US-Bangladesh economic ties strong despite pandemic

The economic ties between Bangladesh and the US are stronger than ever now even despite the severe fallout of Covid-19, according to a top official of the US embassy in Dhaka.

Both countries carried out some extraordinary business deals even when the coronavirus outbreak was at its peak as well as just before the pandemic hit, said John D Dunham, unit chief for economic and Indo-Pacific affairs of the US embassy in Dhaka.

In 2018-19, Boeing completed the sale of three 787 wide-body aircraft to Biman Bangladesh Airlines, the country's national flag carrier.

Besides, Bangladesh's first  geostationary communications satellite, Bangabandhu-1, was launched from the Kennedy Space Centre in Florida back in May 2018, he added.

Soon after the Covid-19 pandemic began, Beximco became the first company from Bangladesh to export critically important personal protective equipment (PPE) to the US. However, US company Covax donated PPE for global healthcare relief at the same time.

The American government also donated $218 million as Covid-19 donations alongside 28 million vaccines.

In addition, a US company has signed an agreement with Bangladesh to install the undersea submarine cable at a cost of $700 million to $1 billion by 2023 that will connect France via Singapore, Dunham said.

Even amid the coronavirus crisis, the 27th US Trade Show was held in Dhaka in February last year, when the world's first integrated floating LNG terminal was installed in Bangladesh.

General Electric, a US-based multinational electrical solutions company, has supplied turbines to 38 power projects in the country so far.

Dunham made these comments during a virtual farewell ceremony for  Earl Robert Miller, the outgoing US ambassador to Bangladesh, organised  by the American Chamber of Commerce in Bangladesh (AmCham).

Members  of AmCham, diplomats, exporters, importers, former and current AmCham  leaders and businessmen of both countries participated in the event.

Miller is leaving Bangladesh for the US upon completing his three-year diplomatic tenure in the country.

Dunham went on to say that over the past five years, agricultural exports from the US to Bangladesh doubled to $1 billion because of high demand for American agricultural goods.

Last year, the US Chamber of Commerce set up the 20th US-Bangladesh Business Council with 30 members, which is far bigger than any other such council.

Even so, the number of council members continues to grow, which indicates that US companies are interested to invest in Bangladesh, he said.

The Chevron Corporation, an American multinational energy corporation, has long been serving in Bangladesh and currently contributes about half of the total gas used in the country.

At the farewell, A Gafur, former executive director of AmCham, said although Bangladesh's exports to the US double every 10 years, it is still far below the levels of other competing countries in US markets.

For instance, Bangladesh's exports to the US were valued at $9.4 billion between January and October last year.

However, Vietnam exported goods worth $102.0 billion to the US at the same time.

"I deeply believe in the importance of American and Bangladeshi ideals and working together," Miller said in his farewell speech.

"I would love to continue to be an ambassador for Bangladesh and not just for commercial partnership, but for the people-to-people ties," he added.

AmCham President Syed Ershad Ahmed and former presidents Aftab ul Islam, Nurul Islam and Forrest E Cookson also spoke at the event.