The European Union has urged Bangladesh to open its market to attract more foreign investment and enhance exports, particularly in high-potential sectors such as pharmaceuticals and electronics. EU Ambassador Michael Miller made these remarks at a seminar on EU-Bangladesh relations, organized by the Cosmos Foundation in Dhaka.
Miller emphasized that to retain duty-free trade benefits under the GSP+ scheme, Bangladesh must comply with EU labor and environmental standards. He also highlighted the need for increased competition and innovation in the country’s economy, criticizing restrictive policies that discourage foreign investment.
The ambassador pointed out that Bangladesh has pushed away EU investments in key sectors, making it difficult to establish a level playing field. He stressed that for foreign investors to feel secure, the government must ensure transparency and prevent collusion between private and public sectors.
On labor rights, Miller stated that improving conditions is in Bangladesh’s own interest for economic stability and population welfare. He also urged Bangladesh to collaborate with the EU on environmental protection and climate change.
Regarding Bangladesh’s transition from a Least Developed Country (LDC) by 2026, Miller stated that the EU is working towards a smooth transition period until 2029. He clarified that this shift is data-driven and not imposed by external forces.
The EU is also keen on strengthening military ties with Bangladesh, focusing on maritime and port security. Miller reaffirmed the EU’s commitment to sustainable development cooperation, advocating for long-term local ownership of projects rather than short-term financial assistance.
Prof. Rashed Al Mahmud Titumir of Dhaka University stressed the need for investment in high-value manufacturing, green technologies, and industrial collaborations to strengthen Bangladesh-EU relations amid global economic shifts.
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