Govt, AmCham working to attract $5b additional investment from US: Minister

The government is working with the American Chamber of Commerce (AmCham) to attract $5 billion in additional investment from US entities over the next five years, said Commerce Minister Khandakar Abdul Muktadir on Saturday.

He made the remark while speaking as a chief guest at the 30th founding anniversary celebration programme for AmCham in Bangladesh.

The government is looking to not only receive more US investment, but also advanced technology, resources, technical know-how, and world-recognised best practices, the minister said.

Bangladesh has a strategic location, young and skilled workforce, large domestic market, and opportunities in various sectors, including technology, digital innovation, healthcare, manufacturing and financial services, making it a strong candidate for attracting foreign investment, Abdul Muktadir noted.

US Ambassador to Bangladesh Brent T Christensen, AmCham President Syed Mohammad Kamal, Vice President Ala Uddin Ahmad, former presidents, current and former members of the executive committee, officials from various ministries, business leaders and media professionals were also present at the group’s founding anniversary celebration event.

AmCham member companies currently invest more than $5 billion in Bangladesh and contribute with more than 20% of revenue earnings, Abdul Muktadir said at the event.

Recently, the group’s leaders held a meeting with Prime Minister Tarique Rahman and expressed their willingness to bring in $5 billion in additional investment from the US.

The government is ready to extend all necessary assistance to meet the investment target, the commerce minister said at the event.

Whenever a genuine business problem is presented before the government, the government tries its best to find an implementable and pragmatic solution, the minister added.

To cite an example, he referred to the recent business license problems faced by Corteva Agriscience Bangladesh, a member of AmCham’s Bangladesh chapter, which the government resolved within a month.

He said the government is working to simplify business processes, expand digitalisation, enhance trade facilitation and create a more investment-friendly environment.

Noting that opportunities like young workforce and strategic location alone are not enough to attract investment, he said investors need predictability, an ease of doing business, efficient trade facilitation and a stable policy framework.

Speaking about future economic relations, the commerce minister said the next chapter of Bangladesh-US economic partnership could be even more promising. He expressed hope that more US companies would invest in Bangladesh, bringing in advanced technologies and global expertise, while access for Bangladeshi products and services to the US market would expand further.

He said achieving this goal requires strong partnerships among the government, business community, investors, development partners and organisations such as AmCham.

Referring to AmCham’s 30th anniversary as an opportunity to create new possibilities for the future, the commerce minister said, “We all must work together to promote more trade, more investment, greater innovation, new employment opportunities and a stronger and more enduring economic partnership between Bangladesh and the United States.”

At the event, he congratulated AmCham members and all those associated with the organisation on its 30th anniversary and wished it continued success in the future.