Govt wants deeper trade ties with the US
Bangladesh is keen to take its bilateral trade and investment with the US to a higher level in the incoming days for the benefit of both countries, said the industries minister yesterday.
The US-Bangladesh bilateral trade is witnessing an upward trend and in 2019 crossed the $9 billion-mark, doubling since 2008. The US is the number one export destination for Bangladeshi products.
"This is a remarkable growth closing the trade deficit," said Nurul Majid Mahmud Humayun, industries minister, at the opening of the 27th US Trade Show at the Pan Pacific Sonargaon Dhaka.
The three-day show, jointly organised by the US embassy in Dhaka and the American Chamber of Commerce in Bangladesh (AmCham), is open to visitors from 10am to 8pm.
Some 48 American companies operating in Bangladesh in areas of energy, agro-mechanisation, and food and beverage are showcasing their products and services in 78 stalls. During the trade show, the embassy will host four seminars.
The industrial policy provides extensive incentives and facilities to attract foreign direct investment anywhere in Bangladesh, especially at the export processing zones, Humayun said.
"Bangladesh has liberalised trade regime and reduced non-tariff restrictions significantly."
There is scope to lift GDP growth to double-digit and even more and this can create huge opportunities for domestic and international investors, according to the minister.
Currently, Bangladesh is the 52nd largest trading partner of the US.
But Humayun believes the trade show would contribute to the widening of the existing commercial ties between the two countries and stimulate greater understanding about each other's economic potential and opportunities.
"The trade show comes at an important moment for US-Bangladesh trade and investment ties," said JoAnne Wagner, deputy chief of mission of the US embassy.
The exhibition is an opportunity to witness how vibrant the US business community is in working together with the people of Bangladesh, to the benefit of both countries, said JoAnne Wagner, deputy chief of mission of the US embassy.
"US companies are working in developing infrastructures that contribute to economic development," she said.
Excelerate Energy used state-of-the-art technology to build Bangladesh's first liquefied natural gas terminal in 2018, which provides clean energy, makes power supplies more reliable and promotes industrial development throughout the country, she said.
American firms tend to hire local workers and ensure worker's rights, the diplomat said.
"US companies meet international standards on working conditions for the workers and maintain quality in terms of safety, workers' rights and security."
As the government's lead agency for coordinating reforms for the ease of doing business, the Bangladesh Investment Development Authority (BIDA) is working hard to enhance business climate, said Md Sirazul Islam, executive chairman of the agency.
"We are working hard to support the transition towards industries based on knowledge and technology. That is why we would like to invite American investors to come to Bangladesh and create enduring value in the many potential sectors," he said.
Syed Ershad Ahmed, president of the AmCham, and Syed Mohammad Kamal, vice-president, also spoke.
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