UK businesses seek to invest in Bangladesh

The UK and its business community can play an important role in Bangladesh's development and help it reach the next level, members of a British delegation said yesterday.

“With longstanding friendship and historical relations between the two countries, I think we can play a very important and very positive role as you move towards becoming a middle-income country,” delegation leader Peter Lindsay said.

He spoke to the media at the British High Commissioner's residence on the outcome of their three-day visit.

Their meetings had been very productive, he said. “But it is not the end. It is just the beginning. We are very much looking forward to building those relationships and to have positive fruits and actions for the benefit of both sides.”

There might be some difficulties in doing business, and misunderstanding and counter difficulties in any country, he said.

“In this case of Bangladesh, I do not see any barriers at all. We have very positive relations between our countries. We look forward to building on that and exploring new avenues.”

Sharon Sadeh, managing director of Green Grade and a delegation member, said investors will come and invest if political stability prevails in Bangladesh.

“I do see a continuous development prospect,” Sadeh said adding that businesspeople look at bureaucratic tangles and transparency issues seriously when they plan to invest.

There is far more scope for investment in technology to minimise the risks of corruption, reduce the number of processes required to get licences making trade much easier to do and much more transparent, according to Sadeh.

The UK is probably the best friend of Bangladesh both on the business side and the development one, said Ruzina Hasan, head of UK Trade and Investment, Bangladesh.

The delegation of 17 UK companies arrived in Dhaka on Monday to drive forward partnerships between Bangladesh and the UK for the growth and prosperity of the two countries.

Over the last three days, they met international donors, NGO leaders, business leaders and government officials.