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UK to boost jobs, trade in Bangladesh

DHAKA, Feb 8, 2017 (BSS)- The UK will sharpen its focus on economic development in the world's poorest countries to help create the economic growth that will sustain rapidly growing populations, provide a long term solution to poverty and deal with the root causes of problems that affect Britain and Bangladesh, said a British High Commission release here today.

According to the release over the next decade a billion more young people will enter the job market, mainly in Asia and Sub-Saharan Africa. This demographic challenge will add to the pressure of protracted crises and mass migration, it added.

DFID's first Economic Development Strategy sets out how investment in economic development will help developing nations speed up their rate of economic growth, trade more and industrialise faster, and ultimately lift themselves out of poverty.

By helping the world's poorest countries grow their economies, this investment will help create the UK's trading partners of the future, boost global prosperity and address some of the root causes of global issues such as mass migration and instability that affect the UK, the release said.

"There is no task more urgent than defeating poverty. The UK has a proud record of supporting people in desperate humanitarian crises, but emergency help alone won't tackle the global changes we face", it said.

"With dramatic increases in population across Africa and Asia, developing nations must act fast to create jobs and investment, which is why Global Britain is leading a more open, more modern approach to development through our economic development to help the world's poorest countries stand on their own two feet", the release added.

It said with the UK's support, more people across Bangladesh have the chance to get a job and build a brighter future for themselves and their families. The UK will continue to build this partnership between our two countries, it added.

"Over the next decade a billion more young people will enter the job market. Failure to provide sufficient extra jobs will consign a generation to a future where jobs and opportunity are out of reach; potentially fuelling instability and mass migration with direct consequences for Britain", the release said.

Developing countries want to harness trade, growth and investment opportunities and Britain will lead the way to lift huge numbers out of grinding poverty to prosperity, it said.

"Today's announcement builds on the UK's existing work to drive economic development, which has helped almost 70 million people access financial services, over 6 million people improve their land and property rights, and improved access to clean energy for over 6 million people", it added.

Source: Bangladesh Sangbad Sangstha (BSS)