US Ambassador in Dhaka Peter Haas has said a smart company considering doing business overseas will certainly want “certainty and security” as political violence and electoral instability “scare” them to invest in a country.
Haas said many US and international businesses want to expand in the region and they want to help Bangladesh create a business climate that is as welcoming as possible to foreign investment.
“Bangladesh has a lot to offer international businesses.”
He said, a smart company considering doing business overseas also wants to see certain things, including a developed transportation system, consistent access to power and water, and a well-trained workforce and Bangladesh has made great strides in filling these needs, reports UNB.
“Bangladesh must be ready to welcome American businesses,” ambassador Haas said while speaking at a programme hosted by the International Business Forum of Bangladesh (IBFB) at a city hotel on Tuesday as the chief guest.
Founding President of IBFB Mahmudul Islam Chowdhury, Chairman of Policy Research Institute of Bangladesh Dr Zaidi Sattar, Ambassador and Head of Delegation of the European Union Charles Whiteley, IBFB President Humayun Rashid and its Vice President MS Siddiqui also spoke.
The US envoy said the international companies and investors must become more aware of the opportunities Bangladesh presents.
Ambassador Haas said there are strong reasons to look at Bangladesh for market opportunities and Bangladesh is worthy of their attention.
“Even in these challenging times, Bangladesh has a great macroeconomic story to tell. It has been among the fastest growing economies in the world over the past decade,” he added.
Its GDP grew even during Covid-19 lockdowns, and, according to the Asian Development Bank, the economy is estimated to grow by 6.6 per cent over the next year.
Bangladesh’s financial leaders have so far managed its debt well and are taking important steps to deal with the inflationary pressures resulting from Russia’s unprovoked invasion of Ukraine.
“Yes, times are tough. And as the World Bank recently pointed out, Bangladesh needs additional reforms to maintain its economic expansion going forward. But so far, the macroeconomic situation seems manageable,” said the US envoy.
Haas said they at the Embassy are focused on key objectives - a peaceful and stable Bangladesh, a Bangladesh that is committed to democracy, transparency, pluralism, tolerance, good governance, and respect for human rights; a socially and environmentally resilient Bangladesh and supporting Bangladesh’s efforts to host the Rohingya refugees and until a safe, voluntary, and dignified return to Burma is possible.
“Each of these first four goals underpins our fifth goal: supporting Bangladesh in its efforts to achieve sustainable and broadly shared prosperity, improve labor standards, expand and diversify Bangladesh’s economy, and open it to greater regional and global trade and connectivity,” he said.
The ambassador said the Bangladesh Investment Development Authority has recently signed a Memorandum of Understanding with US-based Anchorless Bangladesh to tell Bangladesh’s story to international investors.
“But the other question is: Is Bangladesh ready to welcome investors, facilitate their entry into the market, and make life as easy as possible for those who have already invested?”
As Bangladesh graduates to middle-income status, ambassador Haas said, it will find it has many competitors also hungry for international business. “It’s one thing to build a special economic zone, but that alone is not enough to attract the best investors.”
Hailing Bangladesh’s economic progress over the years, ambassador Whiteley said the country needs to work to ensure an equal level playing field for both local and overseas investors.
He said the EU wants to work with Bangladesh for her smooth transition from the LDC. “EU wants to boost commercial ties further as the largest trading partner of Bangladesh.”
Terming export diversification as key to the sustainable growth of the economy, Dr Zaidi Sattar said Bangladesh needs to replicate the successful RMG model in other non-RMG sectors.
He also suggested rationalization of the tariff structure.
IBFB President Humayun Rashid said the private sector is considered the engine of economic development in a developing economy.
Bd-pratidin English/Golam Rosul
