Policy support needed for expansion: PM
Prime Minister Sheikh Hasina yesterday inaugurated the US-Bangladesh Business Council virtually to boost the bilateral trade and investment between the two countries.
The new trade body, an initiative of the US Chamber of Commerce, will act as a major platform for attracting foreign direct investment (FDI) from the American private and public sectors.
Different big industrial and business conglomerates from both the US and Bangladesh are the members of this newly launched trade body. Private sector investors, top diplomats, senior government officials and trade body leaders from both the countries participated in the inauguration.
Speaking at the programme, the prime minister said Bangladesh exports goods worth around $8 billion to the US, of which 80 percent are garment items.
"Our exporters pay on an average 16 percent tariff. We buy considerable amount of industrial raw materials and consumer items like cotton, soybean, and wheat from the United States."
Hasina said all those items enjoy zero tariffs in Bangladesh. It is important that both the countries provide adequate policy support to further expand bilateral trade, she added.
She said the launching of the US-Bangladesh Business Council reflects the growing interest of the US business community about investment and doing business in Bangladesh. The PM hoped it would help expand economic partnership between the two countries.
Mentioning that the government was developing 100 special economic zones across Bangladesh, Hasina offered a dedicated Special Economic Zone to American companies to establish manufacturing facilities.
Talking about the ICT sector, she said Bangladesh exports more than $1 billion worth ICT products to over 60 countries, the US being the top export destination. "Bangladesh is now developing 28 Hi-tech parks for ICT industries with local and foreign investment. We are offering one Hi-Tech Park for ICT investment by US companies."
Nisha Biswal, president of US-Bangladesh Business Council, said being in a strategic location, Bangladesh is an important partner of the US both for import and investment.
The US is the single largest export destination for Bangladesh and at the same time Bangladesh is one of the important import destinations for the American people, said Biswal, also the senior vice-president (South Asia) of the US Chamber of Commerce.
Marcia Bernicat, a senior official for Economic Growth, Energy and the Environment of the US Department of State, said Bangladesh has an enormous potential in digital technology.
Bernicat, a former US ambassador to Bangladesh, praised Bangladeshi companies who exported Personal Protection Equipment (PPE) for the American people during the pandemic in a short time.
She conveyed her good wishes to Bangladeshis on the occasion of the golden jubilee of independence.
Sajeeb Wazed, ICT adviser to the prime minister of Bangladesh, said a digitally developed Bangladesh is gearing up to launch 5G by the end of this year. Almost 90 percent population of the country would be brought under cashless transaction in next three years, he said.
Commerce Minister Tipu Munshi sought US investment in Bangladesh's different potential sectors through the new council.
Earl R Miller, US ambassador to Bangladesh, said the US wants to see real economic recovery in Bangladesh and increase of bilateral trade.
He said there were some challenges in Bangladesh and the country needed to work more on those.
Dara Khosrowshahi, CEO of Uber, John McCallion, executive vice president and chief financial officer, MetLife, Judith McKenna, president and CEO of Walmart International, Afeef Zubaer Zaman, co-founder and CEO of ShopUp, Mahesh Palashikar, president, GE South Asia, and Sheikh Fazle Fahim, president of Federation of Bangladesh Chambers of Commerce and Industry, delivered their messages praising Bangladesh's achievements over the years.
Kamal Quadir, founder and CEO of bKash, Steven Kobos, president and CEO of Excelerate Energy, Elena Butarova, senior vice president of Strategic Growth Markets - Asia, MetLife, and M Shahidul Islam, Bangladesh ambassador to the US, also spoke.
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