US to give $1b in 5 years to support private investment in Bangladesh
The United States has committed to providing the private sector in Bangladesh – mainly for agriculture, skills development, renewable energy and research, revenue system development, and overall export development – with $1 billion in investment support in the next five years.
This assistance will be provided through the US Agency for International Development (USAID), stakeholders said at a seminar on Saturday, jointly orgainsed by the American Chamber of Commerce and the US Embassy at a hotel in Dhaka on the last day of this year's three-day US Trade Show.
In his keynote speech at the seminar, Mohammad N Khan, director of the Office of Economic Growth at USAID, stressed improving the business environment in Bangladesh to increase private and foreign investment in Bangladesh.
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To this end, the use of digital technology should be increased, he said, adding that business costs and time should be reduced and new sectors should be encouraged in export.
He went on to say that USAID has long been working to empower women in Bangladesh. Besides, it continues to work for the development of the renewable energy sector, to train farmers on growing non-toxic vegetables, and improve the marketing system.
Also, work is underway to increase floriculture, promote aqua systems, ensure people's access to safe water, encourage light engineering industries, develop the milk processing industry, and tap the potential of ecotourism, he added.
Mohammad N Khan also said trade facilitation is needed for business development in the country.
Mentioning that Bangladesh will face many challenges after its graduation from the LDC status in 2026, he said the country must utilise trade opportunities in the international market to deal with the challenges.
He also said that they are working with the National Board of Revenue and the Registrar of Joint Stock Companies and Firms.
He also emphasised technology transfer for the development of agriculture, saying this is essential in ensuring food security.
