PM seeks duty, quota-free access to US market

Hasina urges US investors to partner with Bangladesh in journey of mutual profits

Prime Minister Sheikh Hasina on Monday said it is imperative that the USA give Bangladesh’s apparel to duty- and -quota-free access to its market to help expand Bangladesh's readymade garment (RMG) industry, ensure women employment and empowerment and establish a modern society, reports UNB.
"The USA will then be as fair as the 52 other countries like Australia, Canada, New Zealand, China, Japan, India and the European Union that give Bangladesh duty- and -quota-free access to their markets," she said.
The Prime Minister was speaking at the luncheon meeting hosted by the Business Council for International Understanding (BCIU) held at Hotel Waldorf Astoria where she has been staying.
The Prime Minister also urged the US businesses and investors to come forward and partner with Bangladesh in this journey of mutual profits and prosperity to supplement Bangladesh's strives towards becoming a middle-income country by 2021 and a developed one by 2041.
"Importantly, such a worthwhile partnership will also strengthen our two countries' friendship," she added. Hasina said Bangladesh's main export to the USA is apparel and this industry employs four million workers, of which 90 percent are girls from poor families. “Their earnings are helping their empowerment.”
She said their contributions now provide better nutritional food, allow children to go to schools and give them a respectful voice at home. “Their empowerment is also helping reduce poverty, control
population growth and increase literacy,” she added.
The Prime Minister said, “Significantly, this trend is supporting our fight against extremism and terrorism by transforming our society into a progressive one. For these efforts to succeed, it is vital for the US to give Bangladesh apparel duty- and -quota-free access to its market. It would expand Bangladesh apparel industry, employ and empower more girls and help establish a modern society.”
She said Bangladesh is ready for US investment in power, energy, especially renewable and green energy; shipbuilding and recycling; automobile and light engineering; chemical fertiliser;
agro-processing; pharmaceuticals; ceramic and plastic goods; ICT; marine resources extraction’ tourism; medical equipment; telecommunications and knowledge-based high tech industries.
Hasina said many of these products will find duty- and -quota-free access to all the 52 countries giving Bangladesh these privileges.
The Prime Minister said the relationship between the USA and Bangladesh has been moving to higher planes since she became Prime Minister in 2009.
“Today, our two countries have the best of relations. This is evident from the outcome of Secretary John Kerry’s recent visit to Bangladesh. Indeed, our strategic partnership is getting broader and deeper with time. This growing relationship is reflected in our two countries’ business relations,” she said.
Sheikh Hasina said the American companies are still the largest investors to Bangladesh. Last year, they invested half a billion or 25 percent of the total FDI to Bangladesh. In trade, the US is still the largest single country destination of Bangladeshi products.
