PM seeks more US investment

Prime Minister Sheikh Hasina yesterday called for larger investment from US companies in sectors, particularly power, energy, ICT and infrastructure.

"I believe US companies will take advantage and invest more in potential and productive sectors like power and energy, ICT, infrastructure, light engineering and electronics, automobile, agro-processing, pharmaceuticals, and ceramics," she said.

In her introductory speech in a meeting with the visiting executive business delegation from the US-Bangladesh Business Council at her official Gono Bhaban residence, she said that currently, Bangladesh has the most open foreign direct investment policies in South Asia.

The premier said the friendship and partnership between Bangladesh and the US proved to be mutually beneficial for both countries and rooted in mutual trust.

"Since independence, the US has been one of our trustworthy development partners, contributing to our socio-economic progress. Being the single largest source of FDI and export market for Bangladesh, I wish the US would continue to support its growth trajectory," she said.

The prime minister said that the US-Bangladesh Energy Taskforce and the US-Bangladesh Digital Economy Task Force will contribute to deepening the cooperation of companies from both countries to ensure their sustainable development.

Sheikh Hasina said Bangladesh had ensured the most attractive climate for investment that includes a liberalised industrial policy, one-stop service, an allowance for 100 percent foreign ownership, an easy exit policy, a 15-year tax exemption, a VAT exemption for imported machinery, and streamlined services.

To facilitate industrialisation, the government is establishing 100 economic zones, 109 hi-tech and software technology parks, and IT training and incubation centres across the country.

The premier said they are shortly going to open some megaprojects like Matarbari Deep Sea Port, Dhaka elevated expressway, part of Metro-rail in Dhaka, and Bangabandhu Tunnel in Chattogram.

"These infrastructures will further amplify both external connectivity and internal trade, thus acting as catalysts for growth," she said.

With its own market of 170 million people, she said Bangladesh is located in the heart of a market of nearly three billion consumers. She continued they, therefore, promote the concept of connectivity with our neighbours, which is becoming a reality.

"With its strategic location, Bangladesh is emerging as an ideal place for trade and investment in the region and beyond," she said.

Atul Keshap, president of the US-Bangladesh Business Council, led the delegation.

US businesses have expressed interest to invest in energy, aerospace, digital economy and healthcare sectors, said Salman F Rahman, the prime minister's adviser on private industry and investment, in a statement.

"US businesses have shown their interest to invest in the healthcare sector here so that patients do not need to go abroad," he said after a meeting with a 40-member delegation of the council at the Bangladesh Investment Development Authority's office.

The delegation included officials from US companies Blackstone, Meta, Excelerate Energy, Chevron, ExxonMobil and Boeing, according to the press release.

The adviser said big companies from the US have already invested in Bangladesh. "They are willing to invest more," he said, adding that American companies see bright prospects in the government's Smart Bangladesh vision.

Rahman, also a lawmaker, said the US businesses do not have any concerns regarding the upcoming election in Bangladesh.

"The American companies do not see any risk in investing here. Rather, they are hopeful about the potential of Bangladesh."