Expats can help bolster US-Bangladesh economic ties: FBCCI president

Expatriate Bangladeshi businessmen should come forward for the development of trade and economic relations between the US and Bangladesh, FBCCI President Md Jashim Uddin has said.

Jasim Uddin made the call at the Annual Business Summit organised by the American Bangladeshi Business Alliance in NewYork on Friday. In his keynote address, the FBCCI president emphasised the need to strengthen trade ties between the two countries to further strengthen trade and economic relation between Bangladesh and the United States.

The FBCCI president said, “This year is being celebrated as a landmark year for us on the occasion of the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the 50th anniversary of our independence. 

“Under the visionary leadership of Honourable Prime Minister Sheikh Hasina, Bangladesh has achieved all the goals of the CDP LDC Graduation, which we are very proud of. Bangladesh is now rapidly advancing in realising the new hopes of the new world through digitalisation, industrialisation, tourism and infrastructural development.”

Referring to the GDP growth of 8.15 percent in fiscal 2018-19, the FBCCI president said, “Bangladesh is currently one of the fastest growing economies in the world. Even during the coronavirus epidemic, in FY-21, we achieved 5.47% GDP growth, which is higher than other countries in South Asia. Bangladesh’s achievements in socio-economic progress and sustainable development are also significant.”

The FBCCI president said the prime minister’s timely decision to address coronavirus has enabled the country’s export, CMSME, agriculture and other sectors to be included in the financial incentive package and refinancing scheme worth over Tk 1 lakh 87 thousand crore.

Regarding the implementation of mega projects aimed at developing infrastructure, he said the highways have already been upgraded to four lanes. “Sector-wise cluster zones and high-tech parks are being created for the development of the SME sector by combining skilled manpower and advanced technology. With the establishment of 100 special economic zones, a balanced and maximum utilisation of the country’s internal resources will be possible in a short period of time. The door to massive employment will be opened. As a result, with all the development plans of the government, there is a huge potential for investment in the industrial sector as well as in the SME sector.”

“The Karnafuli Underwater Tunnel will create a bridge between Chattogram and Cox’s Bazar and bring huge potential for investment in the tourism sector including increasing the efficiency of the Chittagong Port, expanding industry, increasing imports and exports. With the implementation of the third terminal of Hazrat Shahjalal International Airport, both the annual passenger and cargo capacity will increase. As a result, Bangladesh will be an attractive investment destination for investors, both domestic and international.”

He said the United States has always been an important friend of Bangladesh and one of the partners in the development of multifaceted interests. “They contribute to achieving the goals of our economy, sustainable development, climate change, food security and health and education development. To strengthen this relationship, he called on US businessmen to invest in Bangladesh.” Jasim Uddin expressed interest in launching a platform for meetings, seminars and trade fairs and business networking between the entrepreneurs of the two countries.

The FBCCI president said remittances are playing a significant role in every sector of Bangladesh economy including trade, investment and construction. “The amount of remittances in the fiscal year 2020-21 stood at 24.77 billion US dollars. The labour market has continued to expand in various countries as a result of the present government’s relentless diplomatic efforts and various strong measures, including the development of workers’ safety and safe emigration policies.”

Mostafa Azad Chowdhury Babu, senior vice president, FBCCI at the Annual Business Summit, said that expatriate Bangladeshis are making significant contributions to the national economy by working hard and sending remittances to the country. He urged Bangladeshi expatriates living in the US to invest in the country. He emphasised on regular exchange of contacts and communication between expatriate Bangladeshi businessmen and FBCCI. The American Bangladeshi Business Alliance and FBCCI can work together to improve trade relations between the United States and Bangladesh by identifying sector-based problems and possibilities, he added.

BGMEA President Faruk Hasan and FBCCI Director Amjad Hossain, among others, spoke at the Summit. 

The event was presided over by AKM Fazlul Haque, president, American Bangladeshi Business Alliance (ABBA). 

Aminul Haque Shamim, vice president, FBCCI, Salauddin Alamgir, vice president, FBCCI,  MA Razzak Khan, vice president, FBCCI, Md Anwar Sadat Sarkar, director, FBCCI, Rashedul Hossain Chowdhury (Roni), director, FBCCI, Rezaul Karim Rejnu, director, FBCCI, Bazal, director, FBCCI, Tabarakul Tosaddek Hossain Khan Titu, director, FBCCI, Md Nasser, director, FBCCI, Syed Sadat Almas Kabir, director, FBCCI, and Abul Kashem Khan director, FBCCI, were also present at the Summit.