“Our two countries’ bilateral trade reached US $ 7 billion last year. It could be more if the high tariffs and compliance issues on Bangladeshi apparel to US market were removed,” she said, adding that it should be as Bangladesh is an LDC and many other LDCs do not have these protectionist measures imposed on them by the USA.
Instead, she regretted, the US in 2013 sadly suspended its GSP privileges to Bangladesh terming it an unkind act. Even sadder was when US in 2015 restored its GSP privileges to all South Asian
countries except Bangladesh.
Last year, Hasina said, the total FDI into Bangladesh crossed US$ 2 billion for the first time. “This indicates the confidence of foreign investors in Bangladesh, on its macroeconomic and political stability, and on its physical infrastructure development. Their confidence is also on the rise because of Bangladesh’s huge potential and energised drive to become a middle-income country by 2021, and a developed one by 2041.”
She said since her party formed government in 2009, Bangladesh’s GDP growth rate has averaged 6.2 percent plus, crossing 7 percent this year; per capita increased by 65 percent; inflation held 5.45
percent; export earnings doubled over to over US $ 34 billion and remittances to US $ 15 billion; foreign currency reserve increased to US $ 31 billion and Human Development Index yearly at 1.6 percent;
attainment of food and energy security, to name a few development indicators.
The Prime Minister said these led Bangladesh to achieve many of the MDGs and Bangladesh is today a trade dependent country. “Foreign aid is now merely 1.5 percent of Bangladesh’s annual GDP. UN Secretary General Ban Ki-moon has, therefore, often said ‘Bangladesh is today a role model of economic development’.”
She said Bangladesh is also a progressive, secular democracy with a homogenous population of which 60 percent is below the age of 40 and available at competitive wages. Bangladesh has gas, coal, water,  fertile soil, and a fast growing middle class with increasing purchasing powers. It achieved Moody’s Ba3 and Standard and Poor’s BB with a stable outlook for the 6th consecutive year.
The Prime Minister said Bangladesh has the most liberal investment policy in South Asia. It includes protection of foreign investment by law; generous tax holiday; concessionary duty on import of machinery; remittances of royalty; 100 percent foreign equity; unrestricted exit policy; full repatriation of dividend and capital on exit to name a few, she said.
Besides, she said, around 100 Exclusive Economic Zones are being established with a dozen ready to receive foreign private labour intensive industries.
Meanwhile, Bangladesh and the USA have signed a Bilateral Investment Treaty and the Convention on Avoidance of Double Taxation.
PM’s ICT Adviser Sajeeb Ahmed Wazed, Foreign Minister AH Mahmood Ali, State Minster for Foreign Affairs M Shahriar Alam, Bangladesh Ambassador to the US Mohammad Ziauddin, PM’s Principal Secretary Md Abul Kalam Azad, NBR Chairman Md Nojibur Rahman, Foreign Secretary Md Shahidul Haque, Ambassador and Permanent Representative of Bangladesh to the United Nations Masud Bin Momen, FBCCI President Abdul Matlub Ahmad and First Vice President Shafiul Islam Mohiuddin were present, among others. Assistant Secretary of US Department of State for South and Central Asian Affairs Nisha Biswal, business leaders, including from American Tower Corporation, Walmart, MetLife, Boeing, Chevron Corporation, GE, Coca Cola attended the meeting.

