UK Offers Support for Bangladesh’s Banking and Revenue Reforms

The United Kingdom on Tuesday expressed a strong interest in assisting Bangladesh with reforms in its banking, revenue, and capital market sectors. This commitment was voiced during a meeting between UK High Commissioner to Bangladesh Sarah Cooke and Finance Adviser to the interim government Dr. Salehuddin Ahmed at the Economic Relations Division (ERD) office in Dhaka.

Following the meeting, Dr. Ahmed stated that the UK is eager to support Bangladesh in addressing these critical sectors. “These reforms are crucial for us. Without them, progress will be challenging,” he told reporters.

The discussions also covered enhancing trade and commerce between the two nations. Dr. Ahmed highlighted the importance of this collaboration, noting past UK support and expressing hope for continued assistance. “We look forward to further cooperation to boost our trade and commerce,” he added.

The finance adviser and the British envoy also talked about ongoing cooperation between Bangladesh and the UK, with a focus on economic development and women's empowerment. Dr. Ahmed emphasized the significance of private sector investment, noting that major British companies have invested in Bangladesh.

He also urged diversifying Bangladesh’s export items to the UK, which currently relies heavily on readymade garments (RMG) from Bangladesh. Improving the business environment in Bangladesh to attract more private investment was another key point of discussion. “We need to enhance the business climate to encourage more private sector participation,” he said.

High Commissioner Sarah Cooke described the discussions as productive, highlighting the robust economic, trade, and investment ties between the UK and Bangladesh. “We are keen to expand our trade and investment relations and explore how the UK can support Bangladesh’s economic reforms,” she said.

On the topic of increasing foreign direct investment (FDI) from the UK, Cooke noted that while the UK has a strong investment partnership with Bangladesh, there is a desire for more FDI. “We aim to build investor confidence and strengthen our trade and investment ties,” she added.

Cooke also reiterated the UK's willingness to support Bangladesh in its prioritized economic reforms, emphasizing the collaborative efforts to bring together experts and address reform challenges.