US Businessmen upbeat about trade and investment prospects in Bangladesh

USA NEWS:  US is Bangladesh’s time-tested friend and the relationship between the two countries would grow deeper in future. This was said by Bangladesh Ambassador to the USA and State Minister  Akramul Qader March 23. Ambassador Qader was addressing a group of officials, business leaders and academics in a programme organized at the US Chamber of Commerce in Washington, DC featuring the Asia Society Report on US-Bangladesh Trade and Investment Relations.  Jack Garrity, Executive Director of Asia Society Washington presented the report that covered both an update on important trade and investment statistics and discussions on Bangladesh’s strategic options for enhancing bilateral trade and investments. Sajeeb Wazed, Information Technology Adviser to the  Sheikh Hasina made remarks on Jack Garrity’s presentation and took part in a lively question answer session. Tami Overby, Vice President (Asia) of the US Chamber of Commerce presided the event.

 Ambassador Qader noted that it is a happy sign Bangladesh’s export to the US surpassed US$ 4 billion in 2010. He, however, noted that the export figure could be much higher if the tariff burden was removed by the US authorities. He urged the US investors to take advantage of the investment friendly regime particularly in the potential sectors such as pharmaceuticals, IT and electronics.

In presenting important facts on the scope of doing businesses in Bangladesh, Jack Garrity mentioned that Bangladesh’s investment potentials are yet to be fully tapped. In his remarks  Sajeeb Wajed  said that since assuming office,  the present government in Bangladesh has taken  initiatives to set up 50 new power plants: 15 government funded and 19 in private sector. The government envisages generating over 10,000 MW electricity by the year 2014, he added. Referring to the various measures taken by  the present government to bring down the cost of doing business in Bangladesh, he pointed out that the processes now followed in acquiring factory lands and accessing bank loans are much simpler than in the past and the government has a grand plan to modernize highways, introduce cargo flights for Biman, construct a deep sea port with all modern facilities and a new airport with required cargo facilities. To get over the excessive reliance  on the performance of one single sector in foreign trade, the speakers suggested that Bangladesh should think creatively in terms of developing  both backward and forward linkages in the garment sector and enhance capacity for growth  in other non traditional sectors such as processed food, pharmaceuticals, ship building, IT and so on.

The discussion was followed by a question and answer session. The participants posed questions on various aspects of trade and investment in Bangladesh. They showed keen interest in the steps taken by the government in these areas. They hailed the business promotion initiatives of the government. In response to a question on education sector reforms, Ambassador Akramul Qader pointed out that female education in rural Bangladesh is not only free, cash incentives are also provided to parents of female students to check drop-outs.  The Bangladesh Ambassador thanked the Asia Society for their useful publication on Bangladesh’s foreign trade and investment.