US Trade Show promises to promote US-Bangladesh economic ties

A three-day annual US Trade Show began in the capital on Thursday to showcase American products and services for Bangladeshi consumers.

The 27th edition of this exhibition is organised by the US embassy in Dhaka and the American Chamber of Commerce in Bangladesh at Pan Pacific Sonargaon Hotel in the capital.

Industries Minister Nurul Majid Humayun and Chargé d'affaires (CDA) JoAnne Wagner jointly inaugurated the event.  

Forty-eight exhibitors representing 100 US companies in Bangladesh, from sectors such as the energy, agro-mechanisation, and food and beverage, will display their products and services at 78 stalls. 

The industries minister said trade policies had been liberalised while non-tariff restrictions had been substantially reduced to draw foreign investment to the country.

The government's industrial policy provides extensive incentives and facilities to attract foreign direct investment to the country, added the minister.

"We offer tremendous amount of opportunities in many areas like energy, infrastructure, communication, agro-business, ICT, tourism and real estate and many more," Minister Nurul Majid Humayun said.

"Our exports to USA amount to almost 20 percent of the country's total export earnings," he said.

The minister urged businesses from both the countries to develop mutual relations to enhance bilateral trade and investment.

US Embassy Charge d'affaires said the show would be a platform for developing an understanding between the countries which would help them explore their business opportunities.

She said trade between the two countries was $9 billion in 2019, more than double the amount ten years ago. US export to Bangladesh reached $2.3 billion in the same year.

Sirazul Islam, Bangladesh Investment Development Authority executive chairman said that the government is working to build 100 economic zones along with 18 hi-tech parks to attract foreign investment.

"American investors should come to Bangladesh and create enduring value in many potential sectors, particularly apparel, agriculture, information and technology, light engineering, leather goods, pharmaceuticals and frozen foods and more," he said.

American Chamber of Commerce President Syed Ershad Ahmed said, "Many companies have brought various technologies and ideas that would broaden our knowledge about them."

The outbreak of the novel coronavirus has taught us not to depend on a single nation, he said, adding, "We need to emphasise export diversification."

An organiser said the US companies would showcase their high-quality products and services, expertise and innovations at the trade show in an effort to help both countries enhance their economic relations.

This year, 11 new companies are participating in the exhibition.

The US embassy will also host four informational seminars during the exhibition.

The show will remain open for visitors from 10:00am to 8:00pm, the organiser said.

The volume of trade between the two countries was $57 million in 1992 when the first edition of the show was arranged.