Over the past five decades, Bangladesh has rapidly transformed to become one of the fastest growing economies in the world. With growth of 7.2% in 2022, Bangladesh is well positioned to become the 24th largest economy in the world within 10 years. The United States remains a committed partner in Bangladesh’s growth and resilience, with a focus on development and foreign direct investment. To this day, the United States remains the largest source of foreign direct investment in Bangladesh and the largest single market for Bangladeshi products in the world.
A year ago, at an event bringing together the Honorable Prime Minister Sheikh Hasina and senior U.S. government officials, as well as U.S. and Bangladeshi business leaders, the American Chamber of Commerce spear the United States-Bangladesh Business Council (USBBC) in recognition of the maturity of bilateral economic, trade and commercial relations.
The business communities of the United States and Bangladesh are energized through various high-level dialogues and avenues to find more synergy to target even higher bilateral trade, which currently stands at $9 billion. Inaugural Board Chairman and Board of Directors, on behalf of U.S. industry and the U.S.-Bangladesh Business Council, support the strengthening of economic relations between the two countries – based on open partnership and political consultation , expanding investment and finding ways to deepen trade between the two countries.
“Chevron values its relationship with the Prime Minister and the government of Bangladesh. We appreciate the support that enables Chevron to invest in Bangladesh and contribute to the country’s energy security. Chevron is entering a new era in Bangladesh as we seek to strengthen our current partnership with the government. I am excited about the opportunities ahead and look forward to working with the people of Bangladesh toward a shared vision for future growth,” said Jay R. Pryor, Chevron vice president of business development and chairman of the board. inaugural administration of the US-Bangladesh Business Council.
While Bangladesh sits at the heart of the Indo-Pacific, a high-priority region for economic connectivity by the Biden-Harris administration, bilateral relations are also centered on shared democratic values, free enterprise, supply chains. resilient supply and people’s prosperity and health. of both countries.
This was especially true throughout the pandemic when Bangladesh shipped over 6 million pieces of personal protective equipment to the United States during the devastating first wave of COVID-19. As we set up a steady post-pandemic recovery and make increasing progress in the global COVID-19 vaccination campaign, to date over 16% of Bangladeshis have been vaccinated with the 61 million doses of vaccines against the COVID-19 that the United States donated to Bangladesh through COVAX – the largest United States donation to any country. The US-Bangladesh Business Council and a coalition of industry leaders, in partnership with Project CURE, joined this fight by sending shipments of oxygen concentrators, PPE, emergency relief beds and other vital medical equipment to Bangladesh for the country’s medical schools last year.
The U.S. Chamber and the U.S. Agency for International Development (USAID) have also launched a work stream to leverage private sector technical expertise in both countries to continue to fight the pandemic, bridge the gap. immunization gap, support diagnostics and support institutions. preparation for the future. We remain essential partners in this fight and are #InThisTogether!
To look forward
As we celebrate 50 years of the U.S.-Bangladesh relationship, we see key areas of collaboration that could be strengthened to deepen energy and power cooperation, partner with Digital Bangladesh 2.0, expand the financial inclusion and women’s empowerment, support Bangladesh’s transition to a cashless society, and increase agriculture and agribusiness trade.
As Bangladesh’s middle class continues to grow and more people are lifted out of poverty, as the country’s successful economic model has shown time and time again, its people are now more digitally connected to each other and to the rest of the world. It is time for our collective and collaborative attention to focus on Bangladesh’s ambition to become a developed country by 2041, propelled by an “investment driven” economic growth agenda in the decades to come. We look forward to building on our 50 years of friendship to deepen our collaboration and increase the prosperity of our two countries.