10 to 15 British companies will set up businesses in Bangladesh, envoy says

British High Commissioner in Dhaka Robert Chatterton Dickson has said at least 10 to 15 British companies will set up their businesses in Bangladesh by three to four years.

Describing Bangladesh as a fantastic place for investment, the British envoy also urged the authorities of Bangladesh to address the issues related to the ease of doing business.

Robert Chatterton Dickson came up with the statement while talking to a group of journalists at his residence in Dhaka on the outcome of the first UK-Bangladesh trade and investment dialogue concluded on the previous day.

Highlighting the prospect of Bangladesh for becoming a top investment destination, he said a survey conducted by the HSBC has described Bangladesh as one of the top performers in Asia.

“During pandemic the country manages to maintain positive growth and I believe that the country’s economy will continue to grow after the pendency is over,” the envoy added.

He also mentioned some major issues -- including unexpected arbitrary tax demand, problems to resolve dispute in quicker manner, bureaucratic complexities, corruption and lack of coordination -- that need to be addressed to lure more foreign investment in Bangladesh.

Mr Dickson their companies want to pay taxes willingly, but unexpected and arbitrary demands from the tax authorities would create difficulties for them.

Companies do not like to be subject to arbitrary and unexpected demand, he said adding that during the dialogue he raised these issues with the tax officials.

However, Mr Dickson admitted that these issues cannot be resolved overnights.

"Strong political will and keeping these issues under focus continuously are essential," he opined.

The envoy urged the authorities of Bangladesh to make financial and education sector more open to foreign investors.

"Insurance, stock exchange, capital market are some areas of the financial sectors where British investors have interest," he mentioned.

“I want to see the Bangladesh market more open to the best of British investment and expertise” he added.

The high commissioner put special stress on the prospect of investment from UK universities.

“I know at least nine British universities are eager to invest in Bangladesh.”

"They will offer world class education to Bangladesh youth which would give them the opportunity to acquire globally competitive skills," he noted.

He mentioned that there are a lot of complications regarding the law, which was enacted a law to pave way for international universities to set up campuses in Bangladesh.

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