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Building stronger ties

  • Published at 12:03 am May 16th, 2019
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Photo: BIGSTOCK

Bangladesh, with its steady economic growth, offers US companies a market of incredible potential

In order for Bangladesh to realize its full potential as an economy, one of the most vital components will be the relationships it builds, sustains, and expands upon with other, wealthier nations.

Keeping that notion in mind, it is truly encouraging to see the flourishing bilateral relationship between the US and Bangladesh, which is witnessing rapid growth in economic and commercial ties, as issues related to investment, intellectual property, and workforce efficiency are addressed.

According to the US Embassy, two-way trade between the US and Bangladesh has doubled to more than $8 billion over the past decade -- a testament to the relevant authorities and stakeholders recognizing the significance of maintaining a healthy relationship.

Not only are Bangladeshi products regaining the trust of American businesses following the difficult period following the collapse of Rana Plaza, but also Bangladesh, with its steady economic growth, offers US companies a market of incredible potential with a growing number of increasingly affluent customers.

However, there remain several barriers on Bangladesh’s path towards establishing a highly functioning economy, chief of which are the numerous trade barriers potential investors, entrepreneurs, and business owners continue to face along with Bangladesh’s poor showing in its ease of doing business.

In order for Bangladesh to realize the full potential of commercial bilateral relationships -- not just with the US but with all other nations -- Bangladesh has to minimize the obstacles faced by potential investors and trade partners, and create a more favourable business climate.