Bangladesh seeks diversified investment from US

Bangladesh has urged the US businesses to diversify their investment in Bangladesh going beyond the energy sector.

Foreign Minister AK Abdul Momen made the call at a meeting with the visiting delegation of the US-Bangladesh Business Council at the Foreign Service Academy in the capital on Monday.

"About 90% of current US investment in Bangladesh is in the energy sector. We, obviously, seek more investment in the sector, especially in renewables. We also showed them how they can produce goods here [Bangladesh] in a competitive way," the minister said while talking to reporters after the meeting.

"The US entrepreneurs expressed their interest to invest in the Bangladesh ICT sector as we have some 6.5 lakh freelancers. This is good news. They earlier were not interested to invest in Bangladesh," he said, adding that Bangladesh would try its best to keep the US businesses interest up.

The delegation from the United States, headed by Vice President (Business Development) of Chevron Jay R Pryor, is visiting Bangladesh till 11 May to explore economic opportunities between the two countries. Over 25 executives from across sectors like digital, energy, financial services, insurance and agriculture are part of the executive business delegation.

It also held a meeting with the Bangladesh Investment Development Authority (BIDA) on the same day.

"We have already implemented 'Digital Bangladesh'. We are now moving towards the 'Smart Bangladesh'.... The US delegation has expressed interest to invest in 'Smart Bangladesh'," said Salman F Rahman, prime minister's private sector industry and investment adviser.

"The visiting delegation informed us that Bangladesh is the number one position in the list of their new investment countries," he said, after the meeting with the Council at the BIDA headquarters in the capital.

"Entrepreneurs of the United States are now investing in the energy sector, but I informed them about many other potential sectors and our promising economic zones." He said the business delegation would also consider bringing investment in the agriculture sector.

"The purpose of the Council's first trade mission to Bangladesh is to renew the old friendship and explore opportunities for new partnerships," said Jay R Pryor. 

He, also inaugural board chair of the US-Bangladesh Business Council, said the US companies wanted to contribute to Bangladesh's impressive economic development.