US business keen to join Bangladesh growth story; MoU signed between FBCCI and U.S.-Bangladesh Business Council to enhance policy engagement, bilateral investment and trade.
May 09, 2022 Monday: 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 business and the Bangladesh government at the US-Bangladesh Business Summit jointly organized by FBCCI and US-Bangladesh Business Council. FBCCI hosted the largest and historic business delegation from the United States to have come to Dhaka.
Members of a high-level US industry delegation that is visiting Dhaka attended the conference. The event was presided over by the Hon. Commerce Minister Mr. Tipu Munshi MP 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 Dhaka-Chattogram Elevated Expressway, Dhaka-Chattagram High Speed Train, Marine Economy, Hi-Tech Park, 100 economic zones across the country, FBCCI President Mr. Md. Jashim Uddin said that, USA should choose Bangladesh as their next investment destination. He said the Bangladesh government is providing various benefits including tax exemption and duty draw back 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 added.
Speaking on the occasion, Chevron’s Vice President for Business Development and Mission Lead of the Trade Delegation Mr. 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 is key to Bangladesh’s success. Additionally, he remarked on the importance of companies in the United States to partner with Bangladesh to develop a Bangladesh of the Future. In achieving Bangladesh’s Vision 2041, US business are keen to strengthen bilateral ties which is why he is leading these 30 executive U.S. executive business delegations to see the new and transformed Bangladesh.
Mr. Sidhanta Mehra, director of the US Bangladesh Business Council, said the magnitude of the trade delegation efforts is a reflection of the importance that U.S. business has put on Bangladesh. He encouraged U.S. and Bangladeshi business to work together to advocate for continued support for investors in Bangladesh.
In an open discussion, former FBCCI president Mr. 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 Mr. 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 Mr. MA Momen called on the United States to start bilateral talks to sign the CEPA agreement.
DCCI President Mr. 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 Mr. 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.
Mr. Russell T Ahmed, President of BASIS, said that the prices of IT products in Bangladesh are comparatively lower than 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 U.S.-Bangladesh Business Summit.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu delivered the vote of thanks.
Among others, FBCCI former President Mr. Mir Nasir Hossain, Mr. Kazi Akram Uddin Ahmed, Mr. Abdul Matlub Ahmad, FBCCI Vice President Mr. Md. Aminul Haque Shamim, Mr. Md. Amin Helaly, Mr. Salahuddin Alamgir, Mr. M.A. Razzak Khan Raj, Director Engr. Ghulam Mohammad Alomgir, Mr. Amzad Hussain, Mr. Mohammad Ali Khokon, Mrs Shomi Kaiser, Mr. Md. Nazrul Islam Mazumder were also present at the summit.