Prime Minister Sheikh Hasina on Monday (May 27, 2024) extended an invitation to US business leaders to explore business opportunities in Bangladesh and partner with the country in its journey towards becoming a developed, prosperous, and smart nation by 2041. “I invite you to invest in our many vibrant and high-potential sectors, such as renewable energy, shipbuilding, automobiles, pharmaceuticals, light and heavy machinery, chemical fertilizers, ICT, marine resources, and medical equipment, among others,” she said. The Prime Minister said this during her opening speech at a meeting with the US-Bangladesh Business Council at her official residence, Ganabhaban. She expressed optimism that economic engagement through the US-Bangladesh Business Council would deepen in the coming days. “The United States will become our long-term partner in achieving our development goals through trade, investment, technology transfer, and by creating a smooth and predictable supply chain for mutual benefits,” she added. While briefing reporters after the meeting, PM’s speechwriter M Nazrul Islam said that Sheikh Hasina informed members of US-Bangladesh Business Council that with her personal initiative after forming the government in 1996, US investment in Bangladesh increased manifold. PM urges JICA to allow farmers to use wastage of sea water in the desalination project at Matarbari Nazrul Islam said that the US investors expressed high expectations regarding their investments in Bangladesh. “But they pointed out some challenges which needed to be addressed for more investments in Bangladesh,” he said. US-Bangladesh Business Council Chairman Steven Kobos delivered the welcome speech while the Council President Ambassador (retd) Atul Keshap gave the vote of thanks. Sheikh Hasina hoped that the US-Bangladesh Business Council would continue to play a significant role in advancing trade and investment cooperation between the two friendly countries. “Our focus is now on promoting economic and commercial relations with not only regional but also global partners, including the United States,” she said. PM urges multilateral dev banks to set viable debt management plan for vulnerable countries Highlighting the government’s accomplishments over the last 15 years, she mentioned several mega-infrastructure projects such as the Padma Bridge, metro rail in Dhaka, the Karnaphuli River tunnel, expressway, a modern international airport in Dhaka, and power plants. “Legal and financial infrastructures are also being enhanced. These have heightened our domestic and regional connectivity,” she noted. Additionally, the Prime Minister mentioned the establishment of 100 special economic zones (SEZs) and 28 hi-tech parks, some of which are already operational. “Particularly in the IT sector, with over a million freelancing IT professionals, Bangladesh is the right destination for IT investments. Moreover, the availability of a young, skilled, and vibrant workforce at a competitive wage is a huge advantage.” She emphasized that Bangladesh has the most liberal investment policy in the region and is prioritizing improvements to the investment environment. Sheikh Hasina also highlighted Bangladesh’s upcoming transition from a "least developed" to a "developing" country in 2026. “We aspire to become a ‘Smart Nation’ by 2041. Here, we need your support in increasing our global competitiveness and expanding our export base.” Bangladesh to launch US roadshow with 30 banks’ MDs to advertise offshore services She noted that Bangladesh is globally acknowledged as a “role model of socio-economic development,” attributing this to good governance, rule of law, stability, investment in the rural economy, empowerment of women, and ICT advancements that led to Digital Bangladesh. The Prime Minister acknowledged the United States as a major economic and development partner for decades, with intensive engagements in many areas, particularly trade and investment. “Our shared aim is to achieve mutual benefit and prosperity for our people. This is manifested in our growing bilateral trade and people-to-people interaction,” she said. She added that the United States is currently the largest single-country destination for Bangladeshi exports, the largest source of foreign direct investment, and an important source of knowledge and technology. PM’s Adviser Salman Fazlur Rahman, State Minister for Commerce Ahasanul Islam Titu and Ambassador at Large M Ziauddin were present at the meeting. Read more: Australian FM's Visit: Trade, investment, Rohingya, regional security to get priority

