US Ambassador to Bangladesh Peter Haas and the Agricultural Attaché of the embassy talked to agribusiness stakeholders during a dinner on Wednesday (October 25, 2023) night about ways to expand exports. During the dinner, the ambassador also noted challenges including securing letters of credit (LCs), US Embassy Spokesperson Stephen Ibelli said today (October 26, 2023). The US Embassy Agricultural Attaché, other staff members, and the ambassador attended the dinner hosted by W&W Grains, an authorized Cargill Distributor (an American company), to meet with key private sector agribusiness representatives, the spokesperson said while clarifying “inaccurate reporting” regarding the dinner. Read: US envoy Peter Haas meets editors   In 2022, the United States exported over USD 900 million worth of agricultural products to Bangladesh. Bangladesh’s agribusinesses are valued partners of the United States as the country looks to provide products including soybeans, wheat, cotton and other items that contribute to Bangladesh’s economic growth – from livestock development to the readymade garment sector, said the embassy spokesperson. Read: US to send pre-election assessment and monitoring team in early Oct: Peter Haas A diplomatic source said several diplomats from other countries, including the charge d'affaires of the Singapore Embassy, attended the dinner. Read more: Shared principles and ability to continually ‘form a more perfect union’ are the anchor of US-Bangladesh relations: Peter Haas

The visiting team of International Monetary Fund (IMF) has said that despite many challenges, Bangladesh’s growth is progressive. In a statement released on Sunday, Rahul Anand, IMF Mission Chief for Bangladesh, said: “Against a challenging economic backdrop, Bangladesh remains one of the fastest growing economies in the Asia-Pacific region. However, persistent inflationary pressures, elevated volatility of global financial conditions, and slowdown in major advanced trading partners continue to weigh on growth, foreign currency reserves, and the Taka.” Also Read: IMF satisfied with progress of BBS’ GDP and inflation data updated under new method The team led by Anand arrived in Dhaka on April 25 to discuss recent macroeconomic and financial sector developments. The delegation also went over the progress made towards meeting key commitments under the IMF-supported program. Also Read: Bangladesh’s GDP growth rate will overtake China’s in current fiscal year, IMF predicts  “This will be formally assessed in the first review of the Extended Credit Facility (ECF) / Extended Fund Facility (EFF) / Resilience and Sustainability Facility (RSF) arrangements, which is expected to be undertaken later this year,” Anand’s statement said. Also Read: Preparing next budget a daunting task amid IMF pressure, global economic slowdown, speakers tell ERF workshop During the visit, the IMF team held meetings with Bangladesh Bank Governor Abdur Rouf Talukder, Finance Secretary Fatima Yasmin, and other senior government and Bangladesh Bank officials. The delegation also met with representatives from the private sector, bilateral donors and development partners.

Dr David Brewster, a senior research fellow at the National Security College in Australia, has depicted Bangladesh’s economic growth and described how the country is becoming an increasingly influential regional state. He mentioned that Dhaka is increasingly confident in an emerging role and the rest of the world would benefit from paying close attention. In his recent article titled “A rising Bangladesh starts to exert its regional power” Brewster said the recent announcement that Bangladesh would provide US$200 million in aid to Sri Lanka is an important turning point as that country moves from being an impoverished supplicant towards an increasingly influential regional state. He thinks it is an outcome of years of high economic growth and points to Dhaka’s potential to become an important Indo-Pacific middle player. When it gained independence from Pakistan in 1971, Brewster said, Bangladesh was one of the poorest countries in the world with few apparent prospects – former US Secretary of State Henry Kissinger apocryphally called it a “basket case”.  Also read: Bangladesh 3rd most peaceful country in South Asia, ahead of India, Pakistan Today, he said, it is a confident country of 160 million people with a booming, export-oriented economy, which has grown at an annual average of about 6% for two decades. The economic growth slowed to 5.2% in 2020 due to Covid, and is forecast by the ADB to bounce back to 6.8% in 2021 and 7.2% in 2022. GDP per capita now stands at $2,227, higher than India’s ($1,947) and much higher than its former masters, Pakistan ($1,543). Dhaka’s recent aid to neighbouring Sri Lanka was a first in Bangladesh extending financial assistance to any other country. “Just as importantly, Bangladesh scores well against India and other South Asian countries in many social indicators, including health, life expectancy, birth rates and employment of women,” Brewster wrote in his article that appeared on The Interpreter that features daily commentary and analysis on international issues. He said the sustainability of Bangladesh’s growth story is not without its sceptics who question official growth figures or point to its heavy reliance on garment exports, which could make it financially vulnerable. Also read: 'Bangabandhu one of the most influential leaders' Since 2008, Prime Minister Sheikh Hasina has presided over a relatively stable civilian administration, Brewster wrote, mentioning that she is publicly popular. He said Australian Foreign Minister Marise Payne is now known to be keen on building ties, and there are signs that the two sides want to move the relationship beyond aid. An agreement to facilitate trade and investment has been finalised and is close to signing, which could help open opportunities for Australian agriculture, resource and energy exports to a booming Bangladesh, the article reads. “Australia could do well in moving beyond traditional regional partners. Greater focus needs to be given to building ties with emerging middle powers such as Bangladesh to complement relationships with the big powers,” Brewster wrote. The article is part of a two-year project being undertaken by the ANU National Security College on the Indian Ocean, with the support of the Australian Department of Defence.