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You did not read the news carefully. Trump has stopped financial aid to all poor countries in the world for 3 months. The aid suspension is not Bangladesh specific.
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Top US businessman wants to invest in Bangladesh
Top US businessman Gentry Beach expressed his interest to invest in Bangladesh during a meeting with Chief Adviser Professor Muhammad Yunus yesterday in Dhaka.
Top US businessman wants to invest in Bangladesh
Gentry Beach
Top US businessman Gentry Beach expressed his interest to invest in Bangladesh during a meeting with Chief Adviser Professor Muhammad Yunus yesterday in Dhaka.
Beach, chief executive and founder of Highground Holdings, said his company had already acquired multiple assets in Bangladesh and would like to invest more in the country's energy, finance and other sectors, according to a statement.
"You have done a great job," he told the chief adviser, adding that the law and order situation had improved and stability had returned.
Beach, who headed a delegation of US billionaire investors, has close business ties with Trump family.
He came to Dhaka from Pakistan by chartered plane yesterday for a brief visit, and also met with political leaders and top government officials.
"It is time for more investment to come to this country. We are excited to be here," Beach, who is also chairman of Paramount USA, told Professor Yunus.
He said his company was also interested in investing in real estate, especially in low-cost social housing, aerospace and defence.
Professor Yunus welcomed Beach for making investments at "a critical time" for the country.
He said that the interim government was carrying out reforms to attract more foreign direct investment in Bangladesh.
"The country is ready for business. The business conditions are now right. We are beginning a new chapter in our history," the chief adviser said.
Professor Yunus said Bangladesh needed more US investment in many sectors, including gas exploration in onshore and offshore fields.
Beach, whose company has invested in Africa and plans to invest in Pakistan, said more American investment would mean a rise in labour wages.
"We will make Bangladesh great again," he said.
Special Envoy to the Chief Adviser Lutfey Siddiqi, Bangladesh Investment Development Authority (Bida) Chairman Ashik Chowdhury and Senior Secretary to SDG Affairs Lamiya Morshed were also present.
Earlier, in a meeting with political leaders, an adviser to the interim government, and senior Bida officials at the InterContinental Dhaka yesterday, Beach expressed interest in investing in mineral and gas exploration in Bangladesh.
The visit of the delegation of US billionaire investors aims to assess investment opportunities and available facilities in the country, said Syeed Abdullah Muhammad Taher, Nayeb-e-Ameer (vice-president) of Bangladesh Jamaat-e-Islami, at a media briefing after the meeting.
"At the meeting, we highlighted the current political situation, stability, investment opportunities, and avenues for cooperation. We have encouraged them to invest in Bangladesh," he said.
BNP Secretary General Mirza Fakhrul Islam Alamgir was expected to attend the meeting but did not, Taher said.
Responding to a question, the Jamaat leader said that his party does not believe US-Bangladesh relations have worsened following Donald Trump's victory in the US presidential election.
"Although there were concerns that Bangladesh's relationship with the USA might deteriorate, that has not happened," he said.
He emphasised that global policies, politics and business interests do not depend on a single individual and vary from one person to another.
"These matters are driven by international policies. I believe there will be no negative impact. In fact, I think the relationship will improve," he said.
Taher also said that Beach has close ties to the Trump family. "He is a business partner of the Trump family and collaborates with Trump's son. They have business interests in minerals and operate in 44 countries," he said.
Earlier this week, Beach also pledged billions of US dollars in investment in Pakistan during his visit to the South Asian country. However, Beach and Mahfuj Alam, an adviser to the interim government, who attended the meeting, declined to comment afterwards.
An official of the US embassy in Dhaka said Beach came as a private person and his visit was not connected with the US government.
Gentry Beach
Top US businessman Gentry Beach expressed his interest to invest in Bangladesh during a meeting with Chief Adviser Professor Muhammad Yunus yesterday in Dhaka.
Beach, chief executive and founder of Highground Holdings, said his company had already acquired multiple assets in Bangladesh and would like to invest more in the country's energy, finance and other sectors, according to a statement.
"You have done a great job," he told the chief adviser, adding that the law and order situation had improved and stability had returned.
