Economy
Major American Corporations Eye Investments in Bangladesh: State Minister
State Minister for Commerce Ahasanul Islam Titu announced on Tuesday (May 28) that major American conglomerates, including Amazon, Chevron, Coca-Cola, and Boeing, are showing keen interest in investing in Bangladesh.
“We are working to streamline the investment process for American companies, ensuring they can operate smoothly without any obstacles,” State Minister Titu told reporters following a meeting with a delegation from the US-Bangladesh Business Council at the Ministry of Commerce.
The minister highlighted that the discussion focused on simplifying investment procedures and removing any barriers that might deter new American companies from entering the Bangladeshi market.
A representative from Amazon attended the meeting, where discussions centered on the potential for Amazon to integrate Bangladeshi products into its global supply chain and enhance the local e-commerce infrastructure. “Amazon is looking into establishing a central warehouse in Bangladesh to facilitate regional and international product distribution,” Titu added.
The US delegation also explored opportunities in energy, digital payments, and startup sectors.
Titu outlined the primary goals of the United States-Bangladesh Business Council: improving market access for Bangladeshi products, facilitating US investments in Bangladesh, and strengthening bilateral relations. These efforts align with the government’s Smart Bangladesh strategy aimed at strategic growth.
Addressing concerns about some American companies withdrawing their investments from Bangladesh’s capital market, Titu emphasized the importance of welcoming international conglomerates. “If Facebook, Amazon, Chevron, Coca-Cola, and Boeing become involved in Bangladesh’s business landscape, it will significantly ease the country’s progress,” he stated.
Titu also mentioned Bangladesh’s scheduled graduation from the Least Developed Countries (LDC) category in 2026 and stressed the importance of securing market access in various countries within the next two years.
He assured that the government is committed to attracting international investors through policy support, emphasizing Bangladesh’s potential as a significant market with a stable government expected for the next five years.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
