Commerce Minister Khandaker Abdul Muqtadir said export diversification, better market access and stronger investment are needed to boost the US–Bangladesh economic partnership.
He made these remarks as the chief guest at an event titled “Advancing US-Bangladesh Economic Partnership,” organised by the American Chamber of Commerce in Bangladesh (AmCham) at a hotel in Dhaka on Tuesday.
Muktadir added that US is an important trade partner of Bangladesh, and although bilateral trade between the two countries has been growing consistently, a one-way dependency remains in the export sector.
He noted that over-reliance on the ready-made garment (RMG) sector is risky for the country and emphasised the necessity of diversifying export products.
The minister said the government is working to expand the export base by prioritising the pharmaceutical industry, leather and leather goods, agricultural products, light engineering, and the ICT sector. He pointed out that Bangladesh is advancing rapidly in the ICT sector due to its young and skilled workforce.
Regarding Bangladesh’s graduation from the Least Developed Country (LDC) status, Muktadir stressed that ensuring access to developed markets is vital. Bangladesh has proposed a three-year extension and set a graduation target for November 2029. He sought US cooperation to ensure a smooth transition during this process.
He remarked that while US investment in the energy sector has made a positive contribution, it remains low compared to the overall investment potential. He noted that fluctuations in US Foreign Direct Investment (FDI) in recent years indicate a need to further strengthen investor confidence.
Highlighting the importance of technology transfer and innovation, he said the US could be a key partner for Bangladesh in Artificial Intelligence (AI), digital transformation, and the ICT sector. Additionally, there is significant potential for increased cooperation in the service sectors, particularly in ICT, Fintech, e-commerce, and digital services.
AmCham President Syed Ershad Ahmed delivered the welcome address, while the US Ambassador to Bangladesh, Brent T Christensen, spoke as the special guest.
