Invest in our vibrant, high-potential sectors: PM tells US business leaders

Prime Minister Sheikh Hasina today (May 27) invited US business leaders to explore investment opportunities in Bangladesh and engage with the country on its path to becoming a developed, prosperous and smart country by 2041.

“I invite you to invest in our many vibrant, high-potential sectors such as renewable energy, shipbuilding, automotive, pharmaceuticals, light and heavy machinery, chemical fertilizers, ICT, marine resources and medical equipment, among others,” she said during her keynote speech at a meeting with the US-Bangladesh Business Council in Ganabhaban.

She expressed optimism that economic engagement through the U.S.-Bangladesh Business Council will deepen in the coming days, UNB reports.

“The United States will become our long-term partner in achieving our development goals through trade, investment, technology transfer and creating an efficient and predictable supply chain that brings mutual benefits,” she added.

While briefing reporters after the meeting, Prime Minister’s speechwriter M. Nazrul Islam said that Sheikh Hasina informed members of the US-Bangladesh Business Council that due to her personal initiative after the formation of the government in 1996, US investments in Bangladesh have increased manifold.

Nazrul Islam said that American investors have expressed high expectations for investment in Bangladesh.

“But they have pointed out some challenges that need to be addressed to bring more investment to Bangladesh,” he said.

US-Bangladesh Business Council Chairman Steven Kobos delivered the welcome address, while Presidential Ambassador (Ret.) Atul Keshap delivered the vote of thanks.

Sheikh Hasina hoped that the US-Bangladesh Business Council would continue to play a significant role in strengthening trade and investment cooperation between the two friendly countries.

“We are currently focused on promoting economic and trade relations not only with regional partners, but also with global partners, including the US,” she said.

Highlighting the government’s achievements in the last 15 years, she mentioned several mega infrastructure projects such as Padma Bridge, Dhaka Metro Railway, Karnaphuli River Tunnel, Expressway, Dhaka Modern International Airport and power plants.

“The legal and financial infrastructure is also being improved. It has improved our national and regional connections,” she noted.

Sheikh Hasina also said, “We aspire to become a smart nation by 2041. For this, we need your support in increasing our global competitiveness and expanding our export base.”

She noted that Bangladesh is recognized globally as a “role model in socio-economic development”, attributing this to good governance, rule of law, stability, investment in the rural economy, women’s empowerment and ICT advancements that have led to Digital Bangladesh.

The Prime Minister recognized the United States as a major economic and development partner for decades, with intensive involvement in many areas, especially trade and investment.

“Our common goal is to achieve mutual benefits and prosperity for our citizens. This is manifested in our growing bilateral trade and people-to-people interactions,” she said.

She added that the United States is currently the single largest destination for Bangladeshi exports, the largest source of foreign direct investment and an important source of knowledge and technology.

Advisor to Prime Minister Salman Fazlur Rahman, Minister of State for Commerce Ahasanul Islam Titu and Ambassador Large M. Ziauddin were present at the meeting.

There is no investment without a stable tax policy

Today (May 27), the US-Bangladesh Business Council also met with the Prime Minister’s Private Advisor on Industry and Investment, Salman F. Rahman.

After the meeting, Salman F. Rahman told the media that the board members had stated that they would not be interested in investing in Bangladesh if the tax environment did not remain stable for the next 5-10 years.

Salman also said that the delegation has also shown interest in investing in Bangladesh’s agricultural sector, especially the use of technology in the sector.

He said Meta will work on artificial intelligence (AI) in Bangladesh. Besides, Amazon is already doing business in Bangladesh and now wants to work on import-export.

Rahman added that Visa and MasterCard are interested in using artificial intelligence technology. This would solve problems such as long queues at toll booths or metro ticket counters, as payments could be processed seamlessly via artificial intelligence.

He said a Boeing representative present at the meeting urged Bangladesh to evaluate its offer to Biman to purchase the planes.