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

Prime Minister Sheikh Hasina today (27 May) extended an invitation to US business leaders to explore investment opportunities in Bangladesh and partner with the country in its journey towards becoming a developed, prosperous, and smart nation by 2041.

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

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

"The US will become our long-term partner in achieving our development goals through trade, investment, technology transfer, and by creating a smooth and predictable supply chain for mutual benefits," she added.

While briefing reporters after the meeting, PM's speechwriter M Nazrul Islam said Sheikh Hasina informed members of US-Bangladesh Business Council that with her personal initiative after forming the government in 1996, US investment in Bangladesh increased manifold.

Nazrul Islam said the US investors expressed high expectations regarding their investments in Bangladesh.

"But they pointed out some challenges which needed to be addressed for more investments in Bangladesh," he said.

US-Bangladesh Business Council Chairman Steven Kobos delivered the welcome speech while the Council President Ambassador (retd) Atul Keshap gave the vote of thanks.

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

"Our focus is now on promoting economic and commercial relations with not only regional but also global partners, including the US," she said.

Highlighting the government's accomplishments over the last 15 years, she mentioned several mega-infrastructure projects such as the Padma Bridge, metro rail in Dhaka, the Karnaphuli River tunnel, expressway, a modern international airport in Dhaka, and power plants.

"Legal and financial infrastructures are also being enhanced. These have heightened our domestic and regional connectivity," she noted.

Sheikh Hasina also said, "We aspire to become a Smart Nation by 2041. Here, we need your support in increasing our global competitiveness and expanding our export base."

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

The prime minister acknowledged the US as a major economic and development partner for decades, with intensive engagements in many areas, particularly trade and investment.

"Our shared aim is to achieve mutual benefit and prosperity for our people. This is manifested in our growing bilateral trade and people-to-people interaction," she said.

She added the US is currently the largest single-country destination for Bangladeshi exports, the largest source of foreign direct investment, and an important source of knowledge and technology.

PM's Adviser Salman Fazlur Rahman, State Minister for Commerce Ahasanul Islam Titu and Ambassador at Large M Ziauddin were present at the meeting.

No investment without stable tax policy

The US-Bangladesh Business Council also met Prime Minister's Private Industry and Investment Adviser Salman F Rahman today (27 May).

After the meeting, Salman F Rahman told the media that the council members said they will not be interested in investing in Bangladesh unless the tax environment remains stable for the next 5-10 years. 

Salman also said the delegation also showed interest in investing in Bangladesh's agricultural sector, especially using technology in the sector. 

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

Rahman added that Visa and MasterCard are interested in incorporating AI technology. This would address issues like long queues at toll plazas or metro rail ticket counters, as payments could be made seamlessly through AI.

He said the Boeing representative at the meeting urged Bangladesh to evaluate its offer to Biman for aircraft purchases.