The Commercial Counselor of the US Embassy in Dhaka, John Fay, on Monday said Bangladesh would reap long-term benefits through US investment and access to the US market.
He said this while speaking as the guest of honor at a seminar titled ‘Bangladesh-US Trade and Investment Opportunities’ organized by the Economic Reporters’ Forum (ERF) at its auditorium in Paltan.
Fay said the US is the largest investor in several sectors in the country including energy, power, and technology. The agriculture sector is getting US support for technological, plant variety development, and production enhancement.
Moreover, there are potential sectors for US investors such as export-oriented textile, man-made fiber–based apparel, leather, ICT, Pharmaceutical, and agriculture sectors, he pointed out.
Trade expert Dr MA Razzque, Chairman of RAPID, a research organization, highlighted that the US market is a large source of Bangladeshi product export and more than 18 percent of total exports of the country happen in the US market.
He also illustrated that Bangladesh is the third largest manufacturing hub in Asia after China and Vietnam in terms of large-scale but lower-cost production.
Razzaque also shows the US market has potential for Bangladeshi products as the market is very much diversified in export volume of Bangladeshi goods.
Former IFC economist and Chairman of Policy Exchange Mashrur Reaz Bangladesh is getting the US and global entrepreneurs' attention as the country’s economy has grown an average of 7.1 percent in the last 10 years.
“Bangladesh already proved its ability as a prominent manufacturer in all weather and the country will be the 9th largest consumer market by 2030, which will be an important market for global manufacturers,” he said.
Faruque Hasan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and Muhammad Ali Khokon, President of Bangladesh Textile Mills Association (BTMA) among others, spoke at the function. ERF president Mohammad Refyet Ullah Mirdha presided over the program while Secretary Abul Kashem was the moderator.