US to collaborates with Bangladesh to tackle challenges faced by foreign firms: Envoy

Business Report :
The Foreign Commercial Service (FCS) at the US Embassy in Dhaka is committed to aiding Bangladesh in overcoming the hurdles encountered by both US and other foreign firms in conducting business within the country, FCS Commercial Councelor John Fay said on Thursday.

“Despite substantial interest from the US private sector, the firms face hurdles including payment issues, repatriation of earnings, non-transparent rule-making, and insufficient enforcement of Intellectual Property rights,” said John Fay in a luncheon meeting titled “Enhancing US-BD Commercial Cooperation” held at the Westin Dhaka hotel on Thursday (September 21),

Fay acknowledged that US industry stands as Bangladesh’s largest foreign investor with a total of $4 billion invested, expressing the hope for this figure to grow.

However, he underlined the need to address these challenges to unleash the full potential of trading opportunities.

He pointed out logistical and transportation infrastructure gaps that hinder efficient trade in goods, creating disincentives for further foreign investment.

Fay assured that the FCS office would actively engage with Bangladesh government officials to tackle these market access issues.