BBG discuss ways to overcome trade challenges after Bangladesh’s LDC graduation

The British Business Group (BBG) Bangladesh recently organised an event to discuss on the preparation, planning, implementation, and monitoring of the possible challenges of Bangladesh’s LDC graduation.

The event, titled “Overcoming Least Developed Countries (LDC) Graduation Challenge of Bangladesh”, was held on August 31, 2022 at the British High Commissioner’s residence, according to a press release.

The event was co-hosted by Robert Chatterton Dickson, the British High Commissioner to Bangladesh, and Md. Mahbub ur Rahman, the chair of the BBG and CEO of HSBC Bangladesh.

Dr Ahmad Kaikaus, principal secretary to Prime Minister of Bangladesh and Chairperson of the National Committee on Graduation, was the Guest of honour and Chief speaker.

Beneficiary members of the BBG, who represent prominent British businesses in Bangladesh, attended the event.

Robert Chatterton Dickson welcomed the UK’s newly launched Developing Countries Trading Scheme (DCTS) and its importance in enhancing the trading relationship between the UK and Bangladesh.

“I welcome the BBG’s engagement with the Government of Bangladesh on ways to improve the business environment here. A better business environment for international companies, including newcomers to the market, is key to encouraging more British firms to export and invest in Bangladesh”, he said.

Dr Ahmad Kaikaus shared his assessment about opportunities in Bangladesh following LDC graduation.

He mentioned, “Though there are lot of challenges, Bangladesh sees LDC graduation as an opportunity. The Government of Bangladesh have already identified ways to overcome the potential challenges.”

Md Mahbub ur Rahman welcomed the first in-person BBG event since the lifting of Covid-19 restrictions.

On trade and investment, he mentioned that United Kingdom remained the second largest foreign investor and third largest export destination for Bangladesh.

He said, “The relationship between the two countries goes beyond business and comprise development partnership, strong diaspora and education”. He also shared that, British businesses were one of the first ones to recognise the immense potential of Bangladesh and remain confident of the future opportunities”

The BBG has 52 members, representing UK businesses with a presence in Bangladesh.  This includes well known Multinational Corporations as well as niche Small and Medium Sized Enterprises. It undertakes a number of activities throughout the year to promote British business in Bangladesh, with the aim of fostering good trade relations between the UK and Bangladesh and thereby helping Bangladesh develop.