‘US firms ready to invest more in Bangladesh’

US firms are ready to invest in Bangladesh and deepen business ties under their economic vision in the Indo-Pacific region.

"The United States and Bangladesh shared more than $9 billion in two-way trade in 2019 – more than double that of just 10 years prior – and there are clear opportunities for greater future growth," said Earl R Miller, the US Ambassador to Bangladesh.

The Indo-Pacific region, where US firms have already invested $1.9 trillion, requires about $26 trillion in infrastructure development by 2030, said Earl at a seminar on "America's Indo-Pacific Economic Vision" at the Pan Pacific Sonargaon Hotel in the capital on Saturday.

"No one country, either through government or state-owned enterprises, can provide such a level of funding or support. The private sector must play a key role," said the US envoy adding, "For this reason, the Indo-Pacific Vision focuses on helping the US private sector to do what it does best: Spark economic growth, innovation, and long-lasting prosperity."

He added that the United States has launched initiatives to accelerate private sector investment in Bangladesh and throughout the region, focusing on energy, infrastructure, and the digital economy as sectors. 

"Working side-by-side with our Bangladeshi counterparts, these programs seek to improve market access and open investment environments. They promote free, fair, and reciprocal trade, and encourage competitiveness because competition benefits consumers," said the US envoy. 

Miller also emphasised the need to have a fair, open and transparent public procurement mechanism in Bangladesh.   

"Our focus on transparency in the business environment therefore goes hand-in-hand with the economic aspect of our vision for a free and open Indo-Pacific", said the ambassador in his written speech read by an official of the US embassy.

The US embassy in Dhaka and the American Chamber of Commerce in Bangladesh jointly organised the event as part of the 27th edition of the three day-long US Trade Show, which ended on Saturday.