Business Desk :
Dhaka has urged Washington to give preferential market access of Bangladeshi products to the US market and funding from its International Development Finance Corporation (DFC) for infrastructural development in Bangladesh.
It simultaneously sought enhanced United States (US) investment and technology transfer in the manufacturing sector of Bangladesh, according to BSS report.
Bangladesh made the request during the 2nd High-Level Economic Consultation (HLEC) between the two countries held on Thursday at the US Department of State in Washington D.C, according to a press release, issued by Bangladesh mission in Washington. Bangladesh Prime Minister’s private industry and investment adviser Salman F. Rahman, MP, and US State Department Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez co-chaired the daylong meeting.
During the meeting, Adviser Rahman underscored business-to-business and people-to-people contacts as the key elements for enhanced economic cooperation between the two countries.
The adviser also encouraged the US IT companies to invest in the Hi-Tech Parks taking advantage of the large pool of freelancers in Bangladesh.
State Minister for Foreign Affairs Md. Shahriar Alam stated that continuity of coherent policies under the visionary leadership of Prime Minister Sheikh Hasina was the key to Bangladesh’s tremendous socioeconomic progress during the past 13 years.
Under Secretary Jose W. Fernandez applauded Bangladesh’s remarkable economic growth and tremendous success in COVID-19 vaccination.
Recognizing the progress made in Bangladesh’s labour sector, Fernandez proposed for a regular consultation mechanism to remain engaged on the labour issues.
Bangladesh and the US sides agreed on the importance of enhanced people-to-people contact in strengthening bilateral relations.
In this regard, State Minister Alam drew the attention of the US side to expedite visa processing for the students and the businessmen from Bangladesh.
The meeting participants celebrated the strong and growing economic partnership between the United States and Bangladesh, a highlight of our 50 years of bilateral relations.
The United States highlighted Bangladesh’s evident potential to be a regional leader in digital trade and noted with appreciation steps taken by Bangladesh to adopt a transparent regulatory environment to secure broad-based foreign investment in its bourgeoning digital economy sector. Bangladesh welcomed investment from U.S. firms in Bangladesh, including in the renewable energy, telecommunications, and agricultural and food processing sectors and to its economic zones.
Bangladesh warmly welcomed a U.S. concept of a U.S.-Bangladesh Women’s Council, which would enhance women’s employment, entrepreneurship, and access to educational opportunities in support of a more equitable future.
Bangladesh also expressed a commitment to address other areas of labor reform including improving workers’ rights to freedom of association and collective bargaining in export processing zones (EPZs) and gradually in other sectors across Bangladesh’s economy.
Both sides decided that the effective implementation and enforcement of international labor standards can help the economies of both the countries recover from the pandemic, broaden economic gains, and unlock further economic potential with other trade partners by creating an attractive business environment. Bangladesh expressed interest in receiving U.S. development finance from DFC for a wide range of infrastructure opportunities. The United States affirmed it would consider Bangladesh’s request while emphasizing the need for Bangladesh to implement the ILO road map.
Both countries share a common vision of a free, open, inclusive, peaceful, and secure Indo-Pacific region with shared prosperity for all.
The United States briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF), and Bangladesh welcomed additional information on the supply chain resilience and decarbonization pillars of the IPEF. Bangladesh also sought U.S. technical assistance to sustainably explore its ocean resources and further develop its blue economy in pursuit of environmental protection and economic prosperity.
Bangladesh highlighted that re-starting non-stop flights between New York City and Dhaka is a high priority. Both sides are committed to taking the next steps to move this forward at the earliest.