PM seeks duty, quota-free access to US market

Hasina urges US investors to partner with Bangladesh in journey of mutual profits

Prime Minister Sheikh Hasina on Monday said it is imperative that the USA give Bangladeshs apparel to duty- and -quota-free access to its market to help expand Bangladeshs readymade garment (RMG) industry, ensure women employment and empowerment and establish a modern society, reports UNB. The USA will then be as fair as the 52 other countries like Australia, Canada, New Zealand, China, Japan, India and the European Union that give Bangladesh duty- and -quota-free access to their markets, she said. The Prime Minister was speaking at the luncheon meeting hosted by the Business Council for International Understanding (BCIU) held at Hotel Waldorf Astoria where she has been staying. The Prime Minister also urged the US businesses and investors to come forward and partner with Bangladesh in this journey of mutual profits and prosperity to supplement Bangladeshs strives towards becoming a middle-income country by 2021 and a developed one by 2041. Importantly, such a worthwhile partnership will also strengthen our two countries friendship, she added. Hasina said Bangladeshs main export to the USA is apparel and this industry employs four million workers, of which 90 percent are girls from poor families. Their earnings are helping their empowerment. She said their contributions now provide better nutritional food, allow children to go to schools and give them a respectful voice at home. Their empowerment is also helping reduce poverty, control population growth and increase literacy, she added. The Prime Minister said, Significantly, this trend is supporting our fight against extremism and terrorism by transforming our society into a progressive one. For these efforts to succeed, it is vital for the US to give Bangladesh apparel duty- and -quota-free access to its market. It would expand Bangladesh apparel industry, employ and empower more girls and help establish a modern society. She said Bangladesh is ready for US investment in power, energy, especially renewable and green energy; shipbuilding and recycling; automobile and light engineering; chemical fertiliser; agro-processing; pharmaceuticals; ceramic and plastic goods; ICT; marine resources extraction tourism; medical equipment; telecommunications and knowledge-based high tech industries. Hasina said many of these products will find duty- and -quota-free access to all the 52 countries giving Bangladesh these privileges. The Prime Minister said the relationship between the USA and Bangladesh has been moving to higher planes since she became Prime Minister in 2009. Today, our two countries have the best of relations. This is evident from the outcome of Secretary John Kerrys recent visit to Bangladesh. Indeed, our strategic partnership is getting broader and deeper with time. This growing relationship is reflected in our two countries business relations, she said. Sheikh Hasina said the American companies are still the largest investors to Bangladesh. Last year, they invested half a billion or 25 percent of the total FDI to Bangladesh. In trade, the US is still the largest single country destination of Bangladeshi products. Our two countries bilateral trade reached US $ 7 billion last year. It could be more if the high tariffs and compliance issues on Bangladeshi apparel to US market were removed, she said, adding that it should be as Bangladesh is an LDC and many other LDCs do not have these protectionist measures imposed on them by the USA. Instead, she regretted, the US in 2013 sadly suspended its GSP privileges to Bangladesh terming it an unkind act. Even sadder was when US in 2015 restored its GSP privileges to all South Asian countries except Bangladesh. Last year, Hasina said, the total FDI into Bangladesh crossed US$ 2 billion for the first time. This indicates the confidence of foreign investors in Bangladesh, on its macroeconomic and political stability, and on its physical infrastructure development. Their confidence is also on the rise because of Bangladeshs huge potential and energised drive to become a middle-income country by 2021, and a developed one by 2041. She said since her party formed government in 2009, Bangladeshs GDP growth rate has averaged 6.2 percent plus, crossing 7 percent this year; per capita increased by 65 percent; inflation held 5.45 percent; export earnings doubled over to over US $ 34 billion and remittances to US $ 15 billion; foreign currency reserve increased to US $ 31 billion and Human Development Index yearly at 1.6 percent; attainment of food and energy security, to name a few development indicators. The Prime Minister said these led Bangladesh to achieve many of the MDGs and Bangladesh is today a trade dependent country. Foreign aid is now merely 1.5 percent of Bangladeshs annual GDP. UN Secretary General Ban Ki-moon has, therefore, often said Bangladesh is today a role model of economic development. She said Bangladesh is also a progressive, secular democracy with a homogenous population of which 60 percent is below the age of 40 and available at competitive wages. Bangladesh has gas, coal, water, fertile soil, and a fast growing middle class with increasing purchasing powers. It achieved Moodys Ba3 and Standard and Poors BB with a stable outlook for the 6th consecutive year. The Prime Minister said Bangladesh has the most liberal investment policy in South Asia. It includes protection of foreign investment by law; generous tax holiday; concessionary duty on import of machinery; remittances of royalty; 100 percent foreign equity; unrestricted exit policy; full repatriation of dividend and capital on exit to name a few, she said. Besides, she said, around 100 Exclusive Economic Zones are being established with a dozen ready to receive foreign private labour intensive industries. Meanwhile, Bangladesh and the USA have signed a Bilateral Investment Treaty and the Convention on Avoidance of Double Taxation. PMs ICT Adviser Sajeeb Ahmed Wazed, Foreign Minister AH Mahmood Ali, State Minster for Foreign Affairs M Shahriar Alam, Bangladesh Ambassador to the US Mohammad Ziauddin, PMs Principal Secretary Md Abul Kalam Azad, NBR Chairman Md Nojibur Rahman, Foreign Secretary Md Shahidul Haque, Ambassador and Permanent Representative of Bangladesh to the United Nations Masud Bin Momen, FBCCI President Abdul Matlub Ahmad and First Vice President Shafiul Islam Mohiuddin were present, among others. Assistant Secretary of US Department of State for South and Central Asian Affairs Nisha Biswal, business leaders, including from American Tower Corporation, Walmart, MetLife, Boeing, Chevron Corporation, GE, Coca Cola attended the meeting.