UNDP to strengthen partnership with Bangladesh on investment, trade facilitation

United Nations Development Programme (UNDP) has expressed interest in strengthening cooperation with Bangladesh to attract investment, facilitate business and trade, reduce logistics costs and enhance the capacity of micro, small and medium enterprises (MSMEs).

The UNDP also expressed readiness to work with Bangladesh to enhance export capacity and develop the country's skills in international trade negotiations, said a press release today (30 August).

The issues were discussed at a meeting between Commerce Minister Khandaker Abdul Muktadir and UNDP Bangladesh Resident Representative Stephen Rodriques at the Secretariat this afternoon.

At the meeting, the UNDP representatives said Bangladesh's investment potential is growing gradually, stressing the need to capitalize on the opportunity while strengthening local businesses and ensuring environmental and social standards in the business sector.

The commerce minister said the government has taken various initiatives to simplify business licensing and approval procedures.

"Previously, some processes took nearly three months to complete, but now they can be completed within two weeks," he said, adding that necessary measures would be taken to make the processes simpler, faster and more effective.

The meeting also discussed reducing Bangladesh's high logistics costs and improving efficiency in port and terminal management.

Muktadir said the government is committed to enhancing Bangladesh's trade competitiveness by reducing the time and costs involved in handling goods through internationally benchmarked management practices.

Highlighting MSMEs as an important component of the country's economy, the minister sought UNDP cooperation in identifying financing gaps in the sector, providing training and developing entrepreneurs' business skills and creating effective market linkages.

Stephen Rodriques said the UNDP would explore ways to connect small and medium-sized enterprises with global supply chains and make them more export-oriented.

He also expressed the UNDP's willingness to support Bangladesh in reducing unnecessary delays in customs procedures, facilitating trade and enhancing the country's capacity in negotiating international trade agreements through training, necessary tools and exchange of international experiences.

Expressing optimism about Bangladesh's recent changes and economic prospects, Rodriques said the UNDP's support would be realigned in line with the government's priorities in creating employment, promoting economic growth and diversifying the economy. He also noted that international investors are viewing Bangladesh's recent changes positively.

Joint Secretary (FTA) of the Ministry of Commerce Mahbuba Khatun Minu, UNDP Deputy Resident Representative Sonali Dayaratne, Assistant Resident Representative Anwarul Haque, Economic Adviser Yase Parry and Project Manager Maruf Azam were present at the meeting.