The United Nations Development Programme (UNDP) has expressed interest in strengthening cooperation to attract investment to Bangladesh, simplify business and trade, reduce logistics costs, and build the capacity of micro and small and medium enterprises (MSMEs). The organization also said it would work to boost Bangladesh’s export capacity and strengthen the country’s expertise in international trade negotiations.
These issues came up in a meeting Sunday, August 30, at the secretariat between Commerce Minister Khondaker Abdul Muktadir and UNDP Bangladesh Resident Representative Stephen Rodriques.
At the meeting, UNDP said investment potential in Bangladesh is steadily growing. Alongside seizing this opportunity, it said, attention is needed to strengthen local businesses and ensure environmental and social standards in business.
Commerce Minister Khondaker Abdul Muktadir said the current government has taken various initiatives to simplify business licensing and approval processes. He said some processes that previously took nearly three months can now be completed within two weeks. He said all necessary steps would be taken to make these processes even simpler, faster and more effective.
The meeting also discussed reducing the country’s high logistics costs and improving efficiency in port and terminal management.
The commerce minister said the government is committed to boosting Bangladesh’s trade competitiveness by reducing the time and cost of loading and unloading goods through internationally standard management.
Describing the MSME sector as an important part of the country’s economy, the commerce minister said he expects UNDP’s cooperation in identifying financing gaps in the sector, training entrepreneurs and building their business skills, and creating effective market linkages.
UNDP Resident Representative Stephen Rodriques said the organization would explore opportunities to connect small and medium enterprises with global supply chains and make them more export-oriented. He also expressed interest in cooperating on training, necessary tools and international experience-sharing to reduce unnecessary delays in customs processes, simplify trade, and strengthen Bangladesh’s capacity to negotiate international trade agreements.
Expressing optimism about Bangladesh’s recent changes and economic potential, Stephen Rodriques said UNDP’s support would be realigned in line with the government’s priorities of job creation, economic growth and economic diversification. He noted that international investors are also viewing Bangladesh’s recent changes positively.
The meeting was also attended by Ministry of Commerce joint secretary (FTA) Mahbuba Khatun Minu, UNDP Deputy Resident Representative Sonali Dayaratne, Assistant Resident Representative Anwarul Haque, Economic Advisor Wais Parry, and Project Manager Maruf Azam.