensures protection for intellectual property rights.
The UK welcomed BIDA's steps to implement as many reforms as quickly as possible - this is injecting confidence to foreign investors that Bangladesh is open for business.
"We are providing technical expertise to BIDA to develop its analytical capability, continuing a collaboration that goes back more than 20 years."
Moving to the climate partnership that they are working together to unlock investment in clean energy and climate adaptation solutions, she said they want to harness the UK's world leading financial sector and renewable energy expertise to help deliver Bangladesh's climate ambitions.
As Bangladesh prepares to engage and enhance its trading relationships in the post-LDC era, the trade envoy said her government is providing technical assistance to the Ministry of Commerce to strengthen their capability on trade policy and negotiations.
The Revenue & Customs will be providing capacity building support to the customs wing of the National Board of Revenue to enhance trade facilitation.
"Taken together, these initiatives constitute significant UK contributions for Bangladesh's LDC graduation process," she said. �"UNB
