US businesses keen to be part of Bangladesh's development; ink MoU for trade boost

US business representatives on Monday expressed their long-standing interest to be a part of Bangladesh's development and private sector transformation.

They expressed their spirit of collaboration with Bangladeshi business and the Bangladesh government at the US-Bangladesh Business Summit jointly organized by FBCCI and US-Bangladesh Business Council.

FBCCI hosted the largest business delegation from the United States to have ever come to Dhaka on its historic visit, reads a press release issued in this regard. 

Commerce Minister Tipu Munshi said that now is the "Golden Time" for investment in Bangladesh.

He urged US businesses to invest in Bangladesh and build strong commercial and strategic relations between the United States and Bangladesh.

FBCCI President Md Jashim Uddin mentioned some of the mega projects including the Dhaka-Chattogram Elevated Expressway, Dhaka-Chattogram High-Speed Train, Marine Economy, Hi-Tech Park, 100 economic zones across the country, and said that US businesses 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.

"USA 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 said.

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 and energy development in Bangladesh is key to Bangladesh's success.

Additionally, he remarked on the importance of companies in the US partnering with Bangladesh to develop a Bangladesh of the Future.

"In achieving Bangladesh's Vision 2041, US businesses are keen to strengthen bilateral ties which is why we are leading these 30 business executives to see the new and transformed Bangladesh."

Sidhanta Mehra, director of the US-Bangladesh Business Council, said the magnitude of the trade delegation 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.

Former FBCCI president Shafiul Islam Mohiuddin said trade between the two countries has risen to $9 billion annually.

However, he noted that this is just beginning and that they 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 FBCCI President Sheikh Fazle Fahim said the United States has good opportunities to invest in Bangladesh's light engineering, electrical components, Internet of Things and healthcare.

FBCCI Vice President MA Momen called on the United States to start bilateral talks to sign the CEPA agreement (comprehensive economic partnership agreement).

DCCI President Rizwan Rahman called for 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 take this opportunity.

Russell T Ahmed, President of BASIS, 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.