US wants trade-based relationship with Bangladesh, not aid

The US is looking to change the nature of its economic relations with Bangladesh. Instead of a relationship dependent on grants or unilateral benefits, Washington is keen to build a new partnership by emphasizing trade, investment and long-term mutual cooperation.

US Ambassador to Bangladesh Brent Christensen gave this message at an event organized in Dhaka on the occasion of the 250th anniversary of the United States' independence. The event was jointly organized by the US Embassy and the American Chamber of Commerce in Bangladesh (AmCham) at the Sheraton Hotel in the capital.

The US ambassador said that the 'America First' policy cannot be seen as a strategy for the US to go it alone. Rather, the goal is to build a relationship based on mutual interests and benefits, where the people of both Bangladesh and the US can benefit equally.

He highlighted the mutual trade and investment agreement between the two countries as an important step in advancing economic relations. According to him, this can create new investment opportunities, increase employment, and expand the scope for skill and technology exchange.

Brent Christensen also highlighted Bangladesh's economic potential. He said that the country's active private sector and large young population can make Bangladesh an even more important economic center in the future.

However, the US ambassador believes that reforms are needed in several areas to fully utilize this potential. He particularly emphasized reducing administrative complexity, combating corruption, increasing competition in the market, and ensuring a more favorable business environment for investors.

Noting that cooperation between Bangladesh and the United States is increasing in the energy sector, the ambassador said that there are opportunities to work together in several other sectors in the future. He said that there is great potential for expanding the partnership between the two countries in the technology, digital economy, healthcare, defense, and security sectors.

At the event, Mahdi Amin, Advisor to Prime Minister Tarique Rahman, said that the current government is giving importance to creating a business and investment-friendly environment. The government is committed to ensuring the necessary policy support, simple regulatory framework, and equal opportunities for investors to attract foreign investment.

He said that foreign direct investment can play an important role in accelerating Bangladesh's economic growth. Foreign investment is also needed to create new jobs, increase government revenue and bring advanced technology to the country.

Mahdi Amin highlighted Bangladesh's large young population and growing domestic market as important advantages for foreign investors. He said that there are several advantages to investing in the country, including the opportunity to repatriate profits, various tax benefits, economic zones and high-tech parks.

The Prime Minister's Advisor urged more US companies to invest in Bangladesh by utilizing these opportunities. According to him, increasing US investment will deepen the economic relations between the two countries and will also increase Bangladesh's employment and technological capabilities.

Speaking at the event, AmCham President Syed Mohammad Kamal said that the organization has been playing a role in Bangladesh's economic progress for almost three decades. AmCham has supported investment and knowledge exchange in various sectors including telecommunications, digital economy, ready-made garments, medical equipment and aviation.

He said that AmCham has long been an important communication channel for US companies interested in investing in Bangladesh. This role will continue in the future.

The president of the organization also highlighted the inclusion of the US Embassy's commercial advisor in the executive committee of AmCham. According to him, this initiative can be helpful in creating new business opportunities and expanding trade between Bangladesh and the United States.

AmCham Vice President Muhammad Alauddin Ahmad said that their organization will continue to work as a bridge between the two countries to build a competitive and future-ready Bangladesh.

He expressed his hope to take Bangladesh-US relations to a new level in the context of the 250th anniversary of US independence. The AmCham Vice President expressed his hope that the two countries can start a new chapter of economic cooperation based on mutual partnership, friendship and joint success.