UK Member of Parliament from the Labour Party Rupa Huq on Tuesday emphasized signing a free trade agreement (FTA) between the United Kingdom (UK) and Bangladesh to boost bilateral trade between the two countries.
She also said that Bangladesh had to diversify its product basket to grab a big chunk of the UK market, as there was room for expanding trade in many sectors beyond readymade garment (RMG.)
She was speaking at a press conference and meeting organized for the visiting mission of the UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) by the Bangladesh Textile Mills Association (BTMA) in the capital.
Bangladesh has opportunities to work on technologies, agriculture, and artificial intelligence. The country has to think beyond the RMG sector to grab these opportunities, she also said.
She also addressed global economic challenges, noting the impact of the Ukraine-Russia war on inflation and commodity prices in the UK.
“People have to pay high prices for oil, gas, and commodities as wheat is imported from Ukraine. Now they have to pay a higher price for bread,” the UK MP added.
BNP standing committee member and former commerce minister Amir Khosru Mahmud Chowdhury said that trade-centric diplomacy should be adopted in the interest of the country, and that the main goal of every Bangladesh mission in the world should be trade expansion.
He also said that Bangladesh has observed less foreign investment in the last 15 years.
Chowdhury urged investors to invest more as an investment-friendly environment was created.
He also said that the influence of Indian and Chinese expatriates worldwide is greater as their skills are much higher.
“Our country's expatriates are making a very important contribution. We need to increase their skills further,” he added.
BGMEA administrator Md Anwar Hossain highlighted investment prospects in Bangladesh's textile sector.
Bangladesh still imports $11 billion worth of textile products annually. Yet there are ample opportunities for investment in this sector, he said.
Hossain also called for a Bangladesh-UK FTA to enhance exports, citing Vietnam as an example.
BKMEA president Mohammad Hatem criticized foreign buyers for unethical prices and unfair buying practices.
He also suggested postponing Bangladesh's LDC graduation for five years, noting that the businesses have been harmed in various ways in recent years.
BTMA president Showkat Aziz Russell, also the regional president of UKBCCI, highlighted the mission’s emphasis on Bangladesh’s robust ready-made garment (RMG) sector.
“Bangladesh is globally recognized for its strong manufacturing capabilities and is a key hub for apparel sourcing. This mission seeks to capitalize on the country’s edge in global export competitiveness while fostering innovation in design and manufacturing,” he said.
The textile sector, which contributes over 13% to Bangladesh’s GDP, is also a key focus of the delegation. With investments exceeding $22 billion, the textile industry accounts for over 84% of Bangladesh’s export earnings and retains over 30% of foreign currency. The mission aims to leverage these strengths and encourage further investment in this critical industry, he added.
UKBCCI Chairman Iqbal Ahmed highlighted Bangladesh's recognition by The Economist as "Country of the Year," citing significant progress over the past year.
"UKBCCI can take credit for our ongoing commitment to supporting investment in Bangladesh. Our recent campaign increased remittances to Bangladesh through proper channels by more than 25%. This remittance can be doubled within a few years if we add value to it through our NRB service industry," he said.
The meeting showcased the potential for strengthening UK-Bangladesh trade ties through diversification, investment, and policy initiatives.
The UKBCCI, an organization representing British-Bangladeshi entrepreneurs, is conducting its trade mission to Bangladesh from January 4 to 9.
During this period, the delegation is set to engage with leading trade bodies and hold discussions with key advisers to Bangladesh's interim government.