The United States has pledged to investing $1 billion in Bangladesh’s private sector over the course of the next five years, with a focus on agriculture, skill development, renewable energy research, revenue system development, and overall export growth.
As per the stakeholders statement, this help will be offered by the US Agency for International Development (USAID). On the final day of 2022 US Trade Show on Saturday, Several US investors gathered at a seminar, co-organized by the American Chamber of Commerce and the US Embassy at a hotel in Dhaka.
Mohammad N Khan, director of USAID’s Office of Economic Growth, emphasized the importance of enhancing Bangladesh’s business climate in his keynote address at the conference. He said doing so will boost both domestic and foreign investment in Bangladesh. He also emphasized the need for technology transfer to advance agriculture, claiming that doing so is crucial to guaranteeing food security.
He said that “company costs and time should be decreased, new industries should be encouraged to export, and companies should promote the usage of digital technology to achieve this goal.”
He further added that USAID has long worked to improve the status of women in Bangladesh. Additionally, it keeps pushing for the growth of the renewable energy industry, educating farmers on how to raise non-toxic veggies, and enhancing the marketing system.
According to Mr. Khan, efforts are being made to improve floriculture, promote aqua systems, secure people’s access to healthy water, stimulate light engineering industries, grow the milk processing industry, and capitalize on ecotourism possibilities. However, the business development of this country highly depends on trade facilitation. Once Bangladesh leaves the LDC category in 2026, it might confront numerous difficulties. To deal with those difficulties, the government should utilize the trade opportunities available on the global market.
Currently, USAID is collaborating with NBR and the Register of the Joint Stock Companies and Firms.