US Ambassador to Bangladesh Peter Haas has said Bangladesh and the US can “go fastest together” in building trade and investment relationships between the two countries.
He also said that the US is willing to deepen and expand the bilateral partnership with Bangladesh.
The US ambassador was addressing an event titled “US-Bangladesh Business Forum: Building on 50 Years of Friendship '' held in a hotel in Dhaka on Tuesday night.
It was hosted by HSBC Bangladesh, in partnership with the US-Bangladesh Business Council (USBBC).
State Minister for Foreign Affairs Md Shahriar Alam and Commerce Secretary Tapan Kanti Ghosh, Principal Secretary to the Prime Minister Ahmad Kaikaus, CEO of HSBC Bangladesh Md Mahbub Ur Rahman and Vice President of Business Development for Chevron Jay R Pryor also spoke at the event.
The forum and dinner reception were joined by senior Bangladesh and US government officials, US and Bangladesh business community leaders, executive business delegates from the US Chamber of Commerce’s US-Bangladesh Business Council visiting from the United States, and leading startup founders, dynamically engaged to strengthen the US-Bangladesh economic corridor.
Haas said the US-Bangladesh business delegation demonstrates just how ready the US private sector is to invest its time and energy in Bangladesh.
Mahbub Ur Rahman highlighted the historic importance of US-Bangladesh business ties and HSBC’s capability to support the special relationship to reach new levels.
“Bangladesh has achieved steady growth over the past decade and is set to graduate into a developing country by 2026. With surging domestic demand, growing service and industry sectors, and steady investment in digitization, the country will continue to attract foreign investments,” he said.
With their strong international connectivity, he said HSBC is well poised to foster the growing trade and investment between the United States and Bangladesh.
As a testament to the importance the US places on growing their trade and investment relationship, the US Embassy will welcome the first ever full-time attaché from the US Department of Commerce this summer, said Ambassador Haas.
He added that Bangladesh has a great macroeconomic story and it has been among the fastest-growing economies in the world over the past decade.
The US envoy further said: “The country’s financial leaders have managed its debt well and set aside ample foreign currency reserves to help it weather shocks. A company considering doing business overseas will certainly want to see a developed transportation system, access to power and water, and a well-trained workforce.”
“Bangladesh has made great strides in fulfilling these needs. But a company also wants certainty and a policy framework that is understood and laws that are consistently enforced,” he continued.
While low-cost labor is responsible for Bangladesh’s growth until now, concerns over working conditions and labor rights will become the crux of trade decisions as Bangladesh transitions to a middle-income country, Haas mentioned.
The ambassador hoped that Bangladesh will soon make progress on labor rights and workplace safety so it can qualify for DFC and attract more US trade and investment.
The US Development Finance Corporation (DFC) was established by Congress with a $60 billion investment authorization. Unfortunately, until Bangladesh qualifies for GSP it cannot qualify for DFC financing, he observed.
