Bangladesh needs to improve its business environment to attract more investment from US entrepreneurs. Labor rights protection and supply chains need to be further unified and integrated.
Peter De Haas, the new US ambassador to Dhaka, made the remarks at a reception on Wednesday. The American Chamber of Commerce in Bangladesh has hosted a reception and Iftar party for the new ambassador. It was presided over by Amchem President Syed Ershad Ahmed.
Commenting on the progress of Bangladesh, Peter de Haas said that Bangladesh is moving from Least Developed Countries (LDCs) to developing countries along the path of sustainable economic development. At the same time, the United States Government is eligible for assistance from the International Financial Institutions Development Finance Corporation (DFC). DFC cooperates with private sector financing in developing countries on a partnership basis. However, the government is not getting such assistance as the duty free export facility (GSP) of Bangladeshi products has been suspended in the US market. There are conditions for availing GSP facility at government level.
After the Rana Plaza collapse in 2013, the United States suspended the GSP of Bangladesh for not having a safe working environment of international standard. In the case of refund of GSP, 17 conditions were given by the United States for the development of labor rights and working environment. Bangladesh claims that these conditions have been met. However, the GSP has not yet been reinstated.