Bangladesh seeks duty free access to US market for RMG, more investment in health and ICT

[Black_cats]

Published on 08:58 PM, June 30, 2020
Bangladesh seeks duty free access to US market for RMG, more investment in health and ICT

Foreign Minister AK Abdul Momen. File Photo
Star Online Report
Bangladesh has sought duty-free access of Bangladeshi readymade garments to the US market for two years, as the sector faces rising challenges with the coronavirus pandemic laying a heavy toll on it.

In a telephone call with US Secretary of State Mike Pompeo on Monday, Bangladesh's Foreign Minister AK Abdul Momen said RMG workers, mainly women, have fallen into uncertainty as buyers from various countries -- including the US -- cancelled orders from Bangladesh.

Momen also requested the US to invest in Bangladesh's health sector under the US International Development Finance Corporation, as well as in economic zones, saying that Bangladesh wants to see diversification in foreign investment.

He said investment in Hi-Tech Parks and the ICT sector in Bangladesh will be profitable for the US due to availability of a skilled work force, according to a foreign ministry statement today.

During the conversation, Bangladesh and the United States renewed commitments to support the voluntary, safe, dignified, and sustainable return of the Rohingyas to Myanmar.

Momen emphasised on partnership and mutual cooperation as the Covid-19 pandemic puts the world into total uncertainty.

Pompeo stressed on the importance of transparency and access to information for long-term economic stability and sustainable development. He reaffirmed the importance of the Bangladesh-US relationship and discussed continued cooperation to address the Covid-19 pandemic.

He said the US provided more than $43 million in Covid-19 assistance, and stressed that the role of Bangladesh is critical in the international response to the pandemic by manufacturing emergency medical and protective supplies.

Secretary Pompeo appreciated Bangladesh for advancing to Tier-2 in the Trafficking in Persons report, released recently.

Secretary Pompeo commended Foreign Minister Momen for Bangladesh's continued generousity in hosting Rohingya refugees, said Spokesperson at US Department of State Morgan Ortagus.

The United States has contributed nearly $820 million in humanitarian assistance for the Rohingyas, most of which is for programs within Bangladesh.

Momen also urged the US Secretary of State to hand over Rashed Chowdhury, killer of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, to execute the court verdict against him.

www.thedailystar.net/bangladesh-seeks-duty-free-access-us-market-rmg-more-investment-health-and-ict-1922993%3famp

 

[bluesky]

It is a good initiative. However, it remains to be seen how effective it will be to the US industrialists. The Govt there certainly does not have the power to dictate its companies where to invest. The US companies have a very strong foothold in the South American countries where the Corporate US invests to use cheap labor there and export the goods to its home market.

I wonder, if the US companies will see any incentives to in vest in a far away country that lies half the world away. I also doubt BD side is ready to accept any big FDIs.

China is very near to BD and it may find BD an attractive destination for those of its export-oriented companies that still make labor-intensive cheap goods.

 

[Black_cats]

It is a good initiative. However, it remains to be seen how effective it will be to the US industrialists. The Govt there certainly does not have the power to dictate its companies where to invest. The US companies have a very strong foothold in the South American countries where the Corporate US invests to use cheap labor there and export the goods to its home market.

I wonder, if the US companies will see any incentives to in vest in a far away country that lies half the world away. I also doubt BD side is ready to accept any big FDIs.

China is very near to BD and it may find BD an attractive destination for those of its export-oriented companies that still make labor-intensive cheap goods.

For IT USA can invest. Already in India they have a big investment.

 

[bluesky]

For IT USA can invest. Already in India they have a big investment.

I hope, the Silicon Valley will put its money in Dhaka. However, note one point. Indians have presence there for many generations and so they are in a position to influence the Valley Executives. So, the question remains if BD people can copy it to influence the executives to invest in BD?

Note also that South Indian people are genetically very good in all branches of mathematics.