PM pushes for duty-free access to US market
Seeks Congress support
Prime Minister Sheikh Hasina yesterday sought cooperation of “friends” in the US Congress to play positive role in granting duty-free access of Bangladesh products to the US market.“If the current high tariff on apparel and textile products is waived, it would contribute to our economic development and social transformation, particularly in the empowerment of women,” she said while speaking at a luncheon hosted jointly by the US Chamber and the Asia Society at the Asia Society auditorium here.
Hasina said that in Bangladesh's garment sector, 85 percent of the workers are women and their contribution helps improve child health and education as well as overall socio-economic situation.
She urged the US business community to invest more in Bangladesh in the fields of energy, power, manufacturing, insurance, banking and services, agriculture, food processing, shipbuilding, renewable energy, tourism, ICT goods and services, high value garments, pharmaceuticals and ceramics.
“My government will do its utmost to guarantee that you are comfortable with your businesses in Bangladesh. Your presence in Bangladesh is to our mutual benefit, providing profitable gains and prosperity,” she said.
The premier said the presence of low-cost workforce, strategic location, and a positive investment climate lauded by world's leading consulting firms, create a “win-win” situation both for investors and Bangladesh.
In this setting, she said US investment could play a very important role by fulfilling the demands in a host of areas, including power and energy.
Hasina said the Asia Society's recent report on Enhancing Trade and Investment between Bangladesh and the United States demonstrates their sincere desire to improve trade relations with Bangladesh.
The US Chamber of Commerce is also playing a highly commendable role in deepening Bangladesh's commercial ties with the United States, she said.
Hasina said despite the recent world recession, Bangladesh's GDP growth rate averaged at 6 percent. “Our export basket has been widening and the Export/GDP ratio continues to rise.”
The prime minister said Bangladesh's industrial growth averaged at 8 percent; services grew at 6 percent; and agriculture maintained growth around 4 percent.
“Now 90% of our annual public expenditure comes from domestic sources... Today, Bangladesh is a lucrative destination for foreign investment,” she said.
Hasina noted that strategically located between South and South East Asia, close to India and China, Bangladesh is becoming a regional economic hub.
“Once our policy of opening up roads, railways, waterways and air to our neighbours is fully implemented, Bangladesh will become a bustling centre of economic activity,” she said.
“Moreover, the duty-and quota-free access of our products to the European Union, Canada, Australia, New Zealand, Japan, and other developed countries provides a competitive edge to investors in Bangladesh,” the premier said.
Hasina said Bangladesh has several investment-friendly policies which include equal treatment for local and foreign investors, legal protection against nationalisation and expropriation, and guarantee for repatriation of capital and dividend.
The premier said Bangladesh has adopted a Public-Private-Partnership Policy to build infrastructures such as highways, mono-rail, railroads, power stations, and a deep-seaport as well as a world class international airport.
Hasina referred to Citi Investment Research & Analysis of Citigroup, which in its global Economic Review in February 2011, ranked Bangladesh as one of the 3G countries expected to deliver high growth and profitable investment opportunities.
Moreover, she said, Goldman Sachs has placed Bangladesh in its list of “Next Eleven”; J P Morgan in its “Frontier Five”; while Standard & Poor's, and Moody's list Bangladesh ahead of all other South Asian countries, apart from India.
Emphasising on further strengthening ties between Bangladesh and USA, the premier said she is pleased to be partnering in President Obama's initiatives on global health, food security, climate change and engagement with Muslim communities.
US business community leaders joined the luncheon, where Foreign Minister Dipu Moni, Ambassador at-Large M Ziauddin, PM's Press Secretary Abul Kalam Azad and FBCCI President A K Azad were also present.