DHAKA, June 19, 2023 (BSS) - The Hongkong and Shanghai Banking Corporation 
Limited (HSBC) in partnership with the Federation of Bangladesh Chambers of 
Commerce and Industry (FBCCI) has commissioned a study on the UK-Bangladesh 
market to be conducted by the Ernst & Young and Quay Asia. 

The study aims to improve bilateral trade and investment between Bangladesh 
and the United Kingdom (UK). The study will explore the ambitious growth 
agenda that showcases areas of cooperation between the two countries and was 
launched in an event titled 'Bangladesh-UK Business Corridor: Legacy and the 
Future'. 

The event not only celebrated the longstanding relationship between the UK 
and Bangladesh but also highlighted the important ways in which both 
countries can unlock potential market opportunities, said a press release. 

Senior government officials, chamber and trade association representatives, 
business leaders, dignitaries and members of the media were present at the 
event.

Commerce Minister Tipu Munshi, FBCCI president Md Jashim Uddin, Chief of 
staff, HSBC Asia Pacific, Philip Fellowes and CEO HSBC Bangladesh Md Mahbub 
Ur Rahman shared their valuable insights on the occasion. Saida Muna Tasneem, 
Bangladesh High Commissioner to the United Kingdom also attended the event 
and spoke over Zoom.

As a part of the event, a panel discussion titled 'Unlocking new 
opportunities for Bangladesh and UK' was moderated by Mamun Rashid, country 
clients and market lead, PwC Bangladesh, and participated by Phillip 
Choudhury, director, Quay Asia, Shahul Sally, associate director, Next 
Sourcing Limited and Ifty Islam, chairman, Asian Tiger Capital. 

Speaking on the occasion as the chief guest, Tipu Munshi said, "We were able 
to grow trade with the United Kingdom with our contemporary export policies 
and bilateral relations; this relation will only grow in the coming days with 
the agreements in place with the UK. I thank HSBC and FBCCI for supporting 
this market study which will undoubtedly open opportunities for further trade 
and investment growth."

FBCCI president Jashim said, "The UK and Bangladesh share an excellent bond 
with a strong people-to-people connection. While Bangladesh considers the UK 
as an important export destination, the trade relationship is currently 
concentrated on a few specific items,"

He said policymakers and business leaders from both countries should 
collaborate in a focused manner to improve and diversify this trade 
relationship. "This study will serve as a stepping stone towards further 
developing trade, investment, and economic relations,"

The FBCCI President said that the two-way trade stands at $ 5.46 billion 
while the export in the fiscal year 2021-22 was $4.83 billion against the 
import of $ 0.63 billion. "Our export to the UK is concentrated on a few 
items like knitwear, woven garments, frozen fish, clothing, and textile. We 
need to diversify our export items,"

Jashim said that Bangladesh's economy has witnessed remarkable progress in 
recent years, driven by key sectors including garments and textiles, 
pharmaceuticals, IT and software services, agriculture, etc. "By leveraging 
our demographic dividend, technological advancements, and policy reforms, we 
have created an enabling environment for businesses to thrive." 

Md Mahbub Ur Rahman highlighted the historic importance of UK-Bangladesh 
business ties and HSBC's capability to support trade between both countries 
which has reached into new levels. 

He said the United Kingdom is the second largest foreign investor and third 
largest export destination for Bangladesh. "This study shall enable us to 
scope out the avenues of opportunities in our respective trade and investment 
ecosystem. Through this collective endeavor we can leverage those 
opportunities across both our countries, forging a path towards a prosperous 
future."

The UK solidified its position as the leading investor in Bangladesh in 2022, 
attracting the highest inflow of Foreign Direct Investment (FDI) and ranking 
second in terms of FDI stock. 

Notably, investments were concentrated in key sectors such as textiles & 
weaving, power, banking, and food supply. With over 240 UK companies already 
invested in Bangladesh, there is a growing interest among UK businesses to 
tap into the country's vibrant domestic demand. 

This dynamic relationship creates a symbiotic synergy, where Bangladesh can 
benefit from the UK's expertise in service-based industries. As the 
partnership between the UK and Bangladesh strengthens, both nations stand to 
unlock new opportunities for growth, capitalizing on their respective 
strengths and fostering success.