‘Exciting time for increasing already-strong US-Bangladesh trade and investment ties’

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The 27th edition of the three-day US Trade Show will start in the capital tomorrow with hopes of further deepening trade and investment ties between your two countries.

"The show is a crucial symbol of the strong and continuous US commitment to this market, and to Bangladesh," said said JoAnne Wagner, chargé d'affaires of the united states embassy in Dhaka, at the press briefing held at the Pan Pacific Sonargaon in the administrative centre yesterday.

The event can be an possibility to showcase the high-quality products the US companies have and recognise the contribution of American companies on Bangladesh's economy. In Bangladesh, some 23 American companies have invested with 100 % equity while 95 others have formed joint ventures.

The show -- jointly organised by the US embassy in Dhaka and the American Chamber of Commerce in Bangladesh (AmCham) -- will fuel Bangladesh's financial growth.

America is the single greatest export destination for Bangladesh and the united states is the greatest foreign investor for the south Asian country. Bangladesh exported goods worth $6.7 million to the united states in 2019 and received a complete of $3.54 billion of foreign direct investment from up to now.


At the same time when garment exports are falling, shipments to the united states actually increased by almost 10 per cent this past year, she said, adding that the united states accounted for approximately 17 per cent of Bangladesh's total exports. 

"We believe there is room for more."

The 2020 US Trade Show, which will happen at the Pan Pacific Sonargaon, will exhibit a lot more than 120 US brands, represented by 48 exhibitors from US and local representatives, said Syed Ershad Ahmed, president of AmCham.

The participating US organizations include Metlife, Burger King, Best Western International, MasterCard, Microsoft, Coca-Cola, Cisco, Visa, US Food Mart, Yum! Restaurants International.

American companies like Metlife Alico and other big investors are helping Bangladesh to build up the economy, Wagner said.

"US firms bring among the best, most ground breaking technologies to Bangladesh," she said, while citing a few examples.

Excelerate Energy used state-of-the-art technology to build Bangladesh's first liquefied natural gas terminal in 2018. The terminal provides clean energy, makes power supplies more reliable and promotes commercial development through the entire country.


Leading American companies like DSC Dredge and Ellicott Dredges have helped make Bangladeshi rivers and waterways usable again, while John Deere does excellent work to stimulate increased mechanisation of the agriculture sector in Bangladesh, thereby enhancing overall farm productivity, she said.

"And Chevron is continuing to grow alongside Bangladesh for days gone by quarter century.  It is the major single producer of gas in Bangladesh -- powering about 40 per cent of the country."

Besides, 95 per cent of Chevron's employees are Bangladeshi -- not personnel earned from elsewhere, but local staff who, by doing work for American companies, can offer for their families. 

"Those are only a few types of how American companies help build the economy -- and the partnership between the US and Bangladesh."

The trade show was first organised in 1992. Because the start of the show, Bangladesh has experienced steady monetary growth and progress, leading to an expansion of US-Bangladesh bilateral trade from $57 million to $9 billion in 2019.

"AMERICA believes in free market principles, and that the innovation and drive of the private sector, is the foremost methods to foster long-lasting monetary growth and development.  This trade show can be an possibility to see for yourself the way the vibrant US business community is working together with the equally dynamic persons of Bangladesh, to the benefit of both of our countries," Wagner added.

The annual trade show is probably the major activities that the AmCham Bangladesh undertakes with a view to stimulating greater understanding about each other's business potential and opportunities.

Four seminars on different issues may also be organised on the sidelines of the exhibition.

After the trade show, attractive prizes will get under a raffle draw among the few lucky winners chosen from the visitors.

Syed Mohommad Kamal, vice president of AmCham, and Showkat Ali Sarkar, person in the chamber, also spoke at the press conference.

The fair will stay open for visitors from 10am to 8pm. The entry charge for the show is Tk 30. Students in uniform or with identity cards will love free access.
Source: https://www.thedailystar.net

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