EuroCham launches today

European companies and individuals in Bangladesh are set to launch a business chamber to strengthen economic ties between Europe and Bangladesh.

The European Union Chamber of Commerce in Bangladesh (EuroCham Bangladesh) has been established to foster collaboration, innovation, and sustainable business practices between Bangladesh and European nations.

The launching ceremony is scheduled to be held at a city hotel today. 

Organisers say Lutfey Siddiqi, chief adviser's special envoy for international affairs, will attend the event as chief guest while Md Abdur Rahman Khan, chairman of the National Board of Revenue, and Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bangladesh Investment Development Authority, will be special guests. 

Michael Miller, ambassador and Head of Delegation of the European Union to Bangladesh, and ambassadors from Spain, France Sweden, Denmark and Italy and charge d'affairs of Germany and The Netherlands are also expected to attend the event.

The launch underscores European companies' and individuals' commitment to creating a dynamic platform for enhancing trade relations and fostering mutual growth, EuroCham officials say. They emphasise that the initiative marks a significant milestone in the business relationship between Europe and Bangladesh.

Renowned European entrepreneur Nuria Lopez, the managing director of Zalo Knitting and Arrow Sportswear, has been named as the chamber's founding chairperson. Nuria, who has been conducting business in Bangladesh for over 32 years, previously served as the president of the Spain-Bangladesh Chamber of Commerce and Industry.

The officials say many European companies and individuals consider Bangladesh an attractive investment destination, citing its large, ready-to-work labour force and rapidly growing economy. However, they acknowledge that foreign investors often face challenges such as complex company registration processes, energy crises, bureaucratic obstacles, and high tax structures.

EuroCham aims to serve as a platform where potential European investors can address these challenges and seek remedies from the government, facilitating smoother investment processes.

According to the European Commission, the EU remains Bangladesh's primary trading partner, accounting for 20.7% of the country's total trade in 2023. Bangladesh is the largest beneficiary of the EU's Everything But Arms initiative, with over 90% of EU imports from Bangladesh being clothing. Conversely, EU exports to Bangladesh in 2023 were predominantly machinery and chemical products.

The initiative to launch the chamber is expected to further enhance bilateral trade and attract substantial European investment, supporting Bangladesh's economic growth and diversification.

EuroCham founding member Tanvir Ahmed told TBS, "EuroCham has been established by the EU Delegation in close collaboration with the private sector as part of its commitment to fostering stronger trade relations and attracting increased European investment."

He said that the chamber aims to play a crucial role in supporting Bangladesh's smooth transition after its LDC graduation.

"The chamber launch comes at a pivotal moment in Bangladesh's history. We eagerly anticipate working with the interim government, led by Prof Yunus, to help realise its economic reform ambitions," he added.

Highlighting its significance, Tanvir, who is also the managing director of Sheltech Group and Envoy Textiles Ltd, said, "The chamber will send a strong signal to the European business community, reaffirming our shared commitment to making Bangladesh a more attractive destination for investment and business activities."