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Develop infrastructure to compete globally

US ambassador tells DCCI

STAR BUSINESS REPORT
The US ambassador in Dhaka yesterday emphasised development of the basic infrastructure to make local industries more competitive in the global market.
Harry K Thomas said some of such areas as shrimp industry, food processing and farm-based industries, frozen foods and ceramics have significant potential to compete in the world market.
"But success of these industries depends on developments in basic infrastructure," Thomas said during a meeting with the leaders of the Dhaka Chamber of Commerce and Industry (DCCI) in Dhaka.
These industries continue facing tremendous challenges that hinder efficient production and reduce competitiveness, the ambassador observed.
He, however, said it is encouraging that foreign investors are showing interest in investments in infrastructure such as road, railroads, port facilities, telecommunications and power and energy.
"But foreign direct investment alone cannot be the solution to the needs of this country. Local investment and initiative from business leaders are necessary to sustain development," Thomas added.
However, it is encouraging that Bangladesh concentrates on those sectors where it has a competitive advantage, he said.
Responding to the demand from
the local businesspeople of helping Bangladesh set up IT-based call centres, Thomas said the standard of telecommunication infrastructure in Bangladesh is poor and the country is also lagging behind in broadband internet service.
Citing examples of India, he said it is true that IT has played a significant role in the growth of many Asian countries.
While the businesspersons raised another demand on visa issuance, he said the US Embassy is contemplating fixing a certain hours only for
the businesspeople to issue their visa.
In order to familiarise Bangladeshi products in the US markets, an exhibition titled 'Bangladesh Road Show' will be organsied in Houston in September this year, he told the businesspeople.
Speaking at the function, DCCI President Sayeeful Islam said Bangladesh-US relationship is vital from both political and economic perspectives.
As Bangladesh's number one export destination in the RMG sector,
USA is playing the role of the most important ally of the country in its fight against poverty, the DCCI president said.
In FY2003-04 Bangladesh exported goods worth $1966.58 million to the USA while imported $225.60 million from the USA. Major export items are woven garments, knitwear, shrimp and home textile while major import items are electrical machinery and equipment, pulp of wood and fibres, fertilizer, transport equipment and organic chemicals.