Govt seeks US support in jute, agro-processing
Bangladesh has sought US investment and technological support in agro-processing, agricultural trade and jute sectors as it could promote food security and address environmental degradation due to the utilization of polyethylene-based items.
The indication was presented with after an assessment of the country's post-Covid-19 recovery strategy to expand domestic demand through public investments in infrastructure and service delivery and increase the rate of foreign direct investment in export diversifying sectors.
It came at a gathering of the newly formed US-Bangladesh Economic Partnership Dialogue held almost on September 30.
Salman F Rahman, the prime minister's adviser on private industry and investment, led the Bangladesh side and Keith Krach, US under-secretary of state for monetary growth, energy and environment, headed the united states side in the meeting.
The meeting participants observed that efforts should continue steadily to support cooperation in regions of science and technology, including progressive plant breeding technologies, science-based standards, and the principles of risk analysis.
This will help meet the agricultural challenges and consumer needs of the 21st century, according to a joint statement issued by the united states Department of State yesterday.
Earlier in the last Trade and Investment Cooperation Forum Agreement, Bangladesh had invited US investment in the financial zones.
Both sides expressed hope that fair procurement processes in Bangladesh would donate to further expanding US trade and investment in Bangladesh.
Both Bangladesh and the united states recognised a fast-economic recovery would necessitate new forms of protection for the workforces and populations, including women and children, and these changes would require increased bilateral and global cooperation.
They called for boosting cooperation and features for public health preparedness and recommended a joint public health specialists response group be established to meet urgently and periodically to find ways for better bilateral, regional and global collaboration.
Bangladesh welcomed a US intent to open a foreign commercial service office in Dhaka.
In addition, it lauded continuation of a USAID project to improve Bangladesh's business environment, including customs administration, agricultural and other areas in trade, risk management, regional connectivity and awareness and transparency of trade policies and procedures.
Bangladesh may continue steadily to bring reforms for the labour sector, including in the labour act and rules and export processing zones act in alignment with recommendations of International Labour Organization, the joint statement said.
Both sides shared their mutual interest in stable bilateral trade in cotton and related products.
They encouraged both governments to stay engaged upon this issue and decided to move towards further expanding 4G connectivity and developing 5G networks and services in Bangladesh.
THE UNITED STATES side praised Bangladesh for hosting the 3rd Indian Ocean Rim Association Blue Economy Ministerial Conference in 2019.
"Both governments will continue to work together to build up an inclusive blue economy by sharing knowledge, data and ideas, building greater capacity, and boosting professional collaboration," the joint statement said.
The meeting discussed exploring the opportunity of establishment of a power sector dialogue to facilitate commercial engagement around energy companies.
It could also improve the possible make use of US products and services that support smarter, better and more resilient energy systems, and improve usage of reliable, affordable energy to Bangladesh.
THE UNITED STATES and Bangladesh have a solid history of cooperation in the energy sector and the meeting recognised the value of energy security to promote regional connectivity, and power stability to help expand advance Bangladesh's monetary growth.
It encouraged stakeholders to collaborate and explore the possibility of further expanding the footprint of liquefied gas (LNG) as a competent and clean primary fuel for Bangladesh's power generation.
American companies like Excelerate Energy and Cheniere Energy were involved at the first stages of Bangladesh's journey to the world of LNG. The US energy participants hoped that the cooperation in this regard would continue steadily to grow in future.
The first cargoes of US-produced LNG have been completely exported to Bangladesh.
THE UNITED STATES Department of Commerce announced the creation of a US-Bangladesh Energy Industry Working Group as part of Asia EDGE (Enhancing Development and Growth through Energy) Energy Industry Working Group Network.
The network creates a one-stop-shop for the united states private sector to actively take part in Asia EDGE interagency programmes and hook up to regional market opportunities.
Bangladesh said the USAID, together with National Renewable Energy Lab (NREL), has completed the NREL's wind resources study that could help advance Bangladesh's goal of produced 10 % of its electricity from renewable sources.
A $15 million USAID Asia EDGE activity to support Bangladesh in deploying advanced energy systems, mobilising private sector investments in energy, and strengthening regional power markets has been planned.
The state dept. announced support for a battery storage development and adoption programme to determine the worthiness of adding storage to Bangladesh's electricity grids, and the South Asia Carbon Capture Project to help reduce environmental impacts of fossil fuel consumption.
The Bangladesh side expressed hope that the continued positive engagement between your US Federal Aviation Administration (FAA) and the Civil Aviation Authority of Bangladesh would help Bangladesh's efforts to regain Category 1 status beneath the FAA's International Aviation Safety Assessment programme.
This would signify a significant milestone along the way for Biman Bangladesh Airlines to resume non-stop services to america.
The Bangladesh side said the federal government has reviewed its Delta 2100 Plan and would procure high-quality dredgers of appropriate categories for inland waterways management in the united states.
In recognition of Bangladesh's efforts, the US Trade and Development Agency announced a reverse trade mission that could bring a delegation of public and private sector Bangladeshi officials to the US in 2021 to explore US guidelines and advanced technologies for dredging.
Bangladesh hopes that well-regarded US companies would continue to take part in the international tender process, in which a level-playing field for all is ensured by the federal government.
In light of Covid-19, the meeting participants noted that it was important for Bangladesh to help expand enhance its resilience to withstand future economic shocks.
"This could be done through a more solid monetary base ensuring greater participation of individuals in economical activities."
The participants said through greater cooperation, they may help ensure a more sustainable future for the next generations to determine better public financial management and safeguarding the rights of workers.
It might also ensure continued support for vulnerable Bangladeshi communities afflicted by the Rohingya crisis, and coordinating to improve natural resource management by supporting water and energy security, sustainable trade and investment, agriculture, forestry and fishing.
