US investors for easing doing business, cutting taxes in Bangladesh

US companies interested in investing in Bangladesh have asked Commerce Minister Tipu Munshi about the government's plans to ease the business environment and reduce the high tax structure in the country.

"Many American companies and businessmen have expressed interest in investing in Bangladesh," the minister told reporters after a roundtable meeting at a city hotel with the visiting "Executive Business Delegation" of the US-Bangladesh Business Council on Wednesday.

"They mentioned some difficulties. For example, the tax structure of Bangladesh," he said, adding, "We informed them that the government is developing 100 economic zones, and investing there would provide 15 years of tax exemption."

Tipu Munshi said that they told the US businesses that the government would provide all sorts of support to address any investment-related issues.

Earlier, during the inauguration of the discussion, the commerce minister stated that the global crisis arising from the Covid pandemic and the Russia-Ukraine conflict can be resolved through a robust partnership between the government and the private sector.

He called upon the US to form a partnership, especially involving the US private sector, to stand by and address the current challenges through a continuous increase in business and trade with Bangladesh.

Tipu Munshi said Bangladesh is set to graduate from its least developed country status in 2026, which will impact the country's access to duty-free markets in certain developed economies. Bangladesh is currently preparing to face this challenge.

"I believe that the US government and the US private sector will also be with us on this journey. We will be more confident in our capacity and the favourable environment for trade and investment. Such trade delegations play a significant role in fostering cooperation for mutual benefit," he added.

The minister said that due to the government's fast-track initiatives, including the Padma Bridge, metro rail, Payra port, deep seaport, power station at Matarbari, Karnaphuli tunnel, and other mega-projects and power plants, the export and import landscape is undergoing a radical transformation.

"As a result, foreign investment is also experiencing an increase," he added.

Federation of Bangladesh Chamber of Commerce and Industry President Mahbubul Alam suggested signing a free trade agreement between Bangladesh and the USA.

"The United States can help Bangladesh face the challenge of LDC graduation by signing the FTA," he added.

Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh, and Atul Keshap, president of the US-Bangladesh Business Council, also spoke in the meeting.