Export diversification, investment flow key to stronger US-Bangladesh economic ties: Commerce Minister
The minister said the government has already identified pharmaceuticals, leather and leather goods, agricultural products, light engineering and information and communication technology (ICT) as priority sectors for export expansion.
Commerce Minister Khandakar Abdul Muktadir today (28 April) stressed the need for accelerating export diversification, expanding market access and boosting investment flows to forge a more robust economic partnership between Bangladesh and the United States.
While bilateral trade between the two countries has grown steadily the export basket remains dangerously skewed, said the minister at a programme titled 'Strengthening US-Bangladesh Economic Partnership' organised by the American Chamber of Commerce in Bangladesh (AmCham) at a city hotel.
"Over-reliance on the readymade garments sector poses a structural risk to the economy," he said, urging concerted efforts to broaden the country's export base.
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The minister said the government has already identified pharmaceuticals, leather and leather goods, agricultural products, light engineering and information and communication technology (ICT) as priority sectors for export expansion.
Bangladesh's young and skilled workforce is enabling the country to advance rapidly in the ICT domain, he added.
Muktadir underscored the urgency of securing preferential market access ahead of Bangladesh's graduation from Least Developed Country (LDC) status, noting that the country has proposed a three-year extension and set a target transition date of November 2029.
He called on Washington to extend its cooperation in ensuring a smooth and orderly graduation process.
On investment, the minister acknowledged that while US capital in the energy sector has made a meaningful contribution, overall American investment remains well below its potential.
He pointed to fluctuations in US foreign direct investment (FDI) inflows in recent years as an indicator of the need to further strengthen investor confidence.
Highlighting the transformative potential of technology transfer, Muktadir said the United States could serve as a vital partner for Bangladesh in artificial intelligence, digital transformation and the broader ICT landscape.
He also pointed to significant untapped potential for collaboration in services, particularly ICT, fintech, e-commerce and digital services.
AmCham President Syed Ershad Ahmed delivered the welcome address while US Ambassador to Bangladesh Brent T. Christensen spoke as special guest.
Both speakers emphasised the importance of deepening trade, investment and economic cooperation between the two nations.
