The United States, through the US Agency for International Development (USAID), is partnering with the Government of Bangladesh and the Bangladeshi private sector to help diversify Bangladesh's economy and stimulate new streams of economic growth.
USAID's Comprehensive Private Sector Assessment (PSA) identified agribusiness (food processing), healthcare, information and communication technology and outsourcing, light engineering, pharmaceuticals and tourism as some of the most promising industries beyond the ready-made garments (RMG) sector for private sector engagement and investment.
Bangladeshi private consultation firm Inspira Advocacy and Consultancy Ltd conducted the assessment between October 2018 and July 2019.
The firm examined 16 emerging sectors in total which included ceramics, entrepreneurship, leather and leather goods, medical equipment, plastic, renewable energy and energy efficiency, shipbuilding, shrimp and fish, telecommunications, and vehicle assembly.
The assessment did not cover some traditional industries, including the energy sector as a whole.
The PSA's findings support the government's economic diversification reforms initiative and help the private sector in its engagement with the government and other stakeholders in order to further promote Bangladesh's economic growth.
The US Embassy in Bangladesh, through USAID and other sections and in collaboration with the government, will analyse the priority sectors identified in the PSA and explore specific strategies for investment and increased engagement with the Bangladeshi private sector in these fields.
Commerce Minister Tipu Munshi, USAID Deputy Administrator Bonnie Glick and US Deputy Chief of Mission JoAnne Wagner attended the launching ceremony.