US State Department Under-secretary designate Tom Shannon said Bangladesh can be a leading economy in South Asia serving as a manufacturing powerhouse and hub for the movement of goods and people in South and South East Asia.
“United States is an enthusiastic supporter of implementing the vision which we are helping to realise through our Indo-Pacific Economic Initiative,” he said.
Shannon was speaking at a seminar on Bangladesh-US relationship at Bangladesh Institute of International and Strategic Studies (BIISS) Sunday.
He said in recent months Bangladesh and India signed merchant shipping agreement which would reduce shipment time and cost while BBIN initiative would help the countries to move people and goods without any hindrance.
“We are committed to economic connectivity because it is a key to regional prosperity, stability and opportunity for the American economy,” he said.
Many economists predict that the year 2050, Asia will comprise 50% of the global GDP, he said.
“It is clear that we are at the beginning of Indo-Pacific century and US as a pacific nation will play its part in the story.”
He said the United States would continue to drive Bangladesh’s economic growth as it is one of the Bangladesh’s largest foreign investors and the two-way trade has grown steadily, to more than $6 billion.
About readymade garment sector, he said the potential of the industry is the envy of much of the developing world.
It used to be 27th biggest exporting nation two decades back but now it secured the second position after China, he said.
“That’s why it’s so important to build a strong and respected ‘Brand Bangladesh’ where workers’ rights and safety are protected,” he said.
Empowered workers are better positioned to ensure their own safety and are more productive – which means greater efficiency, larger output, higher profits, and — most importantly — can be linked to higher standards of living and more inclusive economic growth, he added.
About democratic system, he said: “Your country is an example of what is possible when a nation founded on democratic principles leverages its pluralistic and entrepreneurial citizens.”
He said municipal elections are coming up later this month, and he hoped that everyone would make the most of this opportunity to reaffirm Bangladesh’s commitment to democracy.
“Every country, whether the United States or Bangladesh, can only achieve its full potential when national debates are channeled through peaceful and open democratic processes.”
He said this is a country the world keenly listens to, whether on peacekeeping, climate change, or counter-terrorism
“Today, I would like to add just a few words to what Ted Kennedy said 44 years ago. America still cares – about that there can be no doubt. And to his timeless address I would simply add: Bangladesh matters.”
Thomas Shannon arrived in Dhaka Sunday morning.
He is accompanied by Assistant Secretary for South and Central Asian Affairs Nisha Desai Biswal and Deputy Assistant Secretary for South Asia Manpreet Singh Anand.
Foreign Secretary M Shahidul Haque received him in the airport.
