‘Bangladesh’s Private Sector May Spur Economic Expansion’

The importance of the private sector in Bangladesh, according to Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh, is in its ability to foster economic growth, create employment opportunities, attract investment, and foster innovation.

In a news release, it was said that "this competitive advantage leads to increased foreign direct investment (FDI) by offering profitable business opportunities and, in doing so, creating a favorable investment climate, putting the economy on a path to cross the $1 trillion mark by 2040."

The president of AmCham made the remarks on Monday during the group's monthly luncheon meeting, which was held at a hotel in the area.

With an astonishingly consistent yearly GDP growth rate, a special geopolitical location, a strong and talented labor force, and a growing international reputation as an FDI-friendly nation, Bangladesh is on its path to becoming a developed country, according to the statement.

"Ready Made Garments (RMG) sector and Foreign Remittance earnings shielded us despite all these unforeseen challenges in the pre-COVID era," the AmCham president said.

Martin Holtmann, the International Finance Corporation's (IFC) country manager for Bangladesh, Nepal, and Bhutan, was among those in attendance at the lunchtime meeting.

The AmCham president highlighted IFC's role in Bangladesh's expanding private sector during his remarks.

The audience comprised members of the American Chamber of Commerce, former presidents of AmCham, business leaders, representatives from the US Embassy and other diplomatic missions, distinguished guests, and members of the media.