Aim to bring $5 billion more in US investment to Bangladesh: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has said the government and the American Chamber of Commerce in Bangladesh (AmCham) will work together with the aim of bringing an additional $5 billion in US investment to Bangladesh over the next five years. He said the government is fully prepared to work closely with US companies to increase investment, create employment, transfer technology and expand economic opportunities in Bangladesh.

He made these remarks as chief guest at the 30th anniversary celebration of the American Chamber of Commerce in Bangladesh (AmCham) at the ballroom of Radisson Blu Water Garden in the capital on Saturday evening. US Ambassador to Bangladesh Brent T. Christensen and AmCham President Syed Mohammad Kamal were present at the event.

The commerce minister said AmCham has played an important role in developing economic relations between Bangladesh and the United States over the past three decades. It is not just a business organisation, but is acting as an effective bridge between the government and the private sector.

Khandaker Muktadir said bilateral trade between Bangladesh and the United States currently stands at more than $13 billion. However, this relationship is not limited to trade statistics. US companies are making important contributions to Bangladesh's development through investment, technology, employment, knowledge and global best practices.

He further said AmCham member companies have invested more than $5 billion in Bangladesh and contribute more than 20 percent to the country's national revenue. This investment reflects the confidence of US businesses in Bangladesh's economy.

The commerce minister said AmCham leaders recently expressed interest in bringing another $5 billion in US investment to Bangladesh over the next five years during a meeting with the Prime Minister. The government will provide necessary cooperation to implement this initiative.

The minister said when any genuine business problem is raised with us, my ministry and the government will make utmost efforts to find realistic solutions.

Citing the example of AmCham member company 'Corteva Bangladesh', the commerce minister said a complication regarding the company's industrial and commercial licence was resolved within a month through the government's initiative.

Noting that Bangladesh is a promising country for investment, Khandaker Abdul Muktadir said Bangladesh has extensive potential in various sectors, including its strategic location, young and skilled workforce, large domestic market, and technology, digital innovation, healthcare, manufacturing and financial services.

However, noting that opportunities alone are not enough to attract investment, the commerce minister said investors need predictability, an easy business environment, efficient trade facilities and a stable policy framework.

He further said the government is working to simplify business processes, increase digitalisation, expand trade facilities and create a more investment-friendly environment.

On future economic relations, the commerce minister said the next chapter of Bangladesh-US economic partnership could be even more promising. He expressed hope that more US companies will invest in Bangladesh, modern technology and global skills will be added, and access for Bangladeshi goods and services to the US market will increase further. The minister said achieving this goal requires strong partnership among the government, the business community, investors, development partners and organisations like AmCham.

The minister said everyone must work together to build more trade, more investment, greater innovation, new employment and a stronger and more lasting economic partnership between Bangladesh and the United States.

At the event, the commerce minister congratulated AmCham members and all concerned on the organisation's 30th anniversary and wished it future success.