US ambassador to Bangladesh Earl R Miller on Wednesday said that unnecessary and arbitrary regulations, cumbersome customs processes and corruption affected US business in Bangladesh.
‘These barriers affect not only US economic interest in the country but also hinder the nation’s economic growth itself, he said at the monthly luncheon meeting arranged by American Chamber of Commerce in Bangladesh at Hotel Westin in Dhaka.
He also said that he would work with AmCham members to come out of the bilateral trade imbalance between the two countries which is extremely against the US.
Later, while talking to reporters, he recommended the American companies to come and invest in Bangladesh which has a huge customer base. ‘If you can go to New Delhi or Kolkata, you can certainly come here in Bangladesh, which is only half an hour away by air from Kolkata, with a potential customer base of 170 million,’ he said.
Millar said that he would work with the government to bring more US companies, trade delegations, missions and chief executive officers to Bangladesh in his tenure in the country.
‘In the next three years, I hope to see more US companies are engaging in Bangladesh looking for additional opportunities for US investors here,’ he said.
US companies are doing well in Bangladesh but they can do much better, he commented, adding that the number of existing US companies can be double, even tripled in the country. One of the top priorities of US embassy will be to increase economic engagement with Bangladesh, he added.
In his speech, he also emphasised on further improvement in workplace safety and labour rights issues terming them as the foundation for free and fair trade.
Regarding next national elections in Bangladesh, he said that the upcoming elections needed to be free, fair, credible, participatory and peaceful. ‘You must avoid violence, not only in election seasons but also afterwards, and condemn violence as violence only undermines the democratic process,’ Millar said.
AmChem president Md Nurul Islam said that there were enormous opportunities for AmCham members and US businesses here in the country, which has been growing at a very fast rate in terms of GDP among the Asian countries.
He urged the American companies to invest and increase their capacity in the country which would be 26th largest economy in the world by 2030.
AmCham members, foreign diplomats and businessmen from different sectors, among others, attended the meeting.
- Courtesy: New Age/ Dec 20, 2018
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