EU (European Union) Ambassador in Dhaka Pierre Mayaudon yesterday said the EU was interested in investing in a number of industries in Bangladesh, including information technology and shipbuilding.
“We have taken good note of the interest of Bangladesh to see more foreign investments in the pharmaceutical industry, information technology, shipbuilding, and laser products,” he said at a press briefing, after a meeting with Bangladesh officials at State Guest House Padma in the capital.
An agreement on aviation was inked at the meeting with a view to boost connectivity between Bangladesh and EU countries.
Mayaudon said the deal was a key step towards enhancing economic relations between the EU and Bangladesh.
“This is a technical agreement but is also aimed at enhancing connectivity between the EU and Bangladesh,” he added.
The meeting’s agenda included expansion of bilateral trade between the EU and Bangladesh, and the progress of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement among others.
Additional Commerce Secretary Manoj Kumar Roy represented the Bangladeshi team while Diana Acconcia, deputy head of unit for EU South and South East Asia, led a 14-member delegation.
“There remain some tariff-related difficulties in investing in Bangladesh. In some cases, import duty is too high while non-tariff barriers include lack of better stability, more transparency, and legally-established regulatory framework,” said Mayaudon.
He said the meeting had discussed the economic and investment environment of the country in relation to the recent formation of the EU Business Council in Bangladesh. “We discussed EU research and an innovation programme named Horizon 2020, which could assist Bangladesh in becoming a knowledge-based economy.”
There was discussion on the progress of Sustainability Compact that was jointly signed by the Bangladesh government, International Labour Organisation, the EU, and the US after the Rana Plaza tragedy.
“The EU received renewed commitment from the Bangladesh government that regulations related to the implementation of the amended labour law would likely be prepared by April,” added the EU ambassador.
The additional commerce secretary said the key focus of the meeting was EU-Bangladesh trade ties.
He said the recent development in the readymade garment sector was discussed.
“We are currently getting no foreign investments in our service sector as there are some legal hassles involved because of a writ petition. The EU has urged to resolve these as early as possible,” added Manoj.
In 2013-14, bilateral trade between EU and Bangladesh stood at $18.78bn.
