Tipu urges UK to cooperate in trade-related research

Commerce Minister Tipu Munshi urged the United Kingdom (UK) to cooperate Bangladesh in trade-related research and technical capacity building for diversifying products.

"Bangladesh is the 2nd largest Ready-Made Garments (RMG) exporter, 3rd largest vegetable producer, 4th largest rice producer and 5th largest inland freshwater fisheries producer in the world. Besides, many diversified products, including high quality drugs, unique jute products, leather products, home textiles, frozen food, ceramic, furniture, toys and electronic products are being produced," he said.

The minister said this during a meeting with a UK delegation, led by its Minister for International Trade Nigel Huddleston, at a hotel in the city. 

Stating that the UK is currently Bangladesh's 3rd largest export destination, Tipu Munshi said Bangladesh exported products of $5.31 billion and imported products of $450 million from UK in the fiscal 2022-23.

He said there is a huge scope for improving trade, investment and economic relations between the two countries. 

He laid emphasis on working together to take the financial and trade relations to new heights by keeping intact the mutual interests of the two countries.

Stating that Bangladesh is a good place for investment, Tipu Munshi said under the leadership of Prime Minister Sheikh Hasina, the construction of Padma Bridge, inauguration of Dhaka Metro Rail, 3rd terminal of Dhaka Airport, new international airport at Cox's Bazar and 100 Special Economic Zones have added new dimensions.

Country-wise separate economic zones are being allocated to increase foreign investment, he mentioned. 

He urged the UK investors to invest in the economic zones.

During the meeting, Nigel Huddleston expressed his interest to cooperate with Bangladesh in the fields of aviation, education and defense as well as trade.

Referring to the excellent relations between Bangladesh and the UK, he said, the trade relations between the two countries are gradually increasing. 

Apart from RMG, there is a huge market for Bangladeshi products in the UK, he added. 

He expressed optimism that this market will increase manifold in the future.