Hasina pitches for policy support to expand US-Bangladesh trade

Sheikh Hasina has stressed adequate policy support to further expand the bilateral trade between the United States and Bangladesh.

Bangladesh buys considerable amount of industrial raw materials and consumer items like cotton, soybean, and wheat from the United States, the prime minister said.

“All these items enjoy zero tariffs in Bangladesh. It is important that both countries provide adequate policy support to further expand bilateral trade,” Hasina said at the virtual launch of the US-Bangladesh Business Council on Tuesday.

Bangladesh’s sustained economic growth, rapidly expanding domestic market and growing connectivity with a vast regional market of 4 billion people makes it a promising destination for US business and investment, said Hasina.

“We are constantly improving our physical, legal and financial infrastructures to facilitate foreign investment. My government is establishing 100 `Special Economic Zones’ for rapid industrialisation. We are offering one dedicated Special Economic Zone for American companies to establish manufacturing facilities.”

She thanked her ICT Adviser Sajeeb Wazed Joy for his support in the planning and implementation of the government’s vision of a ‘Digital Bangladesh’.

The prime minister highlighted Bangladesh’s capability of using technology to improve transparency in governance and spur economic development.

“Today, Bangladesh exports more than $1 billion worth ICT products to over 60 countries, the US being the top export destination.

“According to the USAID’s Comprehensive Private Sector Assessment 2019 for Bangladesh, the ICT industry is expected to grow nearly five-fold to reach nearly $ 5b by 2025.

“Bangladesh is now developing 28 Hi-tech parks for ICT industries with local and foreign investment. We are offering one Hi-Tech Park for ICT investment by US companies.”

The launching of the US-Bangladesh Business Council reflects the growing interest of the US business community about investment and doing business in Bangladesh, said Hasina as she hoped that it will help expand economic partnership between the two countries.