2016, 01:08:02

EXIM Bank to back US cos' investment in BD

US Export-Import Bank Chairman and President Fred Hochberg has called for easing the process of doing business in Bangladesh, as the bank wants to assist the US companies looking for investment in the country.
"There are huge investment opportunities in the country's infrastructure, especially in the areas of renewable energy, power and air transportation," said the US EXIM Bank chief.
He was speaking at a luncheon programme on "The Bangladesh Opportunity: How the EXIM Bank of the USA and Bangladesh can partner to Advance Economic Growth" at The Westin Dhaka on Thursday. The American Chamber of Commerce (AmCham) in Bangladesh organised the programme.
It was also addressed, among others, by US Ambassador to Bangladesh Marcia Stephens Bloom Bernicat, and Amcham president Md. Nurul Islam and vice president Showkat Ali Sarkar.
The EXIM Bank chief said the US companies are especially interested to invest in Bangladesh to help the country meet its ambitious infrastructure investment goals.
He, however, stressed on the need for focusing more on governance issue.
He also called for making the country's environment more business-friendly, so that foreign entrepreneurs can invest here easily, and hinted that there will be no investment unless infrastructures are developed.
Mr Hochberg also praised vibrant private sector, role of NRBs in economic development, and participation of women in national development activities, including women leadership, saying it might contribute immensely to the growth of national economy.  
The US ambassador, terming foreign investment critically important for Bangladesh, said the investments through bringing high technology would help the country's manufacturing sector greatly.
"FDI could bring the US world-class technologies and skills to help the country diversify its exports, better connect its market to neighbours and beyond, and seize opportunities in an increasingly interlinked global economy."
"Bangladesh is becoming an important trade partner of the US and a bigger consumer market. The US export and investment are increasing here with rise in its consumer market," she added.
The visiting chairman and president of US EXIM Bank said his bank is ready to assist the US firms looking for new business opportunities in Bangladesh.
"I am meeting with the government officials and business leaders to assure them that US Export-Import Bank is here to assist the American firms compete for Bangladeshi business."
The EXIM Bank chief is now on a two-day official visit to Bangladesh as part of his first international trip in 2016.
Mr Hochberg said he has chosen Bangladesh for his maiden visit in 2016, as the country's growing economy and rising consumer demand make it a place where the US businesses want to compete.  
Over the past six years, he has been working to increase global presence of the US exporters in various fields, such as - renewable energy, construction and farm machinery, medical technology, and avionics.  
"With a growing middle-class and vibrant entrepreneurs, Bangladesh economy is growing fast."
He focuses on EXIM Bank's investment opportunities in Bangladesh, and described how the bank is assisting the country in purchasing Boeing aircraft.
Mr Hochberg said the US EXIM Bank financed the cash-troubled Biman Bangladesh Airlines acquire four Boeing 777-300ER long-range passenger aircraft.  
"Bangladesh's economic expansion demands for long-range flights that are safe, cheap, and fuel-efficient. Biman's new Boeing jets will help meet that demand."
"We look forward to building relationships with my colleagues and friends in Bangladesh, so that together we can shape a bright future for the middle-class and deliver on our shared responsibility to the next generation."
Asked about their investment in Bangladesh, the US banker said about 90 per cent of their investment is in SME sector. They did not invest in infrastructure, as it needs long-term investment.
mzrbd@yahoo.com