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Bangladesh needs rapid reform to attract more foreign investment’
The US Ambassador in Bangladesh. John C Holzman, has stressed the need for rapid reform in Bangladesh to attract more foreign investment towards its economy, reports BSS.
"A Juxtaposition of events has presented Bangladesh with an opportunity to attract signif icantly more Investment, perhaps even to be one of the top destinations for investors, and to begin more rapid economic growth", he said.
In this respect, the US envoy spelled out some variables in tne equation including the prospect for natural gas production which attracted much attention and held much promise.
"Another variable is South East Asia's present pre-occupa-tion with restoring financial stability which may give Bangladesh at least a brief competitive advantage in at tracting foreign investors." he said.
He mentioned the third variable as entrepreneurial spirit present In Bangladesh's garment and textile industries which could spread to other sectors. All of these could combine to create a new and more dynamic growth paradigm, if we can take advantage of the moment." he adder!
John C Holzman was addressing the members of the FBCC1 executive committee, leading businessmen and Industrialists of Bangladesh and the US investors here at the FBCC1 auditorium yesterday.
Earlier, the FBCCI President Yussuf Abdullah Harun welcomed the US envoy saying Bangladesh had always been enjoying an excellent relations with the United States which had been one of the major development partners of this country since its birth.
"I believe we are on the verge of a new phase which might usher in a golden era in the relations between the two countries over the next decade, he said, adding that the US companies was now playing a vital role In this context.
Harun referred to the recent investment seminar in Calcutta where Holzman as a great advo-cate of private sector and a true friend of Bangladesh played a vital role in presence of a high-powered US delegation.
Yussuf Abdullah Harun said the US delegate later visited Bangladesh and held talks with ministers and business leaders here which, he believed, would f>o a long way towards cement ng a close economic relations between the two countries.
Holzman stressing for elimination of all obstacles to investment also hoped that the Bangladesh government would make expanded trade and investment one of Its highest priorities in Its relations with the US government
"This is certainly one of my major goals, ' he said, adding that growing commerce will add a new and important dimension to the US-Bangladesh partnership and put trilateral relations on an even more solid footing.
Referring to the Calcutta investment seminar. Holzman said he made it clear that Bangladesh was now a country of significant opportunity. He also referred to the visit of US delegation from Calcutta to Dhaka and said they had shown immense interest about Bangladesh but their aim was to E a fix on the climate for doing siness here.
Referring to Bangladesh government's aim to achieve growth rate at 7 to 8 per cent in a long term. Holzman termed it as possible but that would require immense amount of for-MB. cjpU.L^