HSBC, in collaboration with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has undertaken a comprehensive study on the UK-Bangladesh market. The study, conducted by Ernst & Young and Quay Asia, aims to enhance bilateral trade and investment between Bangladesh and the United Kingdom (UK). In a press release issued on Monday, it was highlighted that this initiative seeks to explore avenues for cooperation and promote ambitious growth between the two nations. The study was officially launched at an event called “Bangladesh-UK Business Corridor: Legacy and the Future,” which not only commemorated the enduring relationship between the UK and Bangladesh but also emphasized the significant potential for market opportunities that exist.
The event witnessed the presence of esteemed individuals, including senior government officials, representatives from chambers of commerce and trade associations, business leaders, dignitaries, and members of the media. HSBC Bangladesh CEO Md. Mahbub Ur Rahman, Commerce Minister Tipu Munshi, FBCCI President Md. Jashim Uddin, HSBC Chief of Staff Asia Pacific Philip Fellowes, and Bangladesh High Commissioner to the UK HE Saida Muna Tasneem attended the event and delivered a speech remotely. The event aimed to promote economic growth and investment opportunities in Bangladesh, highlighting the country’s potential as a hub for trade and commerce. The speakers emphasized the importance of collaboration between the public and private sectors in driving sustainable development and attracting foreign investment to Bangladesh.
As part of the event, a panel discussion titled “Unlocking new opportunities for Bangladesh and the UK” was moderated by Mamun Rashid, Country Clients and Market Lead at PwC Bangladesh. The panel featured experts from Quay Asia, Next Sourcing Limited, and Asian Tiger Capital. Commerce Minister Tipu Munshi expressed optimism about the growth of trade between Bangladesh and the UK, highlighting the impact of contemporary export policies and bilateral relations. He expressed gratitude to HSBC and FBCCI for their support in conducting the market study.
FBCCI President Md. Jashim Uddin emphasized the strong bond between the UK and Bangladesh, characterized by a robust people-to-people connection. While acknowledging the UK’s significance as an important export destination for Bangladesh, he emphasized the need to diversify the trade relationship beyond a few specific items. Uddin called for focused collaboration between policymakers and business leaders from both countries to enhance and broaden the trade relationship. He expressed confidence that the study would serve as a stepping stone towards the development of stronger trade, investment, and economic ties.
Uddin further noted that Bangladesh’s economy has made remarkable progress in recent years, with key sectors such as garments and textiles, pharmaceuticals, IT and software services, and agriculture driving growth. Leveraging the country’s demographic dividend, technological advancements, and policy reforms, Bangladesh has created a conducive environment for businesses to thrive.
Md. Mahbub Ur Rahman, CEO of HSBC Bangladesh, emphasized the historical importance of business ties between the UK and Bangladesh, highlighting HSBC’s commitment to facilitating trade between both countries. He acknowledged the UK as the second-largest foreign investor in Bangladesh and the third-largest export destination, noting the potential for further collaboration. Rahman expressed optimism that the study would uncover new opportunities in trade and investment ecosystems, leading to mutual benefits and long-term, sustainable relationships. He expressed appreciation to FBCCI, Ernst & Young, and Quay Asia for their collaboration and support in conducting the study.
The press release also highlighted the UK’s position as the leading investor in Bangladesh, with the highest inflow of foreign direct investment (FDI) in 2022 and a significant presence in key sectors such as textiles and weaving, power, banking, and food supply. The growing interest among UK businesses to tap into the potential of Bangladesh’s emerging market was also emphasized, with the study revealing that many UK companies are exploring opportunities to expand their operations in the country. This is seen as a positive development for both countries, as it can lead to increased trade and investment flows, job creation, and economic growth.
