Exports to US could hit $15b in two years: FBCCI chief

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FE Report
FBCCI president AK Azad Tuesday said Bangladesh's exports to the United States could reach $15 billion from the current $3 billion level in the next couple of years as China is gradually withdrawing from labour intensive industry.
"Many apparel buyers are diverting their orders to Bangladesh as it has strong production base," he said at the luncheon meeting of American Chamber of Commerce and Industry (AmCham) at a city hotel.
The head of the apex trade body said the government is trying to develop deep sea port and US investors can invest in the project.
"They can also tap the potential of exporting to the northeastern part of India," he told American businessmen and investors.
He also urged US investors to invest in the energy sector because the government will build two thermal power plants in the country.
"A World Bank delegation told me that it would finance such projects at a lower interest rate," he said.
Mr Azad noted that the port situation has deteriorated since May but the government has deployed army as temporary measures.
"I discussed the grave situation with the relevant authorities and they informed me that New Mooring Container terminal is likely to be operational by next year," he said.
Vice president of Metropolitan Chamber of Commerce and Industry Syed Nasim Manzur urged political parties to reward the businessmen on the basis of performance and ensure good governance.
"Don't disable us, rather enable us and ensure an environment of credible and efficient justice system in the country," he said.
He also urged the business community to demand more to turn challenge into the opportunities.
Twenty years back the country did not have an efficient telecom service and now the country has 65 million mobile phone subscribers and the private sector has turned the challenges into opportunity, Mr Manzur said.
"The business community is receiving numerous inquiries from different corners of the world about the prospects of the country," he said.