The American Chamber of Commerce in Bangladesh (AmCham) and the United States Embassy, Dhaka will jointly organize the three-day '28th Annual US Trade Show 2022' in the capital on Oct 27-29 in order to boost bilateral trade and investment.
Commerce Minister Tipu Munshi will formally inaugurate the Trade Show as the chief guest on Oct 27 at the Pan Pacific Sonargaon Hotel while Arun Venkataraman, Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service will be present as special guest at the inauguration ceremony at 10:30 a.m., local media reported.
Starting since 1992, this three-day exhibition has emerged as Bangladesh's pristine annual business event which usually draws thousands of visitors in each edition.
Addressing a press conference ahead of the Trade Show at a city hotel on Tuesday (Oct 25) afternoon, US Ambassador to Bangladesh Peter D Haas said that he was particularly excited about this year's show since it falls during the 50th anniversary year of US-Bangladesh bilateral relations.
"Over the last 50 years, we've laid a very solid foundation on our trade and investment ties and this show will be the vivid point as we're looking forward to the relationship of the next 50 years and build it even further," he added.
The US Ambassador said this show is an opportunity to showcase high quality products and services that the US companies can provide to Bangladesh.
He informed that the bilateral trade volume between the two countries reached around $11 billion last year turning Bangladesh as the 46th largest goods trading partner of the USA.
Answering to a question, Haas said that the US companies should suggest other US companies to make their strong footing in Bangladesh since it is the 8th largest country of the world in terms of population.
Besides, he said the US companies should also consider penetrating it to Bangladeshi market since the country is one of the fastest growing economies of the world having homogenous market as well as a good place to do business.
Replying to another question, the US Ambassador said the US companies have greater opportunities in the areas of Bangladesh's renewable energy, technology, digital services and agricultural products. "We've tremendous expertise in these areas that Bangladesh needs and the US companies are interested in these areas," he added.
When asked about the US government's plan on channeling US investments to economies zones in Bangladesh, Haas said it's great that the government of Bangladesh has a strong mindset of seeking FDI alongside making it easy as much as possible in the best possible locations.
"We don't oppose it. But, it depends on the individual businesses decision whether to take that offer... I hope there will be more investment here," he added.
Replying to another question, Haas said it is a tremendous accomplishment for Bangladesh to transit to a developing country from the LDCs and also aspiring for a higher middle-income country.
AmCham President Syed Ershad Ahmed said that Bangladesh is geographically a very ideal location for making investment.
Vice president of AmCham Syed Mohammad Kamal said that in the Trade Show, they would give the message "Come and invest in Bangladesh".
He also informed that they would definitely work with the government on how to bring more US investments in Bangladesh.
The US Trade Show will showcase the high quality, innovative American goods and services U.S. businesses offer in Bangladesh. Over forty exhibitors operating in Bangladesh, including in the energy, banking and financial services, food and beverage sectors, and more, will display the products and services of U.S. brands from Oct 27 to 29.
This year's Trade Show is particularly significant because it is the first U.S. Trade Show in Dhaka held in person since the start of the Covid-19 pandemic.
The United States is ranked as the top export destination for Bangladeshi products, and two-way trade between the United States and Bangladesh totaled $10.64 billion in 2021.
During the Trade Show, the US Embassy will host four informational seminars.
US Embassy Dhaka's participation in the annual U.S. Trade Show demonstrates U.S. commitment to working in partnership with Bangladesh to support Bangladesh's continued growth and development, economic diversification and resilience to external shocks and stressors, and support for an economic development strategy that adheres to the principals of broadly shared prosperity for all.
The show will remain open for visitors all three days from 10:00 am to 8:00 pm including the seminars. The entry fee for this year's show is Taka 30 per person. Students in uniform or with identity cards will be allowed free entry. There will be attractive prizes for few lucky winners from visitors based on a raffle draw of entry ticket coupons after the Trade Show.
For more information about the Trade Show and the U.S. Embassy's seminars, anyone can visit: US TRADE SHOW 2022 - American Chamber Of Commerce In Bangladesh (amchambd.org).