Over 94% of export from Bangladesh to UK concentrated on ready-made garments (RMG) products (USD 5.03 billion). Other than RMG products, few more items are also being exported to the UK, but their volume is not up to the expected level, said Ashraf Ahmed, President, Dhaka Chamber of Commerce & Industry (DCCI) at a meeting with the British High Commissioner to Bangladesh Sarah Cooke.
The meeting took place as the British High Commissioner visited DCCI leaders on Sunday at DCCI Gulshan Centre. Vice President, DCCI Md. Junaed Ibna Ali and Members of the Board of Directors were also present at that time.
Welcoming the British High Commissioner to DCCI, the Chamber’s President Ashraf Ahmed said that the total bilateral trade between Bangladesh and UK reached USD 5.73 billion in FY2023. UK is the 3rd largest export destination and 26th largest import source of Bangladesh.
In FY2022-23, export from Bangladesh to UK was USD 5.31 billion and total import from UK was USD 415.32 million. UK is the second largest foreign investment source for Bangladesh followed by USA with USD 3.04 billion FDI stock. The potential of economic partnership between the UK and Bangladesh is very bright especially in the fields of finance, healthcare, Fin-tech, BPO, BPS, tourism, and education sectors.
Sarah Cooke, the British High Commissioner to Bangladesh said Bangladesh has done a lot of changes in the last decade and its economy also advanced a lot.
She also said that the UK is interested to work with Bangladesh regarding economic progress and climate change issues. She again said that UK will extend its possible support to Bangladesh in successful graduation from the LDC to middle income country status.
But after the LDC graduation, to keep export market safe, Bangladesh needs to diversify its exportable items other than RMG products. She hoped that the both way trade and export between UK and Bangladesh will accelerate in the future.
Besides, the tax-GDP ratio of Bangladesh should be increased, she said. Agriculture, Sea Food (shrimp), leather goods, light engineering especially bicycle and RMG have huge potential for Bangladeshi exporters in the UK market, she added.
She also stressed on producing quality products having international standard to grab international market.
