US's bilateral trade with Bangladesh increases dramatically: US Commercial Counselor
DHAKA, Sept 21, 2023 (BSS)- John Fay, Commercial Counselor, Foreign
Commercial Service, US Department of Commerce, US Embassy, Dhaka today said
that the US bilateral trade with Bangladesh has increased dramatically over
the last one decade as it reached $14 billion.
"In the last decade, the expansion of bilateral trade has taken place
dramatically. However, trade between the two countries is confined to a
limited number of products. There are opportunities to expand trade through
reforming some financial policies and increasing US investment as well as
increasing newer products," he said.
Fay said this while addressing the regular monthly luncheon of the American
Chamber of Commerce in Bangladesh (AmCham) as the guest of honor and speaker
and spoke on "Enhancing US-Bangladesh Commercial Cooperation"
AmCham President Syed Ershad Ahmed, Vice President Syed Mohammad Kamal,
members of the chamber including the executive committee members, and former
presidents, foreign dignitaries, business leaders, media representatives and
other distinguished guests attended the meeting.
The US diplomat said Bangladesh's exports are mainly based on clothing while
the US exports a few products like steel and agriculture.
"But, there are huge opportunities for businessmen of the two countries to
work together and increase trade in healthcare, IT, education, energy and
trade infrastructures," he added.
Fay suggested for bringing reforms in some areas of Bangladesh's investment,
revenue policy and intellectual property rights related laws as well as on
John Fay said Bangladesh's growing middle class has created new opportunities
for U.S. companies with existing demand in healthcare, education, consumer
goods and franchising, among other sectors. "Bangladesh may become an
important South Asian market for the US in the future," he cited.
The Commercial Counselor of the US Embassy in Dhaka said that the United
States has opened the Foreign Commercial Service Office or FCSA in Bangladesh
whose main task is to encourage American companies, especially small and
medium companies, to do business in Bangladesh.
He said, "We have more than 100 offices in the United States. We are
regularly counseling American companies to enter new markets," adding if a
Bangladeshi company wants to import any specific product, service or
technology from the United States, then FCSA would create a link with the
related manufacturing company.
In response to a question whether the United States government would provide
duty-free benefits for the export of Bangladeshi products, he said it was
beyond his knowledge.
Leaders of various business organizations, economists and civil society
representatives were present on the occasion.