Commerce Minister Khandaker Abdul Muktadir on Tuesday called for a greater flow of American investment into Bangladesh to diversify exports and strengthen bilateral economic ties by expanding access to the US market.
The Minister made these remarks while attending a luncheon meeting titled "Advancing the US-Bangladesh Economic Partnership," organized by the American Chamber of Commerce in Bangladesh (AmCham) at a city hotel.
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Highlighting the government’s industrial strategy, the Minister stated that priority is being given to several key sectors to broaden the country's export basket beyond traditional items. These sectors include-Pharmaceuticals, Leather goods, Agricultural products, Light engineering, Information and Communication Technology (ICT).
The Minister also addressed Bangladesh's upcoming graduation from the Least Developed Country (LDC) status.
He emphasized that continued support from the United States is crucial for a smooth transition. To this end, Dhaka has proposed an extension of the transition period, aiming for a final graduation by November 2029.
Special Guest US Ambassador Brent T. Christensen underscored the significance of the Agreement on Reforming Trade (ART).
He noted that the agreement is instrumental in maintaining Bangladesh's access to the vital US market at a competitive 19 percent tariff, which would otherwise stand at 35 percent.
Ambassador Christensen further added that the ART facilitates changes in both tariff and non-tariff trade barriers. This not only aids in increasing imports from the US but also helps maintain a healthy trade balance.
He reaffirmed the United States’ firm commitment to supporting Bangladesh through trade, investment, and economic cooperation.
AmCham President Syed Ershad Ahmed, who chaired the session, highlighted the Chamber's role in the significant growth of bilateral trade.
He stressed the necessity of maintaining this partnership in a shifting global landscape and reiterated AmCham’s commitment to fostering a favorable environment for investment and responsible business practices.
The event saw a broad representation of stakeholders, including senior ministry officials, diplomatic representatives, and top business leaders. A dynamic question-answer session concluded the meeting, allowing the business community to engage directly with the Minister and the Ambassador on critical trade issues and future prospects.
The luncheon was supported by prominent companies including Colgate-Palmolive, Excelerate Energy, Omera LPG, Air Alliance Limited (UPS), Sabre Travel Network (Bangladesh) Ltd, and Beyond Innovations & Technologies Ltd.