Business leaders for trade-focused diplomacy to boost investment, exports

Business leaders at a discussion meeting on Tuesday stressed the need for more trade-oriented diplomacy and the diversification of export baskets to boost investment.

They were addressing a discussion meeting jointly organised by the UK Bangladesh Catalyst Chamber of Industry and the Bangladesh Textile Mills Association (BTMA) in the city.

Members of the visiting British Bangladeshi business delegation were present at the meeting, where BNP standing committee member Amir Khosru Mahmud Chowdhury and British parliamentarian Rupa Huq also spoke.

Khosru advocated for a shift in diplomacy to prioritise trade promotion over traditional diplomatic efforts, emphasising the importance of economic openness and the detrimental effects of protectionism.

“Trade and bureaucracy don't go together. As far as I'm concerned, you have to take the bureaucracy out of trade. That's the only way to move forward. The first and foremost assignment of ambassadors and mission officers will be to promote trade,” he said, adding, “No diplomats anymore in the world, no country in the world, waste time on diplomacy. The first job is, how many contracts have you secured for the country? How much promotion of trade for the country have you achieved? These should be the indicators of their success or failure. And this is what we are going to do.”

Highlighting his party’s plan in this regard, Khosru said, “I can assure you, no mission will go unaccountable. Every mission has to report its progress on promoting Bangladeshi goods and attracting investment to Bangladesh.”

Rupa Huq, in her speech, criticised the domination of Bangladeshi politics by two families over the past 54 years.

Advocating for a new political system that prioritises merit over family connections, she expressed concern about the lack of progress if the current system continues, where individuals are merely replaced from one party to another.

She also called for anti-corruption legislation and a new political force.

She underscored the need to maintain secularism and highlighted the dangers of Islamist influence, emphasising the need for a constitution that supports merit-based opportunities for women and individuals regardless of their family or party affiliations.

The British MP of Bangladeshi origin highlighted the importance of diversifying exports beyond the garment sector, noting that many UK clothes are made in Bangladesh.

However, she stressed the need to avoid over-reliance on one industry to prevent exploitation, referencing past disasters like Rana Plaza.

“There are so many other talents and skills that our people have. It's a country with so much potential, rich in natural resources and human resources. But at the same time, we shouldn't exploit these people. Everyone knows about garments and the Rana Plaza disaster,” she said.

BKMEA President Mohammad Hatem urged delaying Bangladesh's LDC graduation from 2026 by at least five years and called for preferential trade agreements and market diversification.

He also stressed addressing unethical buying practices by international brands and requested fair pricing.

“Another pressing issue is the unethical buying practices of some international buyers. Most of the top brands are trying to buy our goods at unfair, unethical prices. In this context, I would like to extend our request to all the guests present here today, especially from the UK side, to raise this issue in the international forum so that we can secure fair, ethical prices for our industry,” he added.

EPB Vice Chairman Anwar Hossain appreciated the UK government's duty-free market access and the Developing Countries Trading Scheme (DCTS) and urged British business leaders to forge further partnerships and invest in climate support, renewable energy, and technical innovation.

UKBCCI Chairman Iqbal Ahmed highlighted the issue of skilled workers from colleges struggling to find employment due to a lack of proper training and qualifications.

He emphasised the need for government intervention to ensure that workers are adequately trained for roles in sectors like nursing, housekeeping, and trades.

Iqbal mentioned that the members of the delegation have plans to invest around $500 million initially.

“So it's about $500 million, not as a commitment but as a thought for initial investment. This is the figure I’ve received from members of my team,” he added.

The UKBCCI chairman urged the government to make Bangladesh’s foreign missions more trade-oriented, stating that these missions have historically been used for the political interests of the ruling party.

“Don’t use our High Commissioner as a political office; it should be a business house. It should be a diplomatic house,” he said, adding that every mission should have a Commercial Attaché.”

BTMA President Showkat Aziz Russell, in his remarks, said the success of the sector is attributed to policies implemented by the BNP regime, which provided cash incentives and assured non-scrutiny of investments. However, he pointed out that in the last 15 years, no such supportive policies have been enacted, leading to the sector only capturing a share of the cotton-based market and missing out on the man-made fibre market, which holds a 70 per cent share in the global apparel market due to a lack of policies.

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