In May 2022, the Prime Minister of Bangladesh, Sheikh Hasina, stated that Bangladesh is in need of enhanced investments from countries friendly with it and especially from the U.S. The country requests investments in an attempt to become a prosperous and developed country by its goal year, 2041. If the U.S. chooses to participate in Bangladesh’s enhanced investments, Bangladesh is choosing to diversify what it’s spending the investments on. At the pace they are currently going, Bangladesh will have graduated from being on the list of least developed countries (LDC) in the year 2026.

Usage of Investments

Hasina believes that Bangladesh’s enhanced investments are promising amongst investors due to its infrastructure. In addition to that, the government has eased the rules and regulations for businesses and investments that existed prior. The country recently implemented many development programs that help improve its livability. One major highlight is that recently, the entire country went under full electricity coverage, according to Dhaka Tribune.

Areas of Focus

More major areas of focus are water communication systems, roadways and railways. The government is also working on Bangladesh’s enhanced investments by creating zones for domestic and foreign investors throughout the country, with 100 unique economic zones set in the plan. According to Hasina, the government’s focus on advancing skilled manpower and the demographic dividend assures investors that Bangladesh’s enhanced investments will garner skilled human resources at vying wages.

Diversify the Investments

Foreign Minister of Bangladesh, AK Abdul Momen is requesting that U.S. businesses make more diverse investments that go further than just the energy sectors, such as the agriculture sector. Around 90% of current investments from the U.S. to Bangladesh fund the energy sector, which the country will continue to use and request more investment in it. The country is also ambitiously suggesting that the U.S. produces goods out of it as well. Entrepreneurs from the U.S. have also shown interest in Bangladeshi Information and Communication Technologies (ICT) sector as it has more than 650,000 freelancers in the country.

US – Bangladesh Relations

Jay R. Pryor, the Vice President of Chevron was staying in Bangladesh from May 7 to May 11, 2022 to explore U.S. – Bangladesh economic opportunities. During this visit, discussions occurred regarding many plans for Bangladesh’s enhanced investments. The U.S. delegation expressed its interest in investing in “Smart Bangladesh” after already successfully implementing “Digital Bangladesh” in the country. In addition, Salman F. Raman, the Prime Minister’s private sector industry and investment advisor expressed that Bangladesh’s agriculture industry can bring lots of success and is suggesting investors bring modern technology to the sector.

The Positive Outcome

The investments that the leaders of Bangladesh are urgently seeking can drastically improve the livability of the country. Bangladesh is now incorporating solar water pumps in its water industry in order to improve the water supply. As Bangladesh moves forward, it is steadily improving all sectors in its country making its goal of becoming a developed and prosperous country by the year 2041 a foreseeable reality.

– Christina Papas
Photo: Flickr