Prime Minister Sheikh Hasina has sought US investment in various potential sectors apart from the existing energy, banking and insurance sectors as Bangladesh is developing its infrastructure and power supply systems to facilitate FDI. “The US is, of course, the largest investor in Bangladesh with stakes in energy, banking and insurance sectors. We invite US investment in other lucrative sectors like ICT, renewable energy, shipbuilding, automobile, light engineering, agro-processing, blue economy, tourism, knowledge based hi-tech industries,” she said. Hasina made the call while delivering her speech at the Executive Business Roundtable of US-Bangladesh Business Council at Lotte Palace here on Tuesday. US-Bangladesh Business Council president Nisha Biswal presided over the event. Hasina said Bangladesh is investing heavily on infrastructure development and power supply to facilitate FDI in those areas and other promising sectors in Bangladesh. The Prime Minister said Bangladesh is ready to start Free Trade Agreement (FTA) negotiations with the US at an appropriate time. Read: Act quickly to stop rollback of women’s progress: Hasina As per the ADB Outlook 2019, she said, Bangladesh is the fastest growing economy in the Asia-Pacific region due to strong leadership, good governance, stable government, political stability, sound macroeconomic policy and right development priorities. “Rapid urbanization, increasing consumption of electricity, rapid growth of the middle class, growing connectivity with a massive regional market make Bangladesh an attractive investment destination,” Hasina said. She said Bangladesh is ready to offer from its 100 Economic Zones, one exclusively for American companies, and also invites US investment in its 28 High-Tech Parks. “We’re constantly improving our physical, legal and financial infrastructures, and also connectivity as with Padma Bridge and Dhaka Metro-Rail.” Hasina mentioned that Bangladesh has the most liberal investment policy in South Asia and that foreign investment is protected by acts of parliament and bilateral treaties. “Bangladesh recognizes US’s energy sector cooperation and investment, which has contributed towards building our power generation capacity, now over 25,000 Megawatt.” She also said Bangladesh is looking forward to US investment in renewable energy. “Our ICT sector is growing fast now with a billion-dollar export to 60 countries, with the US being the top destination. The ICT industry is expected to grow nearly five fold to reach the five-billion-dollar mark with more than 600,000 free-lance IT professionals, Bangladesh is the right place to invest in the ICT sector.” Talking about the demographic dividend and government’s focus on developing skilled manpower, she said, it ensures that investors here get skilled human resources at competitive wages. Read: Hasina seeks SDGs roadmap for countries falling behind The Prime Minister also stressed the importance of mutual cooperation and collective efforts to attain shared prosperity in the post-Covid economic recovery. “I assure Bangladesh government’s whole hearted support to expand economic partnership between our two nations. We also expect that the Business Council would convince the US government to undertake favourable economic and trade policies for Bangladesh.” Regarding the Bangladesh-US friendship is based on common values and shared interests, Hasina said, “It’s reflected in our expanding overall business relations. Our trade relations can be further strengthened with duty free access and other trade privileges in the US market. Bangladesh is ready to commence FTA negotiations with the US at an appropriate time.” Since Bangladesh will graduate from LDC status in 2026 to enhance its global competitiveness and expansion of its export base, it will appreciate US support, Hasina said. Meanwhile, she said, the US-Bangladesh Business Council may continue to play a catalytic role in raising the present annual bilateral trade of US$ 9 billion to higher figures. High-level representatives from US leading business companies, including Boeing, Coca-Cola, Exxon Mobil, Chevron and Mastercard were present at the roundtable. From Bangladesh side, PM’s ICT Affairs adviser Sajeeb Ahmed Wazed Joy, FBCCI President Jashim Uddin, MCCI president Nihad Kabir and BGMEA president Faruque Hassan, attended the programme. Read: Hasina seeks stronger steps to address ‘planetary emergency’ The event was presided over by Jay R. Pryor, Vice President of Business Development at Chevron and the Council’s Chair of Board of Directors, and Nisha Biswal, President, U.S.-Bangladesh Business Council and Senior Vice President - South Asia, International Strategy and Global Initiatives at the U.S. Chamber of Commerce.    The roundtable, which coincides with Bangladesh’s 50th anniversary of independence and the inaugural engagement with Prime Minister Hasina of the recently launched Council – also featured the launch of the U.S.-Bangladesh Energy Taskforce, co-chaired by Excelerate Energy and General Electric (GE), which will provide recommendations to both governments on the role the private sector can play to strengthen bilateral energy cooperation and development, according to US-Bangladesh Business Council.  The virtual roundtable –  supported by Chevron, Excelerate Energy, General Electric, MetLife and Visa – convened high-level Bangladesh government officials as well as major U.S. and Bangladeshi companies across sectors like energy, financial services, manufacturing, food and beverage, aerospace and defense, agriculture, healthcare, water, and supply chain as well as major Bangladeshi business associations.

Bangladesh wants to partner with the US private sector in the research and development of uninterrupted and affordable renewable energy sources.  Speaking at an ‘Energy Roundtable’ organized by the US-Bangladesh Business Council (USBBC) in Washington, DC on Thursday, PM’s Adviser for Power, Energy and Mineral Resources Dr Tawfiq-E-Elahi Chowdhury urged the US companies to explore the prospects of nuclear power modular reactors in Bangladesh.  He mentioned that Bangladesh has been working closely with its neighbours --India, Nepal, and Bhutan -- on regional power distribution, and the US companies may explore opportunities for investment there.   Also read: US for upholding labour rights with economic progress in Bangladesh Chowdhury termed the private sector the main driving force in the Bangladesh-US relations on energy and power. 

Prime Minister Sheikh Hasina on Tuesday stressed the need for having adequate policy support from the USA government to expand bilateral trade between the two countries. “It’s important that both the countries provide adequate policy support to further expand bilateral trade,” she said while addressing the virtual launching of the US-Bangladesh Business Council in a pre-recorded video message. The Prime Minister mentioned that Bangladesh buys a considerable amount of industrial raw materials and consumer items like cotton, soybean and wheat from the United States.  “All these items enjoy zero tariff in Bangladesh,” she added. Regarding development, she said the United States has remained as a strong partner in Bangladesh’s journey towards democracy and development. “It’s [US] the largest destination of our exports, the largest source of foreign direct investment, a longstanding development partner and an important source of technology and training.” The Prime Minister said while Bangladesh’s dependence on foreign aid has come down substantially, the need for foreign direct investment increased to create jobs for millions of youths.  Also read: Will work together with Bangladesh, global partners against Covid-19 pandemic: Miller

US Ambassador Earl Miller has expressed willingness to work closely with Bangladesh government to follow up the discussion that Foreign Minister Dr AK Abdul Momen had in Washington DC with his counterpart and other high dignitaries.