Bangladesh needed to focus more on building strong institutions and ensuring user-friendly bureaucratic interaction as well as good governance and rule of law for further improving its business environment, the US envoy in Dhaka said on Wednesday.
US Ambassador Marcia S Bernicat said strong institutions indicate an improved business environment in a country as business people around the world look for transparency, good governance, rule of law etc.
"Boosting the climate for business is a challenge for all countries, including the United States. It is essential to increase trade and growth," the US Ambassador said while speaking as chief guest the monthly luncheon meeting of the American Chamber of Commerce in Bangladesh (AmCham) at a city hotel.
AmCham President Aftab ul Islam also spoke on the occasion in presence of board of directors. Representatives of business groups, civil society members and officials of the ministry of foreign affairs were present, among others.
The US ambassador said business partnership between the US and Bangladesh expanded more than exchange of goods and services reflecting exchange of ideas, of philosophies, of new technologies and systems. But she added voluntary trade between the two countries was holding out the potential of making citizens of both countries more prosperous.
Referring to the US$ 6.0 billion US-Bangladesh trade in favour of Bangladesh with $ 5.0 billion exports to American market, Ms Bernicat said the US government was ready to assist Bangladesh for robust trade and business across a wide range of sectors/areas to strengthen the US-Bangladesh economic relationship.
Sharing US companies' remarks about Bangladesh and its business opportunities, the US envoy said Bangladesh is home to a tremendous consumer market with increasing purchasing power and an advantageous demographic mix. "It is a country where businesses can succeed," she told the gathering.
Lauding the country's positive change in South Asian countries for hand in hand economic growth policies, the ambassador also laid importance on continuing this economic prospect by prioritising trade and transportation linkage where the gap remains.
"On the economic front, … giant strides in building export capacity, the remarkable progress in lifting people out of poverty, the strategic location on the Bay of Bengal, counter-terrorism operations to prevent the spread of violent extremism, and the essential role Bangladesh will play in boosting regional inter-connectivity in the 21st century as it forges productive ties with its neighbours," she added.
She also called upon the AmCham members to use their strength to improve US-Bangladesh economic relationship with their individual initiatives.
"The path forward is clear. We need to spread the word that Bangladesh is a vibrant economic partner, a partner which is improving workers' rights and creating safe working environments," Ms Bernicat said attaching importance to constantly taking Bangladesh as synonymous with the best work practices and the safest factories.
She said Bangladesh had a strong economic growth rate and would soon begin enjoying a demographic dividend that would combine a young population with increased purchasing power.
smunima@yahoo.com
US envoy underlines strong institutions
FE Report | Published: April 16, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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