Bangladesh eyes $5b more US investment

Bangladesh aims to attract an additional US$5 billion in US investment over the next five years as the government seeks to deepen economic ties with American businesses, Commerce Minister Khandakar Abdul Muktadir said on Saturday.

He said the government and the American Chamber of Commerce in Bangladesh (AmCham) would work together to achieve the target, focusing on investment, job creation, technology transfer and expanding economic opportunities.

The minister made the remarks at a ceremony marking AmCham’s 30th anniversary at Radisson Blu Water Garden in the capital, according to a commerce ministry press release.

US Ambassador to Bangladesh Brent T Christensen, AmCham President Syed Mohammad Kamal, Vice President Ala Uddin Ahmad, former presidents and executive committee members, government officials, business leaders and media representatives attended the event.

Muktadir said Bangladesh-US bilateral trade had exceeded $13 billion, while the relationship extended beyond trade to investment, technology, employment, knowledge and global business practices. 

He said AmCham member companies had invested more than $5 billion in Bangladesh and contributed over 20% of national revenue, reflecting strong confidence in the country’s economy.

The minister said AmCham leaders had recently expressed interest in bringing another $5 billion in US investment to Bangladesh over the next five years during a meeting with the Prime Minister.

“The government will provide the necessary support to turn this initiative into reality,” he said.

Muktadir assured investors of government support in resolving genuine business obstacles, citing the resolution of a licensing issue involving AmCham member Corteva Bangladesh within a month.

Bangladesh offered strong investment potential because of its strategic location, young workforce, large domestic market and opportunities in technology, digital innovation, healthcare, manufacturing and financial services, he said.

However, investment opportunities alone were not enough, as investors also needed policy predictability, ease of doing business, efficient trade facilitation and a stable regulatory environment, he said.

The government is working to simplify business processes, expand digitalisation and improve trade facilitation to create a more investor-friendly environment, Muktadir added.

He expressed hope that more US companies would invest in Bangladesh, bringing advanced technology and global expertise while helping expand market access for Bangladeshi goods and services in the US.

He also called for stronger cooperation among the government, businesses, investors, development partners and AmCham to build a stronger and more sustainable Bangladesh-US economic partnership.

Congratulating AmCham on its 30th anniversary, Muktadir said the organisation’s next chapter should focus on expanding trade, investment, innovation and employment between the two countries.