Bangladesh needs strong institutions, oversight mechanisms to attract investment, create jobs: Miller

European Union (EU) Ambassador to Bangladesh Michael Miller has said Bangladesh will need strong institutions, independent oversight mechanisms and transparent governance to attract both foreign and domestic investment and create meaningful jobs for its youth.

"If this country is to attract investment, both foreign and domestic, and to create meaningful jobs for its youth, it will require strong institutions and oversight mechanisms," he said.

The Ambassador and Head of the EU Delegation in Bangladesh was speaking at the Bay of Bengal Conversation, sharing his thoughts through the "Diplomatic Lens".

Miller said Bangladesh would need strong institutions, independent oversight mechanisms and predictable and inclusive decision-making if it is to withstand external, geoeconomic, climate, social and technological pressures.

"It will need to carry through the important work launched, but not yet concluded, on constitutional reform, which in turn requires effort to promote greater consensus in politics," he said.

Miller said it would require care to ensure that control of critical infrastructure is safeguarded, not thrown away, and that data is managed transparently.

"These issues are central. They are not peripheral," he added.

He outlined the EU's approach to its evolving partnership with Bangladesh amid changing global economic and geopolitical realities.

Miller said the EU's "unique offer" was to match European investment with its values, bringing technology, standards, long-term capital and innovation to Bangladesh.

He cited the Laldia Container Terminal port in Chattogram and the issuance of green bonds as two examples.

The EU, he said, could also offer expertise in public administration reform, drawing on Europe's experience of political and economic transition.

"We bring this offer to the table, to help this country, to help Bangladesh navigate competition, modernise, and remain open, soft, resilient, and connected," Miller said.

Partner of growing strategic importance

Turning to EU-Bangladesh relations, Miller described Bangladesh as "a country of skill, ambition, and consequence".

"It matters in South Asia, in the Bay of Bengal, and in the wider Indo-Pacific," he said.

He described Bangladesh as "one of the world's most dynamic economies" and said it could potentially become a "Top 30 by 2030".

Miller said Bangladesh is approaching an important stage in its development journey, including graduation from LDC status, while simultaneously navigating political transition, the revitalisation of accountable state institutions, economic pressure, climate vulnerability and a complex external environment.

"Against this background, we are looking at Bangladesh as a partner of growing strategic importance," he said.

The EU, he said, no longer viewed its relationship with Bangladesh through the traditional "donor and recipient" lens, despite the significant contribution of the EU's Everything but Arms (EBA) unilateral trade preference scheme to Bangladesh's development.

He said the scheme had "helped underpin Bangladesh's remarkable development progress and pulled women out of poverty".

The EU is now seeking "a different level of ambition" in its relationship with Bangladesh, Miller said.

FTA offer

Miller said the EU is working with Bangladesh to ensure a smooth and successful graduation from LDC status while exploring the possibility of a future free trade agreement.

"The offer on the table is a first of its kind for the European Union with a country that has yet to graduate," he said.

"The key message is, we are ready to match the level of speed and ambition demonstrated by Bangladesh," Miller said.

He, however, said the first requirement was to determine whether there was sufficient common ground for "a balanced, reciprocal, mutually beneficial agreement".

"Think level playing field, please. For our businesses," he said.

"Think EU free trade agreement with India or Vietnam, not your bilateral CEPAs," Miller said.

"Still less, do not think about any egregiously unfair agreements that have been imposed on Bangladesh of late," he added.

Miller said the success of such an agreement would depend on accountable institutions, the rule of law, respect for labour rights and human rights, environmental protection and good governance.

"The centrality of these issues is in the European Union's DNA because of our unique construction. But they are also central. Most definitely, and most definitely in the interests of this country and of the citizens of this country," Miller said.

He also highlighted the need for a skilled workforce, green growth, more diversified exports and reliable infrastructure.

EU's response to global uncertainty

Miller said the international environment has become "exponentially more difficult, competitive, and uncertain", marked by sharpening geopolitical rivalry, deepening geoeconomic fragmentation and growing pressure on multilateral institutions.

"Technology is at one and the same time transforming our societies, and climate change is most certainly not a future risk. It is a present reality," he said.

He said trust between citizens and states, as well as trust in global rules, was being eroded.

"With the rules-based international order under strain, what we increasingly bear witness to is countries being asked, implicitly or explicitly, to navigate pressure, coercion, and other forms of competition," Miller said.

"We are, ladies and gentlemen, all of us poorer for this reality," he said.

He said Europe's response has been to adapt with "clarity, seriousness, and purpose" by strengthening its strategic autonomy.

This, he said, meant becoming more resilient, more capable of defending its interests, more secure in critical sectors, better able to protect its citizens and less vulnerable to external shocks.

"It has meant investing in our defence, in our industrial base, in energy security, trusted digital systems, and in resilient supply chains," Miller said.

He stressed that strategic autonomy did not mean isolation or abandoning European values.

"On the contrary, the European Union's response is to remain open, but not naive, engaged, but not dependent, cooperative and pragmatic," he said.

Miller said the EU believed that in an increasingly transactional world, its reliability, predictability and principles mattered more.