
US Ambassador to Bangladesh Peter D Haas said American companies see Bangladesh as a promising business destination. To draw in these businesses, nevertheless, one must exhibit a friendly regulatory framework and effective market operations.
The ambassador spoke during the opening ceremony of the 29th US Trade Show, which was coordinated by the American Chamber of Commerce in Bangladesh (AmCham) and the US Embassy in Bangladesh at the InterContinental hotel in Dhaka on Thursday.
AmCham Executive Director Md Shahadat Hossen moderated the event.
Peter pointed out that collaboration on products and advice is essential with American companies and said, “The economic success of the past decades in Bangladesh is your biggest advertisement. And it really puts you on the radar for American businesses looking to do business in the region.
“American companies and businesses do not wake up in the morning and say, hey, I think I will go do business in Bangladesh. They invest there where they can get the best return for the lowest possible risk of their money,” he explained.
“Investors are looking for signals about whether the government is truly welcoming of them and looking to expand business. So the job is to lure them and catch them. You must understand what American companies in the private sector are looking for as their key to success.”
According to a statement published by the US Department of State, bilateral trade has increased from US $ 1 billion to US $ 10.5 billion annually since the first US trade show in 1992. As of 2023, US companies have invested a total of US $ 4.1 billion in Bangladesh, accounting for 19 per cent of total foreign direct investment.
“As your largest investor and eminent commercial partner, I also know that the US companies in this room want to work with you to help Bangladesh succeed in the future. But by constructively working together, Bangladesh will be the next Asian tiger.”
Salman F. Rahman, the Prime Minister’s adviser on private industry and investments, stated that Bangladesh has experienced substantial economic and sociopolitical change, making it a desirable location for investments.
“Nonetheless, initiatives are in place to draw in additional investors in a cutthroat worldwide setting. Streamlining services through digitalization is a top priority to improve the ease of doing business,” he stated.
“Improving revenue requires tax reform, with an emphasis on utilising digitalisation and expanding the tax base. When it comes to exports of IT, the USA is a huge market. We must concentrate on it and develop a trained labour force.
Palak also opined, “The country’s sizable market, with a population of some 170 million, coupled with a rising GDP, presents significant opportunities for global investors. Now is the opportune moment to invest in Bangladesh, looking towards its promising future as the next hub of economic growth.
The event was attended by US Embassy Commercial Counsellor John Fay, AmCham President Syed Ershad Ahmed, Oracle Bangladesh Limited Country Managing Director Rubaba Dowla, and Bangladesh Becton Dickinson India Pvt Ltd Country Leader Mirza Shajib Raihan, among others.