US Ambassador Calls for Concrete Action to Attract Foreign Investment to Bangladesh

US Ambassador Mr. Brent T. Christensen said Bangladesh still faces regulatory problems, bureaucratic hurdles and limits in its business environment. He said effective steps are needed to solve these problems and attract foreign investment. He spoke a few days ago at a meeting with Chittagong Chamber leaders and businessmen at the conference hall of the World Trade Center in Agrabad. Officials of the US Embassy also attended.

He said the US government gives the highest priority to growing trade and economic ties with Bangladesh. Bangladesh was the first country in the region to sign a reciprocal trade agreement with the United States. He said this agreement creates a chance to simplify tariff processes, build infrastructure, reduce corruption, ensure international labour rights and improve product quality.

The ambassador said there are delays in clearing goods at Chattogram Port and several non tariff barriers in import and export trade. He said some unneeded rules, such as radioactivity tests on imported food, should go. He said removing them would speed up clearance, keep product quality and make trade with the United States faster.

He also said the United States and Bangladesh have signed an MoU on LNG supply to boost energy cooperation. There is also scope to cooperate on nuclear technology, especially power from small modular reactors. He added that the US is keen to expand trade in agricultural goods, information and communication technology, aviation and other promising sectors.

Chittagong Chamber President Mr. Mohammad Amirul Haque said Chattogram would become the real economic and logistics hub of the region if its port is joined by the Matarbari and Sonadia deep sea ports and the Bay Terminal. He said Chattogram airport should also become a modern aviation logistics hub. He said logistics is the biggest cost for businesses in Chattogram and Bangladesh, taking up to 40 percent. If this cost can be cut to 6 to 7 percent, business growth will rise. He urged American investors to invest in Bangladesh’s multimodal logistics sector.

He said Chattogram has three export processing zones and one large special economic zone. He asked for the ambassador’s help in raising US investment and the capacity of businessmen in these zones. The goal is to lift Bangladesh’s economy to a trillion dollars by 2034. Chamber Senior Vice President Mr. Md. Amzad Hossain Chowdhury and US Embassy Commercial Counselor Mr. Paul Frost were present. Former Chamber President Engineer Mr. Ali Ahmed, former Senior Vice President Mr. MA Salam and former Vice President Mr. Syed Mohammad Tanvir also attended. So did former directors Mr. SM Abu Taiyeb, Dr. Mainul Islam Mahmud, Mr. Rahbar A Anwar and Mr. Rakibur Rahman Tutul.