The UK aims to see a diversification in Bangladesh's export portfolio

A study report on the UK-Bangladesh market has recommended that Bangladesh diversify its export base beyond the ready-made garments (RMG) sector to strengthen a more resilient and expanded economic partnership between the two countries.

Commissioned by HSBC and conducted by Ernst & Young LLP Bangladesh and Quay Asia, the study suggested increasing exports of pharmaceuticals, leather goods, jute products, and agro-processed goods. It emphasized that such diversification is crucial for deeper integration into global supply chains, as recommended by the UK's Developing Countries Trading Scheme.

The report also noted that this approach would help Bangladesh maintain preferential access to the UK market after its graduation from LDC status. It stressed the importance of developing infrastructure in ports, logistics, and digital systems to streamline bilateral trade.

Additionally, aligning regulatory frameworks and promoting skill development through partnerships were identified as key factors for sustaining a strong and mutually beneficial relationship. Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser, was the chief guest, while Sarah Cooke, the British High Commissioner to Bangladesh, attended as a special guest during the report’s launch event in the capital, according to an HSBC release.

Lutfey Siddiqi commented, “Bangladesh has embarked on a journey of reforms to create a conducive investment environment. Our government will always support responsible businesses looking to enter or export from Bangladesh.”

Sarah Cooke stated, “As Bangladesh approaches its transition from Least Developed Country status in the coming years, it must seize the strategic opportunities ahead.”

The event also featured Dan Pasha, Director of Trade and Investment at the British High Commission; Shamima Akhter, Director of Corporate Affairs, Partnerships, and Communications at Unilever Bangladesh; Naushad Ekramullah, Managing Director of Ernst & Young Bangladesh; Shuchi Trivedi, Partner at Ernst & Young LLP; Shaila Rahman, Managing Director of Quay Asia; Philip Choudhury, Director at Quay Asia; Stuart Rogers, Regional Head of Commercial Banking for International Markets, Asia Pacific at HSBC; Md Mahbub Ur Rahman, CEO of HSBC Bangladesh, along with senior government officials, business leaders, and trade association representatives.