The European Union (EU) has decided to increase its investment ratio in Bangladesh’s service sectors from 40 to 49 per cent. The intent is to make European investment more attractive and improve business index. Bangladesh and the EU will work together for resolving problems in trade and investment relationships. Some of these areas are: import duties and customs trade facilitation, Bangladesh’s pharmaceutical sector, licenses and investment in the service sector and tax regimes.

Bangladesh wants the EU to offer higher prices for garment products. The country wants to encourage FDI from EU member countries and increase trade volume with Europe by 10 per cent. Bangladesh has invited investment from EU member countries in the special economic zones being set up in 100 locations across the country. A Bangladesh-EU chamber of commerce may be formed soon. The last such meeting between Bangladesh and the EU was held in December, focusing on pharmaceuticals, financial flows and tax regimes.

Efforts will be made to identify problems and devise solutions with all-out efforts of the two sides. Meanwhile Accord and Alliance wants to extend the time for completing inspections of fire safety, electrical safety and structural integrity of garment units.