US businesses continue their long-standing interest to be a part of Bangladesh's development and private sector transformation.
They expressed their spirit of collaboration with Bangladeshi businesses and the Bangladesh government at the US-Bangladesh Business Summit jointly organized by FBCCI and the US-Bangladesh Business Council, reads a press release.
FBCCI hosted the largest and most historic business delegation from the United States to have come to Dhaka.
AmCham Bangladesh has been promoting economic cooperation between the United States of America and the People's Republic of Bangladesh since its inception through various activities engaging public and private sectors from both these friendly nations.
Members of a high-level US industry delegation that is visiting Dhaka attended the conference. The event was presided over by the Commerce Minister Tipu Munshi who noted that “Now is the golden time for investment in Bangladesh.” The Minister urged US businesses to invest in Bangladesh and build strong commercial and strategic relations between the United States and Bangladesh.
Mentioning some of the mega projects including the Dhaka-Chittagong Elevated Expressway, Dhaka-Chittagong high-speed train, marine economy, Hi-Tech Park, and 100 economic zones across the country, FBCCI President Md Jashim Uddin said that the US should choose Bangladesh as their next investment destination.
He said the Bangladesh government is providing various benefits including tax exemption and duty drawbacks for foreign investors. US entrepreneurs may consider Renewable Energy, LNG Terminal, Inland Container Depot, Warehouse and Cold Chain, Automobile, Hotel and Hospitality, Banking and Insurance as potential sectors for investment in Bangladesh, the FBCCI chief added.
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% electrification of Bangladesh and energy development in Bangladesh are key to Bangladesh’s success. Additionally, he remarked on the importance of companies in the United States partnering with Bangladesh to develop a Bangladesh of the Future.
The US-Bangladesh relationship is anchored in shared values and strong people-to-people ties, as well as strong economic relations. Partnerships are critical and we value the mutual cooperation since the USA is the single largest market for Bangladeshi goods in the world, and still, the largest contributor to Foreign Direct Investment (FDI) in Bangladesh in different sectors and it hopes that more cooperation may attract more investment in diversified segments and contribute to Bangladesh’s migration to a developing nation. In achieving Bangladesh's Vision 2041, US businesses are keen to strengthen bilateral ties which is why he is leading this 30 executive US executive business delegation to see the new and transformed Bangladesh.
Sidhanta Mehra, director of the US Bangladesh Business Council, said the magnitude of the trade delegation efforts is a reflection of the importance that US business has put on Bangladesh. He encouraged US and Bangladeshi businesses to work together to advocate for continued support for investors in Bangladesh.
In an open discussion, former FBCCI president Shafiul Islam Mohiuddin said trade between the two countries has accounted for $9 billion. However, he noted that this is just beginning and that we should all be working towards a higher goal. He hoped that the delegation would play an effective role in boosting bilateral trade. He said Bangladesh was ready to provide all kinds of assistance to US investors.
Former President Sheikh Fazle Fahim said the United States has good opportunities to invest in Bangladesh's light engineering, electrical components, IoT and healthcare.
FBCCI Vice President MA Momen called on the United States to start bilateral talks to sign the CEPA agreement.
DCCI President Rizwan Rahman called for the tech transfer of US technology to Bangladesh. He said Bangladesh is an ideal country for investment. US entrepreneurs can take advantage of Bangladesh's demographic dividend through investment.
FICCI President Naser Ezaz Bijoy said that all the foreign companies in Bangladesh as the country offers high-risk returns. US investors should also take this opportunity.
President of Basis Russell T Ahmed said that the prices of IT products in Bangladesh are comparatively lower than in other countries. He urged the United States 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 at the first US-Bangladesh Business Summit.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu delivered the vote of thanks.