Market Digest

US-Bangladesh trade volume crossed $9bn: AmCham

Staff Correspondent

24 May, 2021 12:00 AM printer

The US-Bangladesh bilateral trade volume crossed $9 billion and the trade deficit comes to little over $4 billion.

It was revealed at a virtual townhall titled ‘US-Bangladesh Economic Relation: Migration to a developing nation’ organised by the American Chamber of Commerce in Bangladesh (AmCham) on Sunday.

Ambassador of the United States of America to Bangladesh HE Earl R Miller attended the discussion as the guest of honor and President of AmCham Syed Ershad Ahmed was present as the session chair.

 The event is also attended by Deputy Chief of Mission (DCM) of the United States Embassy in Bangladesh JoAnne Wagner and concerned officials from the United States embassy in Bangladesh.

Vice President of AmCham and Country Manager of Mastercard, Bangladesh Syed Mohammad Kamal moderated the programme.

The programme is powered by Air Alliance Limited (UPS Authorised Service Contractor) in Bangladesh. During the meeting speakers said, “USA is still the largest contributor to Foreign Direct Investment (FDI) in Bangladesh in different sectors and we hope more cooperation may attract more investment in diversified segments and contribute in Bangladesh migration to a developing nation.”

Partnerships are critical and we value the mutual cooperation between the USA and Bangladesh. We are at present America’s 52nd largest goods trading partner and the single largest market for Bangladeshi goods in the world, speakers added.

AmCham Bangladesh will continue working with the US Embassy in Bangladesh and thankful for their excellent support in promoting US business in Bangladesh.

This virtual ‘Town Hall’ was arranged to overview the work AmCham and US Embassy do in collaboration, an outline of the Generic situation, especially during the Pandemic in the new era of Biden-Harris Administration.

We would like to continue this series of events focusing on different industries with a view to identify the opportunities or issues and recommend action or policies to enhance economic cooperation between the USA and Bangladesh, particularly in that sector, speakers added.

It might act as a catalyst to discuss joint efforts by AmCham and the US Embassy in partnership with the concerned stakeholders and how we both can play a supporting role in the ecosystem at large ‘doing-business’ easier, they said.

We at AmCham Bangladesh with a diverse membership base and outlook focusing on global, national or business ecosystem at large, attempt to develop an approach that might help the business and regulatory leadership set the priorities on right strategies making rapid and inevitable remedies.

AmCham decided to undertake systematic diagnostics through a research to identify opportunities to further strengthen trade and investment ties between Bangladesh and the USA. The current trade and investment scenario, however, remains far below potential. Unleashing the full potential of the opportunities between Bangladesh and the US will benefit from a systematic assessment of where the opportunities lie, what holds back the full potential, how other comparator countries are making headway, and identification of strategic options for the US stakeholders to maximise potential.

A good number of AmCham members including the Executive Committee Members, foreign dignitaries, business leaders, media representatives and other distinguished guests attended the event and Vote of Thanks was offered by AmCham Executive Committee member Showkat Ali Sarkar.