FBCCI seeks investment from British-Bangladeshis

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has requested the UK businessmen to come forward for the development of trade, investment, and economic relations between the UK and Bangladesh.

FBCCI President Md Jashim Uddin made the call during a meeting with the British Bangladesh Chamber of Commerce and Industry (BBCCI) on Friday in London.

While leading the Bangladeshi business delegation at the meeting, the FBCCI chief said UK and Bangladesh have an excellent bond of friendship which is reflected in trade partnerships and people to people links.

The Bangladeshi Diaspora in the UK is taking active participation in trade and investment through business and economic collaboration and there are huge opportunities and prospects for further enhancing the trade and investment cooperation between the two countries, Md Jashim Uddin added.

He urged non-resident Bangladeshis (NRB) to invest in Bangladesh.

He mentioned that even though the UK is an important export destination for Bangladesh, exports are limited to a few items like knitwear, woven garments, frozen fish, and textile items.

Bangladesh offers one of the world's best competitive fiscal and non-fiscal incentives including profit repatriation, tax holiday, and duty-free import of capital machinery, he added.

Mostofa Azad Chowdhury Babu, senior vice president, FBCCI, said that FBCCI and BBCCI may work together in a focused manner to promote Bangladesh's branding and facilitate export diversification, which is a must in the post-LDC graduation period.

M A Momen, vice president of FBCCI, emphasised strengthening the relationship between FBCCI and BBCCI for business and economic activities. FBCCI as the apex trade body of Bangladesh is always open to facilitate any business interest in Bangladesh, he assured.

On the same day, the FBCCI President along with other members of the delegation had a business meeting with Richard Burge, CEO of the London Chamber of Commerce and Industry (LCCI).

The possibility of signing an MoU between the FBCCI and LCCI was discussed during the meeting, under which both organisations could undertake business promotional activities including regular exchange of delegations, exchange of business information, joint research, trade fairs and networking events.

Earlier, the Bangladesh Business delegation led by the FBCCI president attended the "Bangladesh Investment Summit 2021: Building Sustainable Growth Partnership" organised by the Bangladesh Securities and Exchange Commission in London on 4 November where Prime Minister Sheikh Hasina was present as the chief guest.

A Memorandum of Understanding (MoU) was also signed during the event between FBCCI and HSBC for a joint study on the UK and Bangladesh markets to foster bilateral trade and investment.

The FBCCI and UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) renewed the Memorandum of Understanding (MoU) on 4 November in London.

The FBCCI President also met with Sir Hugo Swire, vice chairman of Commonwealth Enterprise and Investment Council (CWEIC), where both parties discussed mutual growth and closer cooperation between the business people of the commonwealth countries.

Earlier, the Bangladesh business delegation attended the 26th UN Climate Conference of the Parties (Cop 26) held at Glasgow, Scotland on  31 October.

The 29-member trade delegation led by FBCCI President Md Jashim Uddin, includes former FBCCI President Md Shafiul Islam (Mohiuddin), FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President M A Momen, Md Aminul Haque Shamim, Md Amin Helaly, and MCCI President Nihad Kabir, among others.