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US businesses keen to join Bangladesh’s growth efforts

  • Staff Correspondent
  • 9th May, 2022 11:35:33 PM
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US entrepreneurs have reiterated their interest to be a part of Bangladesh's development and private sector transformation.

They expressed their eagerness at the first-ever US-Bangladesh Business Summit held at a city hotel on Monday.

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and US-Bangladesh Business Council jointly organised the event.

A high-level US business delegation and Bangladeshi business leaders attended the conference where Commerce Minister Tipu Munshi was the chief guest.

In his address, the minister said, “Now it’s the golden time for investment in Bangladesh.”

He urged the US businesses to invest in Bangladesh and build strong commercial and strategic relations between the US and Bangladesh.

Bashundhara Group Managing Director Sayem Sobhan Anvir also attended the event as the president of Bangladesh Jewellers Samity (BAJUS).

He extended thanks to all the participants of the summit.

Mentioning some of the mega projects, including Dhaka-Chattogram Elevated Expressway, Dhaka-Chattogram High-speed Train, Marine Economy, Hi-Tech Park and 100 economic zones, FBCCI President Jashim Uddin said the US should choose Bangladesh as their next investment destination.

“The US entrepreneurs may consider renewable energy, LNG terminal, inland container depot, warehouse and cold chain, automobiles, hotel and hospitality, banking and insurance as potential sectors for investment in Bangladesh,” he said.

Speaking on the occasion, Chevron's Vice-president for Business Development and Mission Lead of the Trade Delegation Jay R Prior noted that Bangladesh has made remarkable economic progress across a diversity of sectors.

He noted that 100 percent electrification and energy development is key to Bangladesh’s success.

 Sidhanta Mehra, director of the US-Bangladesh Business Council, said the magnitude of the trade delegation’s efforts is a reflection of the importance that US businesses have put on Bangladesh.

In an open discussion, former FBCCI President Shafiul Islam Mohiuddin said trade between the two countries accounts for $9 billion.

Former FBCCI President Sheikh Fazle Fahim said the US has good opportunities to invest in Bangladesh's light engineering, electrical components, IoT and healthcare.

DCCI President Rizwan Rahman called for tech transfer of US technology to Bangladesh.

He said Bangladesh is an ideal place for investment. “US entrepreneurs can take the advantage of Bangladesh's demographic dividend through investment.”

FICCI President Naser Ezaz Bijoy urged the foreign companies to invest in Bangladesh, saying the country offers high-end returns. “The US investors should also take this opportunity.”

BASIS President Russell T Ahmed said the prices of IT products in Bangladesh are comparatively lower than other countries, urging the US to import more IT products from Bangladesh.

A memorandum of understanding (MoU) was signed between the FBCCI and the US-Bangladesh Business Council to enhance bilateral trade.

FBCCI Senior Vice-President Mostofa Azad Chowdhury Babu delivered the vote of thanks.