Bangladesh is open for business: PM to Wall Street

Highlights

• PM Tarique invited Wall Street firms to invest in Bangladesh.
• PM said Bangladesh aims to build a $1 trillion economy by 2034.
• The government is working to make investment easier and more predictable.
• PM called for stronger economic ties with the United States.

Prime Minister Tarique Rahman on Friday told global business leaders and investors that Bangladesh is open for business, inviting Wall Street firms to invest in the country and build long-term partnerships.

"Before entering politics, I started my career in business. I learned a simple lesson: investment needs confidence, predictability and the right conditions to grow. That is what our government is determined to provide. Our message is simple: Bangladesh is open for business," he said.

The Prime Minister made the call while addressing a breakfast meeting hosted by JPMorgan Chase at its headquarters in Manhattan, where he outlined Bangladesh's economic potential, investment opportunities and the government's efforts to create a more predictable and investor-friendly business environment.

"I have come to New York for the United Nations General Assembly. Yesterday, I spoke about Bangladesh's priorities to the international community. This morning, I want to speak more directly about our economy and the opportunities Bangladesh offers to global business," he said.

The Prime Minister said Bangladesh, with a population of more than 180 million, a young and hardworking population, a growing market and a strategic location, offered significant opportunities for global investors.

He said Bangladesh was known as a major manufacturing and garments base, but the country now offered opportunities in energy, infrastructure, logistics, technology, digital services, climate finance, manufacturing, agriculture and healthcare.

"Our ambition is to build a one-trillion-dollar economy by 2034 and position Bangladesh as a globally connected manufacturing, investment and services hub," Tarique said.

He said the government was working to make Bangladesh easier and more predictable for investors by pursuing deregulation, stronger investor protection, easier regulations, better tax and VAT administration, easier profit repatriation and improved infrastructure.

The Prime Minister also stressed the importance of deepening Bangladesh's economic relationship with the United States.

He said Bangladesh had signed a Reciprocal Trade Agreement with the United States, reached new economic arrangements with Japan and South Korea, initiated a new partnership with the European Union and strengthened its economic ties with China.

"These are important steps in connecting Bangladesh more closely with the world's major economies," Tarique said.

Referring to JPMorgan's role in Bangladesh's inaugural sovereign bond, he said it was an important milestone that gave international investors a new reference point for Bangladesh and helped connect the country's capital markets more closely with the global financial system.

The Prime Minister, however, acknowledged that investors ultimately judged a country by what happened after a speech.

"You want to know whether regulations are predictable, whether investments are protected, whether capital can move efficiently, and whether profits can be repatriated. These are legitimate questions," he said.

"Our responsibility is to provide confidence through policy and, most importantly, through implementation," the Prime Minister added.

Tarique said the government was not looking for short-term transactions but wanted long-term partnerships that would create value for both sides.

"We welcome Wall Street firms to invest in Bangladesh. And we want Bangladesh to become a strong platform, from which you can serve a much larger regional market," he said.

The Prime Minister said his government's objectives were to attract more investment, expand trade, create more jobs, bring in more technology and strengthen the economic partnership between Bangladesh and the United States.

"Our government's objective is straightforward. More investment. More trade. More jobs. More technology. And a stronger economic partnership between Bangladesh and the United States," he said.

"I invite you to invest with confidence and build for the long term. We are ready to work with you, listen to you and remove obstacles where we can," Tarique added.

He expressed hope that many of the participants would visit Bangladesh soon.

The breakfast meeting, titled "Bangladesh Comes to Wall Street," was hosted by JPMorgan Chase as part of the Prime Minister's programme during his visit to New York for the 81st session of the UN General Assembly.

The meeting brought together business leaders and investors to discuss Bangladesh's economy, investment prospects, trade and financial-sector opportunities.