Bangladesh seeks greater US investment to achieve trillion-dollar economy.
Industries Minister Khandakar Abdul Muktadir
today called upon US businesses and investors to make greater investment in
Bangladesh to help the country achieve its goal of becoming a trillion-dollar
economy.
"The US companies are interested in becoming partners in this journey," he
told reporters after a meeting with a high-level delegation of the US-
Bangladesh Business Council at the Industries Ministry conference room in the
city, said a press release.
Abdul Muktadir said the government is taking various measures to create an
investment-friendly environment and simplify business processes to attract
more US investment.
The meeting discussed problems faced by US companies doing business in
Bangladesh, as well as the country's future trade and export policies,
digital economy and e-commerce, he said.
The two sides also exchanged views on priority sectors that Bangladesh should
focus on to achieve its trillion-dollar economy target, the minister said.
He said the government is taking steps to increase export capacity in jute,
leather, shipbuilding and ship recycling, with a view to transforming these
sectors into multi-billion-dollar export industries.
Details of the initiatives are expected to be announced next month, he added.
The minister said the proposed free trade agreement (FTA) with the European
Union was also discussed with the US delegation, adding that talks on the
issue would begin soon.
Highlighting measures to ease business procedures, he said the government is
working to ensure easier access to energy, adopt business-friendly policies
and introduce necessary liberalisation in the banking sector.
Such measures would also make access to digital and payment gateways easier
for IT companies and freelancers, he continued.
Regarding complications over trade licences, Muktadir said entrepreneurs
would soon be able to apply for trade licences from anywhere in the country
through a central portal.
"Necessary documents and fees can be submitted online and the trade licence
can be downloaded from there. There will be no need to visit the concerned
office and waste time," he said.
The Industries Minister said work is underway to establish a system under
which trade licences for all areas of the country can be issued through a
single portal, with visible results expected soon.
Responding to a question about major barriers to investment, the minister
said the focus was less on barriers and more on simplifying procedures.
"Unnecessary overlaps in various licences, permits and clearances will be
identified and removed," he said.
Muktadir acknowledged that Bangladesh had lagged behind in the ease of doing
business, but said significant steps had already been taken to simplify
business procedures.
"As many approvals and services as possible will be digitised so that
businesses do not have to physically visit different government offices," he
said, adding that the government is working continuously to make the business
and investment environment easier and more effective.
A 33-member delegation of the US-Bangladesh Business Council was led by its
adviser Nisha Biswal.
Industries Ministry Secretary Abdun Naser and its senior officials were also
present at the meeting.
