Commerce Minister Titu calls on EU, UK to invest in jute, leather sectors

The State Minister for Commerce Ahsanul Islam Titu said Bangladesh is committed to export diversification, particularly in sectors such as jute, jute goods, leather, and leather products and the government has called on the EU and the UK to invest in these sectors.

“Prime Minister Sheikh Hasina has given directives to take forward the jute and jute goods and leather and leather products sectors. The Prime Minister also declared handicrafts as the product of the year 2024. We have called on the EU and the UK to invest in these sectors,” he said.

He said this regarding the courtesy calls from European Union Ambassador to Bangladesh Charles Whiteley and UK High Commissioner Sarah Cooke at his office in the capital on Monday. They held separate meetings in the ministry's office.

He stressed the need for collaborative efforts for skill development, capacity building, and quality enhancement in various industries, including pharmaceuticals (especially the API sector), agro-processing, seafood, light engineering, health, bicycles, frozen food, agricultural products, as well as jute and leather goods.

"The import and export policy is being updated by removing trade and regulatory barriers to expand trade and commerce and increase foreign investment in the country," he said. Besides, Bangladesh Development Authority (BIDA) is creating a favorable environment for investment in different sectors of the country and providing one-stop service to the investors,” he said.

Regarding the Dhaka International Trade Fair, Ahsanul Islam Titu said, “This year, there is a plan to visit the fair with the heads of all the missions and trade/commercial councilors located in Bangladesh.”

Mentioning that this fair is the biggest event to display the products produced in the country, he said there are many foreign pavilions here. He also said that branding of Bangladeshi products will be possible by visiting the fair of the mission officials.

Calling upon Bangladesh to produce the products that Bangladesh imports from the EU and the UK through contract manufacturing, the State Minister said, “Bangladesh is now known as a good place for investment in the world. Many countries are investing in 100 economic zones designated by the government.”

Apart from the economic zones, the government will provide all kinds of facilities for setting up industries and factories, he said.

During the meeting, the State Minister sought cooperation from the European Union and the UK for necessary support for the position of LDCs including Bangladesh in the ministerial conference to be organized by the World Trade Organization in Abu Dhabi on February 26-29.

High Commissioner Sarah Cooke also emphasized partnership in economic and trade cooperation alongside development cooperation. The High Commissioner vowed to work jointly to equip certification and accreditation in higher education, health sector, especially in the professional sector, including doctors, nurses and engineers, to create skilled manpower.

“The UK is a long-tested friend of Bangladesh. Today, the two countries have excellent relations,” she said.

In addition, Sarah Cook emphasized the removal of regulatory barriers to doing business in Bangladesh, simplification of service process, enforcement and protection of intellectual property and liberalization of competition.

EU Ambassador Charles Whiteley expressed a keen interest in investing in various sectors, including pharmaceuticals and IT, given the ample opportunities provided by the Bangladesh government for foreign investment.