He said this while speaking as chief guest at the 30th anniversary celebration of AmCham held in the ballroom of Radisson Blu Water Garden in the capital on Saturday (12 September) evening. The commerce minister said the government is ready to work closely with American institutions to increase US investment, create jobs, transfer technology and expand economic opportunities.
Economy
Bangladesh aims to bring another $5 billion in US investment: Commerce Minister
He said that over the past three decades, AmCham has played an important role in developing economic relations between Bangladesh and the United States. The organization is not only a business entity, but has been acting as an effective bridge between the government and the private sector.
Khandaker Abdul Muktadir said the volume of bilateral trade between Bangladesh and the United States is currently more than $13 billion. AmCham member companies have invested more than $5 billion in Bangladesh and are contributing more than 20 percent to national revenue. In his view, this reflects US businessmen's confidence in Bangladesh's economy.
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The commerce minister said that recently AmCham leaders, in a meeting with the prime minister, expressed interest in investing another $5 billion in Bangladesh over the next five years. The government will provide necessary cooperation to implement this initiative. He also said that if any genuine business problem is raised, the ministry and the government will make utmost efforts to resolve it.
As an example, he mentioned that AmCham member company Corteva Bangladesh resolved complications related to industrial and commercial licenses within one month. At the same time, he highlighted Bangladesh's strategic location, young and skilled workforce, large domestic market, and potential in technology, digital innovation, healthcare, manufacturing industry and financial services for attracting investment.
However, noting that potential alone is not enough for investment, the commerce minister said predictability, an easy business environment, efficient trade facilitation and a stable policy framework must be ensured for investors. The government is working to simplify business processes, digitalize, expand trade facilitation and create an investment-friendly environment.
Expressing hope that the future of Bangladesh-US economic partnership will be even more promising, he said that in the coming days more US companies will invest in Bangladesh, modern technology and global expertise will be added, and access of Bangladeshi goods and services to the US market will increase. Achieving this goal requires a strong partnership among the government, the business community, investors, development partners and AmCham.
US Ambassador to Bangladesh Brent T. Christensen, AmCham President Syed Mohammad Kamal, Vice President Ala Uddin Azad, former and current leaders of the organization, officials of various ministries, business leaders and media personnel were present at the event.