UK wants to invest directly in readymade garments, Bangladesh commerce minister Tofail Ahmed told media after the meet with five-member DFID delegation led by Kennedy. Ahmed added that Bangladesh government is willing to provide the essential infrastructure for investment in SEZs by UK companies.
According to Kennedy, the United Kingdom is focusing on improving its business ties with key allies in the world and Bangladesh is its key partner. “I came from London to learn about the Bangladesh-UK trade partnership and about the work we are doing together as a whole range from SEZ to improve investment climate to attract investment,” Kennedy said.
“If the British investors are interested in investing in the SEZs, we will allocate a separate zone for them, as UK has been Bangladesh's development partner for a long time now,” said Ahmed. He further told the delegation that Bangladesh has adopted a liberal policy where foreign investment firms can invest 100 per cent capital and take back their capital and profit.
Bangladesh government has taken initiative to establish 100 SEZs to boost its foreign direct investment. The Bangladesh Economic Zones Authority is allocating SEZs to private companies and different countries such as Japan, India and China.
More than 200 UK companies currently operate in Bangladesh. UK is also the third largest export destination for Bangladesh. Last year, garment items accounted for around 80 per cent of Bangladesh's total exports to UK.
Ahmed said that UK brands like Tesco and Marks and Spencer purchase garments from Bangladesh on the basis of trade relationship. “Since UK is a trusted trade partner of Bangladesh and also a close friend since the independence, I hope the trade benefits would remain unchanged even after the Brexit,” he added. (RR)
ALCHEMPro News Desk – India
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