Ample opportunities for widening trade, investment with US: Tipu Munshi

The United States is a major development partner of Bangladesh and there are plenty of opportunities for further widening trade and investment with the US, said Commerce Minister Tipu Munshi.

"Bangladesh's foreign trade with the US is increasing day by day," he said while speaking as the chief guest at the inaugural function of the 28th US Trade Show-2022, organised by the American Chamber of Commerce in Bangladesh (AmCham) at the Pan Pacific Sonargaon Hotel in Dhaka on Thursday.

"Bangladesh's main export product is ready-made garments. Despite the ongoing global instability, the US is the single largest market for our garment exports. Bangladesh is now the second largest exporter of garments in the world market," the minister said.

"Apart from readymade garments, Bangladesh is exporting frozen food products and leather goods to the US. Besides, the largest market for IT sector outsourcing is the US. In the fiscal year 2021-22, Bangladesh exported goods worth about $10.41 billion," Munshi said.

"Many US products including aeroplanes, cotton, wheat, soybean oil, and ICT products are imported to Bangladesh. At present, the amount of this import is about $3 billion," the minister said.

"Bangladesh has huge investment potential in energy, infrastructure construction, development of communication systems, agro-business, ICT, education, and tourism," Tipu Munshi said, adding that the government has announced several facilities for foreign direct investment and the US investors will benefit more if they invest in Bangladesh.

Three-day US Trade Show kicks off

The US Trade Show will feature leading US companies in Bangladesh and will also include US Embassy seminars on US visas, higher education opportunities in the United States, USAID's activities supporting private sector development in Bangladesh, and intellectual property rights

US Ambassador to Bangladesh Peter D Haas inaugurated the three-day trade show that aims to showcase high quality, innovative American goods and services that US businesses offer in Bangladesh, reads a press release.

Over 40 exhibitors operating in Bangladesh, including in the energy, banking and financial services, food and beverage sectors, and more, will display the products and services of US brands from 27-29 October.

The United States is the top export destination for Bangladeshi products and two-way trade between the US and Bangladesh totalled $10.64 billion in 2021.

This edition of the trade show is particularly significant as the year marks the 50th anniversary of US-Bangladesh bilateral relations while returning to in-person event mode for the first time since the global coronavirus pandemic.

The US Embassy will host four informational seminars during the trade show. The US Agency for International Development (USAID) held a discussion on USAID in Bangladesh: Supporting Economic Growth and Engaging the Private Sector on Thursday. 

On Friday afternoon, The US Embassy Dhaka Consular officers and EducationUSA advisors will provide a joint presentation on the free consultative education services provided by the US Embassy through its EducationUSA advising centres across Bangladesh, as well as the student visa application process for study abroad in the United States. 

Following this session, US Embassy Consular officials will discuss the process for applying for US visas, including business, investor, and work visas.  

On Saturday, embassy officials will join a panel presentation seminar on intellectual property rights impact on cross-border business.

"US Embassy Dhaka's participation in the annual US Trade Show demonstrates US commitment to working in partnership with Bangladesh to support the country's continued growth and development, economic diversification and resilience to external shocks and stressors, and support for an economic development strategy that adheres to the principles of broadly shared prosperity for all," reads a statement issued by the US embassy.