European companies and individuals in Bangladesh have officially launched the European Union Chamber of Commerce in Bangladesh (EuroCham Bangladesh) to enhance economic collaboration between Europe and the South Asian nation.
Lutfey Siddiqi, the chief adviser’s special envoy for international affairs, attended the event as the chief guest, alongside special guests Md Abdur Rahman Khan, chairman of the National Board of Revenue, and Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority. Notable attendees included Michael Miller, the ambassador and Head of Delegation of the European Union to Bangladesh, along with ambassadors from Spain, France, Sweden, Denmark, Italy, and the chargé d’affaires from Germany and The Netherlands.
EuroCham aims to foster collaboration, innovation, and sustainable business practices, particularly in the ready-made garment (RMG) sector, which plays a crucial role in Bangladesh’s economy. With over 90 per cent of EU imports from Bangladesh being clothing, the chamber seeks to reinforce trade relations and support mutual growth.
Nuria Lopez, a seasoned European entrepreneur and managing director of Zalo Knitting and Arrow Sportswear, has been appointed as the chamber’s founding chairperson. With over 32 years of experience in Bangladesh and a history of leadership as the president of the Spain-Bangladesh Chamber of Commerce and Industry, Lopez is well-positioned to guide EuroCham’s initiatives.
Officials from EuroCham acknowledged that while Bangladesh is viewed as an attractive investment destination due to its large workforce and burgeoning economy, foreign investors often encounter challenges such as complex company registration procedures, energy crises, bureaucratic hurdles, and high tax structures. The chamber will serve as a platform for potential European investors to address these issues and engage with the government to streamline investment processes.
According to the European Commission, the EU is Bangladesh’s primary trading partner, accounting for 20.7 per cent of the country’s total trade in 2023. The launch of EuroCham is expected to further enhance bilateral trade and attract substantial European investment, particularly in the RMG sector, thereby supporting Bangladesh’s economic growth and diversification.
Tanvir Ahmed, a founding member of EuroCham and managing director of Sheltech Group and Envoy Textiles Ltd emphasised the chamber’s role in supporting Bangladesh’s transition following its graduation from Least Developed Country (LDC) status and expressed optimism about collaborating with the interim government to achieve economic reform goals.