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BD can emerge as regional investment hub: EU envoy
He stresses better energy situation, graft cut
BD can emerge as regional investment hub: EU envoy
FE Report
Newly-appointed European Union (EU) envoy to Dhaka, William Hanna, said Bangladesh can emerge as a regional investment hub but it should improve energy situation and combat corruption in an effort to woo investors to the country.
"Bangladesh is the most potential country and blessed with many advantages, which other LDCs (Least Developed Countries) do not have," Hanna said in his first press briefing in the capital.
The envoy hoped Bangladesh would become a regional investment hub with businessmen of neighbouring nations investing in the country to get access to the EU market.
But he stressed Dhaka should make efforts to curb corruption. "The EU is against corruption. Corruption raises the cost of doing business and hampers development," he said.
The ambassador said the government must also improve the country's "critical" energy situation - a key pre-condition to lure industrialists to invest in any country.
He said many companies from the EU had shown interest in Bangladesh but he added a firm considered many factors including investment climate, energy, human resources and graft scenario, before investing in any country.
He was speaking to the newsmen a day after he formally presented his credentials to President Zillur Rahman.
The ambassador said the 27-nation EU, the world's largest economic bloc, is eager to import more quality products from Bangladesh at a low cost.
"It's our interest to get high quality products at low cost," he said adding, "There is a risk of protectionism, but we must keep our market open."
He hoped for further growth of Bangladesh's readymade garment products to the European nations following relaxation of the grouping's strict import rules from January 2011.
Last year trade volume between the EU and Bangladesh was eight billion euro (nearly 10 billion dollars) with apparel making up more than three-fourths of the shipment.
"The EU has already given Bangladesh the duty-free market access and it'll work together in the WTO to get more market access to the developed world," Hanna said.
Bangladesh and the EU will work together in Geneva to ensure greater market access of the LDC export items to the developed countries.
He said the EU has provided everything but arms (EBA) facility to poor countries but many countries have failed to reap the benefit. "But, Bangladesh has the capacity to get the benefit."
Citing a study by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the envoy said thanks to the relaxed import rules, Dhaka's export to the EU will double in the next three years and generate one million extra jobs.
When his attention was drawn to removal of Yunus from Grameen Bank, he said he was closely monitoring the situation.
"I worked in Africa and Latin America and found microfinance as an important tool for poverty alleviation."
He said he was aware of a discussion going on between the country's development partners and finance minister AMA Muhith on the issue.
He said the EU supports increased trade with Bangladesh as it can create jobs and more opportunities and bring prosperity to the country.
The EU promotes trade capacity building in Bangladesh under its trade-related technical assistance programme.
Now it is working on developing trade policies and negotiation capacity, improving business climate and quality infrastructure, implementing decent work agenda as well as supporting business to compete in the world market.
The ambassador said the EU will also continue to support in three major areas in Bangladesh - democracy, human rights and governance.
He stresses better energy situation, graft cut
BD can emerge as regional investment hub: EU envoy
FE Report
Newly-appointed European Union (EU) envoy to Dhaka, William Hanna, said Bangladesh can emerge as a regional investment hub but it should improve energy situation and combat corruption in an effort to woo investors to the country.
"Bangladesh is the most potential country and blessed with many advantages, which other LDCs (Least Developed Countries) do not have," Hanna said in his first press briefing in the capital.
The envoy hoped Bangladesh would become a regional investment hub with businessmen of neighbouring nations investing in the country to get access to the EU market.
But he stressed Dhaka should make efforts to curb corruption. "The EU is against corruption. Corruption raises the cost of doing business and hampers development," he said.
The ambassador said the government must also improve the country's "critical" energy situation - a key pre-condition to lure industrialists to invest in any country.
He said many companies from the EU had shown interest in Bangladesh but he added a firm considered many factors including investment climate, energy, human resources and graft scenario, before investing in any country.
He was speaking to the newsmen a day after he formally presented his credentials to President Zillur Rahman.
The ambassador said the 27-nation EU, the world's largest economic bloc, is eager to import more quality products from Bangladesh at a low cost.
"It's our interest to get high quality products at low cost," he said adding, "There is a risk of protectionism, but we must keep our market open."
He hoped for further growth of Bangladesh's readymade garment products to the European nations following relaxation of the grouping's strict import rules from January 2011.
Last year trade volume between the EU and Bangladesh was eight billion euro (nearly 10 billion dollars) with apparel making up more than three-fourths of the shipment.
"The EU has already given Bangladesh the duty-free market access and it'll work together in the WTO to get more market access to the developed world," Hanna said.
Bangladesh and the EU will work together in Geneva to ensure greater market access of the LDC export items to the developed countries.
He said the EU has provided everything but arms (EBA) facility to poor countries but many countries have failed to reap the benefit. "But, Bangladesh has the capacity to get the benefit."
Citing a study by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the envoy said thanks to the relaxed import rules, Dhaka's export to the EU will double in the next three years and generate one million extra jobs.
When his attention was drawn to removal of Yunus from Grameen Bank, he said he was closely monitoring the situation.
"I worked in Africa and Latin America and found microfinance as an important tool for poverty alleviation."
He said he was aware of a discussion going on between the country's development partners and finance minister AMA Muhith on the issue.
He said the EU supports increased trade with Bangladesh as it can create jobs and more opportunities and bring prosperity to the country.
The EU promotes trade capacity building in Bangladesh under its trade-related technical assistance programme.
Now it is working on developing trade policies and negotiation capacity, improving business climate and quality infrastructure, implementing decent work agenda as well as supporting business to compete in the world market.
The ambassador said the EU will also continue to support in three major areas in Bangladesh - democracy, human rights and governance.
