US firms plan additional USD 5b investment in Bangladesh

Dhaka : US businesses are preparing to expand their presence in Bangladesh, with investors expected to commit another USD 5 billion over the next five years, Commerce Minister Khandakar Abdul Muktadir said.

Speaking at the 30th anniversary event of the American Chamber of Commerce in Bangladesh (AmCham) in Dhaka on September 12, the minister said the government would work to facilitate the planned investment.

He noted that American companies represented by AmCham have already invested more than USD 5 billion in Bangladesh and account for over 20 percent of the country's national tax revenue.

Muktadir said Bangladesh wants to attract more US companies, particularly those able to bring advanced technology and international expertise to the economy.

US Ambassador Brent T Christensen pointed to the Agreement on Reciprocal Trade (ART) reached between Bangladesh and the United States earlier this year as an important step in strengthening bilateral economic ties.

Christensen also said Washington wants to become Bangladesh's leading energy investment partner. He cited the energy memorandum of understanding signed in May as a mechanism to ensure fair competition for US companies in government procurement.

AmCham President Syed Mohammad Kamal called for a clear national energy roadmap to give investors greater certainty for long-term planning.