Ease of doing business to help Bangladesh attract more FDI: Rushnara Ali

Improvement in the ease of doing business and ensuring good governance will help Bangladesh attract expected foreign direct investment, said Rushnara Ali, British Prime Minister's Trade Envoy for Bangladesh. 

The United Kingdom (UK) wants to have stronger trade and investment partnership with Bangladesh, she told a press conference at the British High Commission on Monday, adding, "Ease of doing business is a big issue and you know navigating through different sorts of regulatory arrangements here is quite complex for businesses that are not used to operating here."

Replying to a question as to what challenges the UK companies face as they want to invest in Bangladesh, she also mentioned that it is really important to respect human rights and protect democracy and democratic values and these are things countries have to constantly work on.

"Of course, businesses tend to withdraw from where there are major issues of human rights violations or else they will face pressure from citizens quite correctly."

 "There are obviously issues that need to be addressed. Many countries have issues around human rights that they need to address. And I know our government has, you know, as a critical friend of the government here, had regularly raised the issues that are of concern."

Rushnara Ali began a weeklong visit to Bangladesh on Sunday and was scheduled to hold meeting with the officials of various ministries agencies of the government here.

Bangladesh will lose some preferential trade benefits in due course after graduating from the LDC status, she pointed out, adding the country needs to take preparation for making sure the existing barriers are removed to attract more foreign direct investments that it absolutely needs.

After meeting Prime Minister's Private Industry and Investment Adviser Salman F Rahman, Rushnara said Bangladesh is maintaining a strong relationship with the UK and the trade ties between the two countries are very important.

She said she wants to see more British businesses operate here in Bangladesh. "And as part of that, of course, it's very important to make sure the business climate within which they operate is conducive to more investment, more engagement, and more participation by businesses from the UK."

The British prime minister's trade envoy also said their government is eager to boost trade with Bangladesh and create awareness among UK companies about Bangladesh, a rising economy, and a large market. The areas of investment are varied and include finance, banking, education, and services, she added.

"We've got some brilliant companies and also public institutions, higher education institutions which is an area where I think we could do a lot more together.

"We want to make sure that our trade partnership creates more jobs," she said. Economic growth also needs to be inclusive so that people are not left behind.

"British agencies do more to support businesses, entrepreneurialism here, but also ensures there's cross-fertilisation because don't forget, we've got over 600,000 British Bangladeshis. Many of them are in the industrial sector, can make a contribution."

In his welcome address, British High Commissioner Robert Chatterton Dickson said it is the third visit of Rushanara Ali as the British PM's trade envoy, who has also been a member of parliament for Bethnal Greens since 2010.

Last year, when on a visit to the UK to join a roadshow, Prime Minister Sheikh Hasina said many UK companies showed their eagerness to expand their business with Dhaka.

Salman F Rahman said this was a continuous process and the government is working to ensure a congenial business atmosphere here, reports BSS. 

"We have already introduced One Stop Service (OSS) center through Bida. We are also providing digital online services. The environment is improving gradually," he added.

He also mentioned Rushanara's point of view about the situation of the Hazrat Shahjalal International Airport (HSIA) as it is the entry point for foreign investors.

"I informed her, we are constructing the 3rd terminal of the (HSIA) for ensuring international standard airport services and the construction work of the terminal will be completed within the next year," he added.

British High Commissioner to Bangladesh Robert Chatterton Dickson, among others, also attended the meeting.