The UK government is interested in a separate special economic zone (SEZ) in Bangladesh and in its bid to improve trade and investment relations with the country. UK has shown interest to invest in an SEZs. This was revealed by David Kennedy, Director General, DFID.
Bangladesh commerce minister Tofail Ahmed says the UK wants to invest directly in readymade garments and is willing to provide the essential infrastructure for investment in SEZs by UK companies. Separately, he told the delegation that Bangladesh has adopted a liberal policy where foreign investment firms can invest 100 per cent capital and take back their capital and profit. UK brands like Tesco and Marks & Spencer purchase garments from Bangladesh on the basis of trade relationship, he added.
Kennedy says, the United Kingdom is focusing on improving its business ties with key allies in the world and Bangladesh is its key partner. Kennedy said that if British investors show interest in investing in the SEZs in Bangladesh, the government would allocate a separate zone for them, as UK has been Bangladesh's development partner for a long time now. The Bangladesh government has taken an initiative to establish 100 SEZs to boost its FDI. The Bangladesh Economic Zones Authority is allocating SEZs to private companies and different countries such as Japan, India and China.
More than 200 UK companies currently operate in Bangladesh. UK is also the third largest export destination for Bangladesh exports. Last year, garment items accounted for around 80 per cent of Bangladesh's total exports to UK.