DHAKA: The UK announced an ‘Economic Development Strategy’ for 2017 to support developing countries including Bangladesh creates more jobs and increase international trade, the British High Commission in Dhaka said.
According to details, the DFID strategy sets out how investment in economic development would help developing nations “speed up their rate of economic growth, trade more and industrialize faster, and ultimately lift themselves out of poverty”.
“By helping the world’s poorest countries grow their economies, this investment will help create the UK’s trading partners of the future, boost global prosperity and address some of the root causes of global issues such as mass migration and instability that affect the UK”.
The DFID said they had invested £185 million last year in Bangladesh’s development.
International Development Secretary Priti Patel said with the UK’s support, more people across Bangladesh have “the chance to get a job and build a brighter future for themselves and their families. The UK will continue to build this partnership between our two countries”.
Through the new Economic Development Strategy DFID will build the potential for developing countries to trade more with the UK and the world.
They will also focus investment in job-creating sectors such as manufacturing, infrastructure and commercial agriculture to provide strong foundations for sustainable growth.
They will also support strengthen institutions, tackle corruption and help countries mobilize their domestic resources to support their development.
“There is no task more urgent than defeating poverty. The UK has a proud record of supporting people in desperate humanitarian crises, but emergency help alone won’t tackle the global changes we face,” International Development Secretary was quoted as saying in a statement.
The overall support over the last five years has helped “lift 1.5 m Bangladeshi citizens out of extreme poverty; provided access to safe water for 1.3 m people; helped 550 000 women give birth safely and ensured 500 000 children complete primary school education”.
Head of DFID Bangladesh Jane Edmondson said this new Strategy demonstrates “our continued commitment to promoting growth which transforms economies creates productive jobs and private sector investment and spreads the benefits and opportunities right across society, including girls and women.”
Britain is the only G7 country that meets the target of spending 0.7 percent of GNI on overseas development.
