April 14, 2021

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America is a strong partner in Bangladesh’s journey of democracy and development

Special Representative Prime Minister Sheikh Hasina has sought adequate policy support from the US government to expand bilateral trade, saying the strength of Bangladesh’s economy is now globally recognized. Despite the Covid-19 epidemic, Bangladesh’s economy is showing great resilience. However, adequate policy support is important for further expansion of trade between the two countries.

The Prime Minister said this in a video message at the inaugural function of the US-Bangladesh Business Council held in the United States on Tuesday. The Prime Minister also detailed the ongoing trade relations between the two countries in a video message.

The Prime Minister said the inauguration of the US-Bangladesh Business Council reflects the growing interest of the US business community in investing and doing business in Bangladesh. I hope it will help us expand economic partnership between the two countries. My Government will continue to support the activities of the US-Bangladesh Business Council in the days to come.

Noting that the United States has become a strong partner in Bangladesh’s journey of democracy and development, the Prime Minister said the United States is our largest export destination, largest source of foreign direct investment, long-term development partner and an important source of technology and training.

The Prime Minister said that we import a significant amount of industrial raw materials and various consumer goods including cotton, soybean and wheat from the United States. US exporters enjoy zero duty on these products in Bangladesh. Therefore, adequate policy support is important for further expansion of trade between the two countries.

Highlighting Bangladesh as a ‘promising destination’ for trade and investment in the United States, Sheikh Hasina highlighted the opportunities and prospects for foreign investment in Bangladesh, noting Bangladesh’s sustainable economic growth, fast growing domestic market and huge regional market of four billion people with growing connectivity for US businessmen and investors. A profitable investment destination.

The Prime Minister further said that Bangladesh is constantly improving its infrastructure, legal and financial institutions to facilitate foreign investment. Our government is establishing 100 economic zones across the country for rapid industrialization. Prime Minister Sheikh Hasina proposed to American companies to use the special economic zones of Bangladesh for the production of goods.

Referring to the need for foreign investment for Bangladesh, the Prime Minister said while Bangladesh has reduced its dependence on foreign aid, the need for foreign direct investment has increased to create employment for millions of youth.

Prime Minister Sheikh Hasina highlighted the fact that ‘Digital Bangladesh’ has become an integral part of the government’s ‘Vision-2021’. Prime Minister Sheikh Hasina thanked her Information and Communication Adviser Sajeeb Wazed Joy for assisting in the planning and implementation of a modern Bangladesh capable of using technology for state transparency and economic development. She said Digital Bangladesh has become an integral part of the government’s ‘Vision 2021’.

Highlighting Bangladesh’s progress in the field of information technology, the Prime Minister said Bangladesh today exports more than one billion US dollars worth of ICT products to more than 70 countries and the United States is becoming a top export destination. Citing USAID’s Comprehensive Private Sector Assessment-2019 report for Bangladesh, he said the ICT industry in Bangladesh is expected to grow almost fivefold by 2025 and reach nearly a billion US dollars.

Calling on US companies to invest in Bangladesh’s high-tech parks, Sheikh Hasina said Bangladesh is building 26 high-tech parks for local and foreign investment in the information technology sector. The Prime Minister proposed that US companies invest in the ICT sector in these high-tech parks.

Stating that Father of the Nation Bangabandhu Sheikh Mujibur Rahman is working tirelessly to realize the dream of building a golden Bengal free from poverty, exploitation and economic inequality, Sheikh Hasina said, “We have made significant progress in socio-economic indicators in the last one decade.” The strength of Bangladesh’s economy is now recognized worldwide. Despite the Covid-19 epidemic, Bangladesh’s economy has shown great stability.

Referring to the final UN recommendation for Bangladesh’s transition from a LDC to a developing country in February, the Prime Minister said Bangladesh is now moving towards achieving its goal of becoming a high-income developed and prosperous country by 2041.

At the beginning of her speech, the Prime Minister said, “I am delighted to be joined by business leaders from the United States and Bangladesh at the inaugural ceremony of the US-Bangladesh Business Council. This event is taking place at a time when we are celebrating the golden jubilee of Bangladesh’s independence and the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. ‘

He said Bangladesh gained independence in 1971 through a nine-month bloody war; In return for the respect of 3 million martyrs and more than two lakh mothers and sisters. Father of the Nation Bangabandhu Sheikh Mujibur Rahman laid the foundation of a prosperous Bangladesh on the ashes of a war-torn country.

Stating that she is working tirelessly to implement the ‘Father of the Nation’s dream of building a golden Bengal free from poverty, exploitation and economic inequality’, Bangabandhu Kanya said, “In the last decade, we have made significant progress in socio-economic indicators.” The strength of Bangladesh’s economy is now recognized worldwide. Even in the Covid-19 epidemicBangladesh’s economy has shown tremendous resilience.

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