Bangladesh-US economic relation still largely unutilised, experts say at AmCham event

Bangladesh-US economic relation has largely remained unutilised although after 50^th anniversary of independence of the Asian country as Bangladesh's bilateral trade with the US is too poor compared to that of its competitive countries, experts said today.

The bilateral trade between Bangladesh and the US stood at $9 billion in 2019, up from only $4.1 billion in 2009.

However, the Biden administration's bilateral trade with Vietnam reached $81.3 billion in 2019, with Malaysia $59.2 billion, Thailand $52.7 billion, Singapore $91.6 billion, Cambodia $5.9 billion, India $146.1 billion and China $558.1 billion.

A Gafur, director of Abdul Monem Economic Zone Ltd, was one of the experts who made the comments at a virtual discussion on the "US-Bangladesh economic relation: Migration to a developing nation" organised by American Chamber of Commerce in Bangladesh (AmCham).

Poor infrastructures, corruption, complex tax system and high dependence on apparel export are mainly responsible for poor bilateral trade with the US, said Gafur, also a former executive director of the AmCham.

"However, opportunities are more in business in Bangladesh than the challenges."

The discussion was also attended by the diplomats, businessmen, chamber leaders and senior officials of US companies operating in Bangladesh.