Business Desk :
European businesses and diplomats have called on Bangladesh to increase imports from the European Union (EU) to help reduce the bloc’s substantial trade deficit with the country.
The appeal has gained renewed significance after Bangladesh pledged to narrow its trade gap with the United States under a reciprocal tariff agreement.
The call was made at a joint dialogue on the business climate, held on recently at the Bangladesh Investment Development Authority (Bida) office in Dhaka.
EU representatives stressed that while they are eager to expand economic engagement with Bangladesh, progress will require continued reforms, greater transparency, and streamlined regulatory processes.
Opening the dialogue, EU Ambassador to Bangladesh Michael Miller said the EU and Bangladesh are working toward a mutually beneficial investment partnership.
He noted, however, that success will depend on collective commitment, a level playing field, and impartial implementation of policies and regulations.
Officials and business representatives highlighted that EU companies are seeking a more balanced trade relationship, especially as Bangladesh has already agreed to import more American products including soybeans, wheat, aircraft, LNG, and machinery in exchange for reduced reciprocal tariffs of 20 percent.
In that context, EU missions and businesses are requesting similar commitments from Bangladesh, arguing that imports of European machinery, chemicals, and industrial goods must rise to address the existing trade imbalance.
As a bloc, the EU is Bangladesh’s largest destination for merchandise exports. According to European Commission data, total bilateral trade in goods reached €22.2 billion in 2024, with an EU deficit of €17.5 billion.
Nearly 94 percent of EU imports from Bangladesh were garments and textiles, while EU exports to Bangladesh were dominated by machinery and appliances (35 percent) and chemical products (23 percent).
In services, bilateral trade amounted to €2 billion in 2023, with the EU holding a €0.8 billion surplus, bringing total trade in goods and services to €23.9 billion.
At the dialogue, EuroCham Bangladesh Chairperson Nuria Lopez said European businesses and diplomatic missions share a common goal: expanding foreign direct investment (FDI) flows and addressing the trade deficit as Bangladesh prepares to graduate from the least developed country (LDC) category next year.
Representatives of the EU private sector emphasized that regulatory predictability, transparency, and digitalisation are essential for Bangladesh to attract high-quality European investment and become a competitive regional manufacturing hub.
Several European envoys echoed these concerns.
Dutch Ambassador Joris van Bommel called for consistent, transparent regulations and a “modern image” of Bangladesh to unlock opportunities in agriculture, water, and logistics.
Danish Ambassador Christian Brix Moller highlighted lessons from government-to-government and Public-Private Partnership (PPP) projects, urging stronger governance safeguards and faster resolution of regulatory delays.
Italian Ambassador Antonio Alessandro pointed to growth potential in ceramics, leather, and design, stressing innovation, technology transfer, and support for small and medium enterprises.
Spanish Ambassador Gabriel Sistiaga Ochoa de Chinchetru described the EU as a reliable partner and called for stability, rule of law, and fair competition to deepen ties.
Swedish Ambassador Nicolas Weeks referenced Sweden’s engagement in Bangladesh’s garment sector and pushed for clearer regulations to support sustainable fashion.
French Ambassador Jean-Marc Séré-Charlet highlighted long-term benefits of partnering with Europe, urging improvements in governance and profit repatriation.
German Acting Ambassador Anja Kersten welcomed ongoing reforms but stressed consistent implementation, vocational training, an updated double-taxation agreement, and enhancing Bangladesh’s global image.
From the government side, Chittagong Port Authority Chairman Rear Admiral SM Moniruzzaman outlined port modernisation initiatives, including digitalisation, the Bay Terminal, and the Laldia project to accommodate larger vessels and enable 24/7 operations.
Bida Executive Chairman Ashik Chowdhury added that structural reforms, better investor grievance resolution, and annual “result cards” are being prioritised to attract more European companies to set up local and regional operations.
Lutfey Siddiqi, special envoy on international affairs to the chief adviser, emphasised the need for a clear reform roadmap and early engagement with the EU ahead of Bangladesh’s LDC graduation.
