Bangladesh must be ready to welcome US businesses: Peter Haas
US Ambassador to Bangladesh Peter Haas has said in order to expand economic relationship, Bangladesh must be ready to welcome US businesses that will enter Bangladesh.
"Together we have the foundation on which to expand our economic relationship. But in order to take things to the next level, two things must happen. First, American companies and investors must become more aware of the opportunities Bangladesh presents. Second, Bangladesh must be ready to welcome American businesses who do come here," he said while attending an event arranged by US-Bangladesh Economic Forum Tuesday (10 May), reads a press release.
The ambassador noted that about 50 US companies have joined the US-Bangladesh Business Council as they know there are strong reasons to look at Bangladesh for market opportunities.
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"The country's financial leaders have managed its debt well and set aside ample foreign current reserves to help it weather shocks," said Haas.
However, he also inquired whether Bangladesh is ready for the US companies to start business and warned of the competing countries.
"Is Bangladesh is a better place for them (US companies) to devote their time and resources than other countries in the region or elsewhere around the globe? As Bangladesh graduates to middle-income status, it will find it has many competitors also hungry for US business."
A US company considering doing business overseas will certainly want to see a developed transportation system, access to power and water, and a well-trained workforce, added Haas.
The US Ambassador remarked that US Development Finance Corporation (DFC) would be an ideal financing source for projects in Bangladesh.
DFC was established by Congress with a $60 billion investment authorisation to partner with US businesses to develop projects in sectors such as energy, healthcare, critical infrastructure, and technology.
"Unfortunately, until Bangladesh qualifies for GSP it cannot qualify for DFC financing," Haas elaborated.
He expressed hope that Bangladesh will soon make progress on labor rights and workplace safety so it can qualify for DFC and attract more US trade and investment.
