US opens commercial service office in Dhaka

The United State Embassy has formally opened a new commercial service office in Dhaka on Thursday to ease commercial services and strengthen trade ties between Bangladesh and the US.

Commerce Minister Tipu Munshi, US Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service Arun Venkataraman and US Ambassador to Dhaka Peter Haas inaugurated the new office at an event held at Sonargaon Hotel in the capital.

After launching it, Tipu Munshi told media that a discussion meeting on Trade and Investment Cooperation Forum Agreement (TICFA) would be held in Washington between the two countries in December.

Generalized System of Preferences (GSP), cotton import and Intellectual Property Law (IPR) will also be discussed at the meeting, he said.

Vankataraman said: “As the United States and Bangladesh celebrate 50 years of bilateral relations, it is an opportune moment to expand the strong foundation of our bilateral and commercial relationship.”

He pointed out that the new commercial service office here in Bangladesh will play an important role in strengthening trade ties between the two countries.

“The trade between our two countries account for an estimated $10 billion, showcasing the vast existing and potential opportunities in this country,” he added.

The US Department of Commerce will station a senior Foreign Commercial Service officer at the US Embassy in Dhaka to maximize US export opportunities and work collaboratively with Bangladesh to assist US companies considering entry into or expanding their presence in the Bangladeshi market.

The office will help facilitate one-on-one business counseling, provide tailored export expertise and information on the Bangladeshi market and work to connect US businesses with potential Bangladeshi partners through business matchmaking and other services. The US Commercial Service has an extensive global network consisting of 122 offices around the world and in over 100 US cities.

The new Commercial Service office will increase the number of international markets to 81. Across Asia, the service will have a presence in 19 markets, including Bangladesh. 

US Trade Show 2022 opened in Dhaka

The American Chamber of Commerce (AmCham) and US Embassy in Dhaka jointly opened a three-day-long 28th US trade show at the Pan Pacific Sonargaon Hotel. The Commerce Minister at the trade show said it would enthuse foreign investors particularly USA to invest in different sectors of Bangladesh and the country welcomes them to do so.

Speaking there, Ambassador Peter D Haas said the trade show would build good ties between Bangladesh and the US.

“I am confident that we can grow this trade and investment relationship even more. There are lots of opportunities to increase sales of US goods and services here in Bangladesh. Especially, in emerging sectors such as renewable energy and digital economy, which will help the country to increase and improve its already impressive economic development,” Peter added.

He also pointed out that Bangladesh is a fast-growing country. It will achieve LDC graduation by 2026 and development country’ status by 2041.

“I am also proud that the US is still the largest foreign investor in Bangladesh and that the US companies are working in collaboration with Bangladeshi businesses to bring some of the best and most innovative technologies to Bangladesh.

Logistics for regional connectivity seminar

During a panel discussion, chairman of Policy Exchange of Bangladesh Dr M Masrur Reaz and Bangladesh Freight Forwarders Association (BAFFA) President Kabir Ahmed suggested that the government should improve logistical infrastructure soon for the sake of regional connectivity.