Diplomatic efforts to attract more US investment continue

Nizam Ahmed Bangladesh is continuing its diplomatic efforts to attract more US investment and achieve duty-free access of its ready-made garment (RMG) products to the world's largest economy, the foreign ministry said Wednesday. As a result of continuous initiatives by Bangladesh diplomats the US lawmakers and officials have pledged their cooperation in helping Bangladesh achieve its goal, said a message mailed to the FE via foreign ministry by the Bangladesh embassy in Washington. The US officials also expected flow of more American investment to Bangladesh's energy sector as energy firms Chevron and ConocoPhillip had already invested a good amount in the South Asian country. The expectation and pledges of cooperation were sounded when Akramul Qader, Bangladesh envoy to the US, interacted with Congressman Hansen Clarke in Washington recently, the message said. Jim McDermott (D-WA), who looks after such interests of least developed countries, will soon table a bill at the Senate for consideration to give duty-free access of Bangladeshi RMG products, the message said. "It is expected that the Senate will approve the bill," said a senior official of the foreign ministry in Dhaka with deep conviction. Bangladesh has reinvigorated its lobbying in the United States following the last visit of Prime Minister Sheikh Hasina to New York along with a high-level business delegation in September last. While attending the United Nations General Assembly the business delegation led by Foreign Minister Dipu Moni met the US business leaders and relevant Congressmen on the sidelines to seek their support in achieving duty-free access of Bangladesh RMG and channeling more investment in Bangladesh. US imports around 40 per cent of Bangladesh's annual garment exports worth $18 billion, while more than 50 per cent are imported by European Union (EU) and the rest by Japan, Australia, New Zealand, South Africa and India. As of now Bangladesh garments enjoy duty-free access to the EU -- and India which recently announced such facility. The US investment initiatives have taken a new turn after the US State Department said last month that Bangladesh was a destination for its investment and a market for US products. The US remarks came when Foreign Minister Dipu Moni met Secretary of State Hillary Rodham Clinton in Washington earlier this month. International energy exploration firms, mostly US-based enterprises, are eyeing more investment opportunities in Bangladesh after the US Geological Survey has suggested that there are potentials to explore up to 32 trillion cubic feet of gas (TCF) in the country. Chevron has invested so far more than $1.0 billion while ConocoPhilip around $200 million, energy officials said. More investments from the two firms are in the pipelines as they are in exploration and drilling process to extract gas in on-shore and off-shore blocks respectively.