The foundation of the US-Bangladesh relationship is anchored by strong and growing economic relations between the two countries.
Over the last five decades, Bangladesh has quickly transformed to become one of the fastest growing economies in the world.
Expected to grow at 7.2% in 2022, Bangladesh is well-positioned to become the 24th largest economy in the world within 10 years.
The United States remains a committed partner to Bangladesh’s growth and resiliency, centered around development and foreign direct investment.
To date, the US remains the largest source of foreign direct investment into Bangladesh, and the single largest market for Bangladeshi goods in the world.
The US-Bangladesh business and economic corridor recognizes the important milestone of five decades of strategic bilateral relations that we celebrate today and encourages both governments and businesses to continue to strengthen our relations throughout the arc of the 21st century.
One year ago, at an event featuring the Honorable Prime Minister and senior US government officials, along with both US and Bangladeshi corporate executives, the US Chamber of Commerce launched the US-Bangladesh Business Council (USBBC) in recognition of the maturity of the bilateral economic, trade and commercial relations.
The US and Bangladesh business community are energized by various high-level dialogues and avenues to find more synergy to target an even higher two-way trade, which currently stands at $9 billion.
The inaugural board chair and the board of directors, on behalf of US industry and the US-Bangladesh Business Council, are supportive of stronger economic relations between the two countries – based on open partnership and policy consultation, expanding investments, and finding ways to deepen trade between the two countries.
As Bangladesh sits at the heart of the Indo-Pacific, a highly-prioritized region for economic connectivity by the Biden-Harris administration, bilateral relations are also centered on common democratic values, free enterprise, resilient supply chains and the prosperity and health of the people of both countries.
This rang especially true throughout the pandemic when Bangladesh shipped over 6 million pieces of personal protective equipment to the US during the first devastating surge of Covid-19.
As we configure a steady post-pandemic recovery and increasingly make progress on the global Covid-19 vaccination drive, to date, over 16% of Bangladeshi people have been vaccinated by the 61 million doses of the Covid-19 vaccines that the United States has donated to Bangladesh through Covax - the largest donation from the US to any country.
The US-Bangladesh Business Council and a coalition of industry leaders, in partnership with Project CURE, joined this fight by sending shipments of oxygen concentrators, PPE, emergency relief beds and other critical life-saving medical equipment to Bangladesh for medical colleges in the country last year.
The US Chamber of Commerce and US Agency for International Development (USAID) have also launched a workstream to leverage the technical expertise of the private sector in both countries to continue to tackle the pandemic, close the gap in vaccination, support diagnostics, and support institutional preparedness for the future.
We remain critical partners in this fight and are #InThisTogether.
In celebrating the 50 years of US-Bangladesh relations, we see key areas of collaboration that could be strengthened to deepen energy and power cooperation, partner on Digital Bangladesh 2.0, expand financial inclusion and empowerment of women, support Bangladesh’s transition to a cashless society, and increase trade on agriculture and agribusiness.
As Bangladesh’s middle class grows further and more people are lifted out of poverty as the country’s successful economic model has shown time and time again, its people are more digitally connected with each other and with the rest of the world.
It is time that our collective and collaborative attention focus on Bangladesh’s economic growth and prosperity towards its ambition to become a developed country by 2041, based in a targeted approach of an “investment-driven” economic growth agenda in the decades to come.
We look forward to building on our 50 years of friendship to deepen our collaboration and increase prosperity for both of our countries.
Messages from the board of directors
Jay R Pryor, vice president, business development, Chevron and inaugural board chair, US-Bangladesh Business Council
“Chevron deeply values its relationship with the prime minister and the government of Bangladesh. We appreciate the support that allows Chevron to invest in Bangladesh and contribute to the nation’s energy security. Chevron is entering a new era in Bangladesh as we look to build upon our current partnership with the Government. I’m excited about the opportunities ahead and I look forward to working with the people of Bangladesh towards a shared vision for future growth.”
Steven Kobos, president and CEO, Excelerate Energy
“Excelerate Energy congratulates the United States and Bangladesh on 50 years of diplomatic relations. Since commissioning Bangladesh’s first liquefied natural gas (LNG) import terminal in 2018, Excelerate has helped to secure the country’s transition to a sustainable energy future. We are committed to investing in our local teams and communities, contributing to stronger bilateral economic ties, and improving the lives of Bangladeshis.”
Mahesh Palashikar, president – General Electric (GE) South Asia“We are grateful for the opportunity to be proud partners in South Asia’s history since 1902. In recent decades, we have been deeply engaged in expanded US-Bangladesh commercial partnership in power generation and healthcare. Aligned with this commitment, we continue to invest in our relationships with our customers and help them serve the people of Bangladesh”
Rafael Frankel, director – public policy, APAC Emerging Countries, Meta“This year marks an important milestone of 50 years of US-Bangladesh diplomatic relations. Meta is proud to be a longstanding partner and enabler of Bangladesh's digital economic growth. We are committed to investing in the country by empowering the Bangladeshi people to build communities, start their own businesses, and become more resilient. We look forward to strengthening our partnerships to collectively build the country's inclusive digital future.”
Elena Butarova, SVP and head of Bangladesh, Malaysia, Nepal and Vietnam, MetLife“The 50th anniversary of the US-Bangladesh diplomatic relationship signifies the ever-growing ties between the two nations, and we are proud to be a part of Bangladesh’s growth journey. MetLife's longstanding presence in this market since 1952 is a testament to our unwavering commitment to Bangladesh's prosperity and we will continue to build a confident future for the people of Bangladesh in the decades ahead.”
Kevin Roepke, head of South Asia and Sub-Saharan Africa, US Soybean Export Council“On behalf of the US soy industry, the US Soybean Export Council would like to congratulate both countries for achieving 50 years of diplomatic relations. Our bilateral relationship embodies the commitment to nutrition security and environmental sustainability. By strengthening our ties, we can show the world that mutually beneficial trade can be the bedrock for national development.”
Jeremy Sturchio, VP and head of government engagement – Asia Pacific, Visa“Visa is committed to the digitization of Bangladesh from cash to digital forms of wages, especially for the well-being and empowerment of local small businesses and women entrepreneurs. As a board member of the US-Bangladesh Business Council, Visa is keen to drive key initiatives in the digital financial services to set the stage for a Bangladesh of the Future.”
Nisha Biswal, president, US Bangladesh Business Council and SVP, US Chamber of Commerce and Sidhanta Mehra, director, US-Bangladesh Business Council
The strong foundation of the US-Bangladesh relationship gives us the prospect for tremendous collaborative growth, for our businesses and people to work together and advance ambitious and sustainable economic opportunities. At the heart of the Indo-Pacific, the great promise of our relationship will be realized when we collectively unleash the potential of “The New Bangladesh” and engage in shared values, mutual growth and free enterprise.
The author is director at the US-Bangladesh Business Council