The country’s businesses on Sunday urged the US business delegation to invest in power, gas and energy, and communication sector saying that infrastructural
development was important for economic growth.
The country’s businesses on Sunday urged the US business delegation to invest in power, gas and energy, and communication sector saying that infrastructural development was important for economic growth.
They also requested the visiting high-profile US business delegation to facilitate duty-free and quota-free market access for all Bangladeshi products to the US market.
At the trade and investment session of a programme titled ‘US-Bangladesh Partnership Dialogue: Private Sector Forum’ organised by the Dhaka Chamber of Commerce and Industry at its auditorium DCCI president Md Sabur Khan said there was a conducive investment climate in Bangladesh compared to the other South Asian countries.
He said, ‘Now the relationship between Bangladesh and the US has been transformed focusing on trade and investment from a relationship based on mainly aid and assistance as the US is the largest export market for Bangladesh.’
Considering Bangladesh as a growing market for US products the DCCI president said Bangladesh also the site for more than $1 billion in American direct investment in the fields of consumer goods to energy.
During the keynote paper at the session, Mamun Rashid, vice-president of Financial Excellence Limited, pointed out 30 potential investing sectors of Bangladesh including agro-based industry, jute and jute goods, readymade garment, textile industry, light engineering, pharmaceuticals, leather, frozen food, oil and gas and information technology.
Urging the US delegation to invest in these sectors, he said the risk factors for FDI were minimum in the Bangladesh and the country never posted negative economic growth during the last 30 years.
Mamun said the capital market of Bangladesh was also another potential sector to invest as there was an opportunity for 100 per cent repatriation of capital, dividend and investment profits and there is no tax on capital gains.
He also mentioned some challenges for FDI including weak infrastructure, poor governance, lack of policy continuity and productivity.
US assistant secretary for economic and business affairs Jose Fernandez said a scope had been created to move up the production chain between Bangladesh and the US.
The private sector is growing in Bangladesh and there is a huge opportunity to invest in many sectors especially in pharmaceutical and energy sectors, he said.
Fernandez said, ‘We are reaching a critical point in Bangladesh-US economic relationship’.
He also expressed his concern over the workers’ wage structure and workplace safety in Bangladesh.
-With New Age input
