Sino-US initiatives won't clash

The flagship American “Indo-Pacific Strategy” will not clash with China's Belt and Road Initiative although both have been rolled out for investment and improving infrastructures in the same Asia and Pacific regions, US Ambassador to Bangladesh Earl R Miller said.

The areas focused by China are also included in the US initiative which will require $26 trillion in investment for infrastructure development in this region by 2030, Miller said.

A heated debate is now going on in the international arena as both the US and China—two economic titans—have been trying to develop infrastructures in the Asia and Pacific regions.

Both the countries are now in a trade war as one has been threatening another with retaliatory tariffs on goods, including basic items, over the last one year. Currently, both the US and Chinese investors have targeted to invest in Bangladesh especially in infrastructure development.

“The US and China have some areas of disagreements, but also have the areas of cooperation,” the ambassador said while replying to queries of journalists at a press conference at the Pan Pacific Sonargaon hotel in Dhaka.

The American Chamber of Commerce in Bangladesh (AmCham) and the US Embassy in Dhaka jointly organised the press meet to announce the start of a 26th three-day US Trade Show at the hotel from tomorrow.

“We work together with China to address trade imbalances, regional security and disagree in issues with a forthright manner.”

“We welcome their (China) constructive participation in upholding international systems in a clean and transparent manner,” Miller said.

There is huge potential for investment by a number of countries in the industries in Bangladesh, he said, adding that the US does not see China as a competitor in business in this area.

The envoy also said many US trade delegations and chief executive officers of many big companies of the US attend summits in New Delhi and Beijing, but not in Dhaka.

So, it is the target of the US embassy to bring those investors to Bangladesh, as the market of 165 million consumers is a big one for them, he said. Miller said when he talks to US entrepreneurs about investment in Bangladesh they ask him about the overall business environment of Bangladesh, governance, democracy, state of the human rights and the security situation.

The envoy said he always replies saying that Bangladesh has been playing a large role at the regional and global stage. The country is no more a shadow of China and India, he said.

For instance, the US is still the single largest export destination for Bangladesh. The US is a large supplier of power turbines, soybeans, gadgets and heavy machinery.

Last fiscal year, the bilateral trade between the US and Bangladesh was $8.2 billion, of which $2.1 billion worth of goods were exported by the US, registering a 43 percent year-on-year growth.

Bangladesh's export to the US was only $300 million in 1992, which was over $6 billion last year, said Aftab Ul Islam, former AmCham president. Many big companies like GE, Caterpillar and Jordana are performing very well in Bangladesh although they came here a few years ago, he said.

Some 46 US companies will show their products at 74 stalls in this year's show, said Nurul Islam, president of AmCham.

Two important seminars on education in the US and visa issues will be held on the sidelines of the show, he said. The entry fee has been fixed at Tk 30 and students wearing uniforms will enjoy free entry, he said.