The Hongkong and Shanghai Banking Corporation Limited (HSBC) in partnership with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has commissioned a study on the UK-Bangladesh market to be conducted by the Ernst & Young and Quay Asia.
The study aims to improve bilateral trade and investment between Bangladesh and the United Kingdom (UK). The study will explore the ambitious growth agenda that showcases areas of cooperation between the two countries and was launched in an event titled ‘Bangladesh-UK Business Corridor: Legacy and the Future’.
The event not only celebrated the longstanding relationship between the UK and Bangladesh but also highlighted the important ways in which both countries can unlock potential market opportunities, said a press release.
Senior government officials, chamber and trade association representatives, business leaders, dignitaries and members of the media were present at the event.
Commerce Minister Tipu Munshi, FBCCI president Md Jashim Uddin, Chief of staff, HSBC Asia Pacific, Philip Fellowes and CEO HSBC Bangladesh Md Mahbub Ur Rahman shared their valuable insights on the occasion. Saida Muna Tasneem, Bangladesh High Commissioner to the United Kingdom also attended the event and spoke over Zoom.
As a part of the event, a panel discussion titled ‘Unlocking new opportunities for Bangladesh and UK’ was moderated by Mamun Rashid, country clients and market lead, PwC Bangladesh, and participated by Phillip Choudhury, director, Quay Asia, Shahul Sally, associate director, Next Sourcing Limited and Ifty Islam, chairman, Asian Tiger Capital.
Speaking on the occasion as the chief guest, Tipu Munshi said, “We were able to grow trade with the United Kingdom with our contemporary export policies and bilateral relations; this relation will only grow in the coming days with the agreements in place with the UK. I thank HSBC and FBCCI for supporting this market study which will undoubtedly open opportunities for further trade and investment growth.”
FBCCI president Jashim said, “The UK and Bangladesh share an excellent bond with a strong people-to-people connection. While Bangladesh considers the UK as an important export destination, the trade relationship is currently concentrated on a few specific items,”He said policymakers and business leaders from both countries should collaborate in a focused manner to improve and diversify this trade relationship. “This study will serve as a stepping stone towards further developing trade, investment, and economic relations,”The FBCCI President said that the two-way trade stands at $ 5.46 billion
while the export in the fiscal year 2021-22 was $4.83 billion against the import of $ 0.63 billion. “Our export to the UK is concentrated on a few items like knitwear, woven garments, frozen fish, clothing, and textile. We need to diversify our export items,”Jashim said that Bangladesh’s economy has witnessed remarkable progress in recent years, driven by key sectors including garments and textiles, pharmaceuticals, IT and software services, agriculture, etc. “By leveraging our demographic dividend, technological advancements, and policy reforms, we have created an enabling environment for businesses to thrive.”
Md Mahbub Ur Rahman highlighted the historic importance of UK-Bangladesh business ties and HSBC’s capability to support trade between both countries which has reached into new levels.
He said the United Kingdom is the second largest foreign investor and third largest export destination for Bangladesh. “This study shall enable us to scope out the avenues of opportunities in our respective trade and investment ecosystem. Through this collective endeavor we can leverage those opportunities across both our countries, forging a path towards a prosperous future.”
