Finance
Bangladesh-UK UK expresses interest in investing in garment recycling industry
London, December 13: British Investment Minister Lord Dominic Johnson has expressed interest in investing in the recycling industry of Bangladesh's garment sector. At the same time, he expressed his interest to work more closely in the development and expansion of business and trade between the two countries.
He expressed this interest during a meeting with Prime Minister's Private Industry and Investment Adviser Salman F. Rahman in London on Friday (December 9).
Saida Muna Tasnim, the High Commissioner of Bangladesh appointed to the UK, was present at the meeting. In the meeting, Salman F. Rahman said that the strong foundation of historical and friendly relations between Bangladesh and the United Kingdom was established under the leadership of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman. That has evolved in many ways over the past 50 years.
Highlighting various aspects of the unprecedented economic and social development of Bangladesh under the leadership of Prime Minister Sheikh Hasina, Salman F. Rahman urged the UK to invest more.
He said that the UK is the 3rd largest trading partner of Bangladesh. The country can play a special role in investing and providing technical support to Bangladesh's huge potential recycling industry.
In the bilateral meeting, Salman F. Rahman pointed out that Bangladesh has already made a lot of progress in this industry which is labor intensive and helps to protect the environment. Reputed and large global consumer groups have begun to fill a significant portion of their purchases with apparel made from recycled fibers. Its volume will further increase as it is conducive to an environment-friendly and circular economy.
Referring to the demand for electricity generation in the renewable energy sector, Salman F. Rahman said, since Bangladesh is not able to provide the necessary land for electricity generation in the renewable energy sector by disrupting food production, the United Kingdom can invest in solar power generation through floating technology. He opined that the UK could also invest in agro-processing and other agro-based industries.
At this time, the Prime Minister's advisor also informed Lord Johnson that special economic zones can be established in Bangladesh or land can be allocated in an existing economic zone.
Lord Dominic Johnson praised the unprecedented economic and social development of Bangladesh under the leadership of Prime Minister Sheikh Hasina. He expressed hope for more multi-dimensional and expanding business-trade and industrial-investment relations between Bangladesh and UK. He said that UK's export support loan can play an effective role in this regard.
