Economy
US Private Sector Poised to Boost Bangladesh’s Growth with Economic Reforms
US Private Sector Poised to Boost Bangladesh’s Growth with Economic ReformsThe United States private sector can significantly contribute to Bangladesh’s growth by enhancing trade and investment, provided the right economic reforms are implemented, the US Embassy in Dhaka stated today (September 14). The statement followed a discussion on trade and investment, where the Embassy highlighted the positive impact US businesses have on various sectors of Bangladesh’s economy, such as energy security, data centers, and transportation.
Brent Neiman, Assistant Secretary for International Finance at the US Department of the Treasury, arrived in Dhaka this morning to lead a US delegation aimed at addressing bilateral relations. Khandker Masudul Alam, Director General (North America) of the Ministry of Foreign Affairs, welcomed him at the airport.
Bangladesh is preparing for a multi-faceted dialogue as it welcomes the first US delegation since the formation of the interim government under Chief Adviser Prof Muhammad Yunus on August 8. Foreign Secretary Md Jashim Uddin noted that the arrival of this US team underscores the significance of the US-Bangladesh relationship, indicating that discussions will span multiple topics.
The US delegation will meet Chief Adviser Prof Muhammad Yunus tomorrow (September 15), as well as Foreign Affairs Adviser Md Touhid Hossain and Finance Adviser Dr Salehuddin Ahmed. A working lunch hosted by Foreign Secretary Jashim Uddin will include representatives from relevant ministries.
A US State Department spokesperson remarked that the discussions will focus on how the United States can support Bangladesh’s economic growth, financial stability, and broader development needs. Foreign Secretary Jashim declined to comment on specific agenda items ahead of the talks, emphasizing the importance of maintaining the discussions’ natural flow.
Donald Lu, US Assistant Secretary of State for the Bureau of South and Central Asian Affairs, is set to join the delegation after his current visit to New Delhi. Throughout his trip, Lu will reaffirm the US commitment to supporting economic growth and stability in the Indo-Pacific region.
The US delegation will also include representatives from the US Department of the Treasury, USAID, and the Office of the US Trade Representative. They will meet with Bangladesh’s interim government to explore ways to enhance relations under the changing political landscape.
Foreign Affairs Adviser Md Touhid Hossain underscored the significance of any US delegation visit, noting that the discussions will focus on achievable goals and will not be hindered by issues such as US visa policy.
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.
