Invest more in Bangladesh
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Foreign Minister AK Abdul Momen yesterday urged foreign entrepreneurs to invest more in Bangladesh considering the increased competition amid the fourth industrial revolution.
"Many foreign investors are moving their industries out of China to survive the high competition there and so, they could consider Bangladesh as an alternative," he said. Besides, Bangladesh has low energy prices and huge manpower while its government is investment centric.
"So we are ready to help investors," Momen added.
He then thanked the American Chamber of Commerce in Bangladesh (AmCham) for its continuous endeavour to enhance trade between the US and Bangladesh.
Terming them as movers and shakers, the foreign minister said AmCham works to solve the problems of entrepreneurs.
The US is a major source of foreign investment for Bangladesh, accounting for about 20 per cent of the country's total foreign direct investment.
"However, most of these investments are concentrated on a few sectors so it is time to diversify," he added.
Momen made these comments at an AmCham event at the InterContinental Dhaka, where the business chamber unveiled a research paper, styled "USA-Bangladesh Trade and Investment: Next Generation Priorities", to celebrate its 25 years presence in the country.
He also sought tariff advantages from the US for garments made from American cotton.
"Bangladesh will buy cotton from you [the US] and you should cut the tariff from the current 15.2 per cent on our garment exports produced from your cotton," the foreign minister said.
Earl R Miller, US ambassador in Dhaka, said trade between the two countries has been rising significantly.
As a result, Bangladesh's exports to the US amounted to $6.7 billion in 2019 while the country's imports from the western nation stood at $2.3 billion.
Women make up about half of the country so more attention should be given to bring them into proper jobs and increase their economic contribution, he added.
Salman F Rahman, the prime minister's adviser on private industry and investment, said Bangladesh's economy is termed a miracle worldwide and most of its miraculous development happened in the last twelve years.
The present government realised that a huge amount of electricity is needed in order to boost the economy.
"So, it ensured enough electricity for the people which ultimately improved our economy," he said, adding that inclusive growth is taking place in the country.
Bangladesh needs to work on three issues -- improving its tax to gross domestic product ratio, developing a strong capital market, and increasing investment.
"Almost 80 per cent of the complaints from entrepreneurs is tax-related and this is because the country's tax net is still small," Rahman said.
The bond market also needs to be strengthened so that banks do not go for long-term lending.
Otherwise, it creates pressure on banks that is passed onto the entrepreneurs.
Besides, higher private and public investment would be needed to cater more jobs in the coming years, he added.
Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority, said his organisation is working to improve the local business environment even though the ease of doing business ranking no longer exists.
"We will not turn around to work on improve the ease of doing business as we really need to first issue reforms in some sectors," he added.
In the meeting, 13 companies were awarded for their contribution to society through corporate social responsibility activities.
The companies are -- Bangla Cat, Chevron Bangladesh, Daffodil Computers, Energypac Power Generation, Leads Corporation, Mastercard, Mercantile Bank, Metlife Bangladesh, Mutual Trust Bank, Therap (BD) Ltd, Citibank, Coca-Cola Bangladesh, and Standard Chartered Bangladesh.
AmCham President Syed Ershad Ahmed greeted the guests while former presidents Aftab ul Islam, Forrest Cookson, and Nurul Islam also spoke.
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