Dhaka: United Nations Development Programme (UNDP) has expressed interest in strengthening cooperation with Bangladesh to attract investment, facilitate business and trade, reduce logistics costs and enhance the capacity of micro, small, and medium enterprises (MSMEs). The UNDP also expressed readiness to work with Bangladesh to enhance export capacity and develop the country's skills in international trade negotiations, said a press release.
According to Bangladesh Sangbad Sangstha, these issues were discussed at a meeting between Commerce Minister Khandakar Abdul Muktadir and UNDP Bangladesh Resident Representative Stephen Rodriques at the Secretariat. During the meeting, the UNDP representatives highlighted Bangladesh's growing investment potential and emphasized the importance of capitalizing on this opportunity by strengthening local businesses and ensuring environmental and social standards in the business sector.
The commerce minister mentioned that the government has taken initiatives to simplify business licensing and approval procedures. "Previously, some processes took nearly three months to complete, but now they can be completed within two weeks," he said. He added that necessary measures would be taken to make the processes simpler, faster, and more effective.
The meeting also addressed the need to reduce Bangladesh's high logistics costs and improve efficiency in port and terminal management. Muktadir emphasized the government's commitment to enhancing Bangladesh's trade competitiveness by reducing the time and costs involved in handling goods through internationally benchmarked management practices.
Highlighting the significance of MSMEs in Bangladesh's economy, the minister sought UNDP's cooperation in identifying financing gaps in the sector, providing training, developing entrepreneurs' business skills, and creating effective market linkages. In response, Stephen Rodriques indicated that the UNDP would explore ways to connect small and medium-sized enterprises with global supply chains and make them more export-oriented.
Rodriques also expressed the UNDP's willingness to support Bangladesh in reducing unnecessary delays in customs procedures, facilitating trade, and enhancing the country's capacity in negotiating international trade agreements. He noted that international investors view Bangladesh's recent changes positively and that the UNDP's support would align with the government's priorities to create employment, promote economic growth, and diversify the economy.
The meeting was attended by Joint Secretary (FTA) of the Ministry of Commerce Mahbuba Khatun Minu, UNDP Deputy Resident Representative Sonali Dayaratne, Assistant Resident Representative Anwarul Haque, Economic Adviser Yase Parry, and Project Manager Maruf Azam.