21 Sep 2023, 20:18

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 
infrastructural development.

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.

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