The visiting US assistant secretary for economic and business affairs on Sunday said that private sector could play an important role for the development of the bilateral
economic relationship between the United States and Bangladesh.
‘The private sector like water and electricity can develop relationship in future between the United States and Bangladesh’, Jose Fernandez told the US-Bangladesh Private Sector Forum meeting at Ruposhi Bangla Hotel in the capital.
American Chamber of Commerce in Bangladesh organised the programme presided over by its president Aftab ul Islam.
Fernandez said that bilateral relationship was important to increase trade volume and the US and Bangladesh were now exercising a respectful relationship.
‘The world economy faced various types of difficulties between 2010 and 2012, but the trade volume of the two countries attained 11 per cent growth in the period’, he said.
Besides, the trade volume between the US and Bangladesh increased to $5.4 billion in the last decade which was double against the previous decade, Fernandez said.
The examples highlight that a potential relationship exists between the two countries, he said.
‘The private sector will be critical as we move forward’, he said.
Fernandez said that the US-Bangladesh Private Sector Forum had created an opportunity to increase the volume of trade and investment of the two countries.
‘Our (US-Bangladesh) future is bright; but that future will not come easily. We have to make it ourselves.’
He said that Bangladesh had improved in the child mortality and poverty eradication that was now world recognised.
Bangladesh needed to address workers’ right and their workplace safety, Fernandez said.
The US assistant secretary made the comment when Bangladesh is facing severe criticism at home and abroad due to the multi-storey Rana Plaza collapse incident at Savar on April 24 that killed more than 1,100 people, mostly garment workers.
Bangladesh foreign secretary Shahidul Haque said that discussion would continue through this forum to improve the trade relationship along with government-level bilateral partnership between the US and Bangladesh.
Aftab ul Islam said that questions had been raised due to the Savar tragedy and there was no scope to avoid the problem without solving it.
Corruption, political turmoil, poor infrastructure and lack of good governance have emerged as major obstacle in attracting the foreign direct investment to Bangladesh, he said.
The country’s business sector will become an attractive target for the FDI if the problems could be solved, Aftab said.
There is an opportunity to increase investment to the country’s private sector along with the government sector, he said, adding, the forum would find out the opportunity to develop the private sector.
Among others, Bangladesh’s ambassador to the US Akramul Kader, International Chamber of Commerce, Bangladesh president Mahbubur Rahman and Dhaka Chamber of Commerce and Industry president Md Sabur Khan attended the programme.
-With New Age input
