The New Nation - Internet Edition

Staff Reporter

The economic recession in the United Kingdom will give Bangladesh an opportunity to export its low cost quality products.

Bangladesh's export to the United Kingdom will not suffer dispite the economy of the EU member country is going through a recession.

Mahtab Miah, a member of the British-Bangladesh Chamber of Commerce (BBCC) said this while talking to a group of journalists at a local hotel in the city on Sunday.

"I do not believe that remittance flow to Bangladesh will drop due to the recession in the UK," he said.

The UK is one of the most important development and trade partners of the country, the largest source of FDI into Bangladesh, third largest destination of Bangladeshi products and the largest bilateral donor country in terms of grant.

Around one million Bangladeshis now living in the UK sent some $ 820 million in the last fiscal year.

Mahtab Miah, who is also Chairman of Pancharatna Limited and Managing Director of Twenty-Nine Queens Street Limited, said Bangladeshis in the United Kingdom run nearly 9,000 restaurants with a turnover of nearly 3.5 billion pound sterling.

He said that the skilled Bangladeshis could get jobs in the restaurants that are running short of workforce.

Mahtab Miah identified Bangladesh as a land of opportunity that has every possibility of becoming a mid-income country within the shortest possible time.

He mentioned that the BBCC would pursue the British government to ease visa procedures so that Bangladeshis can get jobs in the UK restaurants.

British High Commissioner Stephen Evans said the Chamber needs to be proactive in generating business, especially given the current turmoil in the global market place.

"I believe Bangladesh can weather this storm, using its competitive advantage, as foreign importers seek low cost quality goods to meet the demands of consumers to whom price increasingly matters."

The UK is one of the largest investors in Bangladesh with approximately $ 1.5 billion invested to date. British Bangladeshis are increasingly investing in their ancestral home.

Shahagir Bakth Faruk, Chairman of the BBCC, said the Chamber is engaged in promoting, protecting, strengthening bilateral trade and investment among Bangladesh, UK and European Union. This organisation helps and supports Bangladeshi businesses to foster and widen the relationship with both governments, he said.

The BBCC Chairman said special economic zone in Sylhet has already attracted a good number of non-resident Bangladeshis who will explore new investment opportunities in IT, agriculture, fisheries and textile sectors.

He said the political stability, good governance, improved transport and communication system, rule of law and diversification of export basket will help Bangladesh maintain a steady growth of 7 to 8 per cent a year.

Faruk is a high profile Conservative politician, having been the local Conservative Association Chairman for five consecutive years.

He was the only Bangladeshi who was selected as an official Conservative Parliamentary Candidate in 2001 and achieved an excellent second place against sitting 1AP, Oona King.

Faruk, who is leading a high-profile 47-member BBCC business delegation, arrived in Dhaka from UK on Sunday on a seven-day visit to Bangladesh, said that the main objective is to strengthen business relations between Bangladesh and UK, explore investments opportunities in Bangladesh, in particular, to conduct a feasibility study to explore potential investments in the planned special economic zone (SEZ) in Sylhet.