Commerce Minister Tipu Munshi Thursday said that the US investors would be benefitted more if they invest in a larger scale in Bangladesh since the country offers a wide range of facilities towards attracting Foreign Direct Investment (FDI).
“The USA is a large trade and development partner of Bangladesh. There is a huge opportunity for boosting trade and investment between the two countries and we’ll have to seize this opportunity,” he said.
The Commerce Minister said this while addressing the inaugural ceremony of the ’28th Annual US Trade Show 2022′ as the chief guest held at a city hotel, said a Commerce Ministry press release.
The American Chamber of Commerce in Bangladesh (AmCham) and the United States Embassy, Dhaka has been jointly organizing the three-day Show in the capital ending on October 29 in order to boost bilateral trade and investment.
Presided over by AmCham President Syed Ershad Ahmed, Arun Venkataraman, Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service spoke at the show as special guest. US Ambassador to Bangladesh Peter D Haas also spoke.
Noting that the foreign trade of Bangladesh with the United States has been increasing day by day, Tipu said RMG as the country’s major export earning sector still holds its largest market in the USA despite the unfavourable global situation.
He mentioned that Bangladesh is still in the 2nd position in terms of RMG exporting countries of the world while Bangladesh also exports frozen foods and leather goods to the USA with reputation. Besides, the USA is also a large market for Bangladesh for outsourcing in the ICT sector.
In the fiscal year (2021-22), Bangladesh exported goods worth $10.41 billion to the USA against the imports of around $3 billion.
The major importable items from the USA are areoplane, cotton, wheat, soybean oil and ICT products.
There is a huge potential for making investment in the Bangladesh’s energy, infrastructure, development of communication system, agri business, ICT, education and tourism where the US investors can come forward in a larger volume.
Starting since 1992, this US Trade Show has emerged as Bangladesh’s pristine annual business event which usually draws thousands of visitors in each edition.
The show will remain open for visitors all three days from 10:00 am to 8:00 pm including the seminars. The entry fee for this year’s show is Taka 30 per person. Students in uniform or with identity cards will be allowed free entry. There will be attractive prizes for few lucky winners from visitors based on a raffle draw of entry ticket coupons after the Trade Show.
Earlier, the Commerce Minister and Arun Venkataraman, Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service jointly inaugurated the Dhaka office of the US Commercial Service.