Beach, who headed a delegation of US billionaire investors, has close business ties with Trump family.
He came to Dhaka from Pakistan by chartered plane yesterday for a brief visit, and also met with political leaders and top government officials.
"It is time for more investment to come to this country. We are excited to be here," Beach, who is also chairman of Paramount USA, told Professor Yunus.
He said his company was also interested in investing in real estate, especially in low-cost social housing, aerospace and defence.
Professor Yunus welcomed Beach for making investments at "a critical time" for the country.
He said that the interim government was carrying out reforms to attract more foreign direct investment in Bangladesh.
"The country is ready for business. The business conditions are now right. We are beginning a new chapter in our history," the chief adviser said.
Professor Yunus said Bangladesh needed more US investment in many sectors, including gas exploration in onshore and offshore fields.
Beach, whose company has invested in Africa and plans to invest in Pakistan, said more American investment would mean a rise in labour wages.
"We will make Bangladesh great again," he said.
Special Envoy to the Chief Adviser Lutfey Siddiqi, Bangladesh Investment Development Authority (Bida) Chairman Ashik Chowdhury and Senior Secretary to SDG Affairs Lamiya Morshed were also present.
Earlier, in a meeting with political leaders, an adviser to the interim government, and senior Bida officials at the InterContinental Dhaka yesterday, Beach expressed interest in investing in mineral and gas exploration in Bangladesh.
The visit of the delegation of US billionaire investors aims to assess investment opportunities and available facilities in the country, said Syeed Abdullah Muhammad Taher, Nayeb-e-Ameer (vice-president) of Bangladesh Jamaat-e-Islami, at a media briefing after the meeting.
"At the meeting, we highlighted the current political situation, stability, investment opportunities, and avenues for cooperation. We have encouraged them to invest in Bangladesh," he said.
BNP Secretary General Mirza Fakhrul Islam Alamgir was expected to attend the meeting but did not, Taher said.
Responding to a question, the Jamaat leader said that his party does not believe US-Bangladesh relations have worsened following Donald Trump's victory in the US presidential election.
"Although there were concerns that Bangladesh's relationship with the USA might deteriorate, that has not happened," he said.
He emphasised that global policies, politics and business interests do not depend on a single individual and vary from one person to another.
"These matters are driven by international policies. I believe there will be no negative impact. In fact, I think the relationship will improve," he said.
Taher also said that Beach has close ties to the Trump family. "He is a business partner of the Trump family and collaborates with Trump's son. They have business interests in minerals and operate in 44 countries," he said.
Earlier this week, Beach also pledged billions of US dollars in investment in Pakistan during his visit to the South Asian country. However, Beach and Mahfuj Alam, an adviser to the interim government, who attended the meeting, declined to comment afterwards.
An official of the US embassy in Dhaka said Beach came as a private person and his visit was not connected with the US government.
- Jan 24, 2024
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- #93
The Hindutva folks here should stop getting excited.
USAID foreign assistance to India was also frozen.
ALL USAID assistance disbursed overseas was frozen, not just Bangladesh
And then, today (due to legal challenges) The White House has rescinded the freezing of Federal Aid including that to USAID.
USAID foreign assistance to India was also frozen.
ALL USAID assistance disbursed overseas was frozen, not just Bangladesh
And then, today (due to legal challenges) The White House has rescinded the freezing of Federal Aid including that to USAID.
- Jan 24, 2024
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May be Trump forbade him to visit India at this time.
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US TARIFF ON CANADA, MEXICO, CHINA: A window of opportunity for Bangladesh
THE United States has implemented a series of executive order tariffs, effective from February 4, on key trading partners, including Canada, Mexico and China, as part of its broader trade policy agenda. Additional 25 per cent tariffs on Canadian and Mexican imports, whereas 10 per cent tariffs...
www.newagebd.net
US TARIFF ON CANADA, MEXICO, CHINA: A window of opportunity for Bangladesh
Imran Hossain 11 February, 2025, 00:00
New Age
THE United States has implemented a series of executive order tariffs, effective from February 4, on key trading partners, including Canada, Mexico and China, as part of its broader trade policy agenda. Additional 25 per cent tariffs on Canadian and Mexican imports, whereas 10 per cent tariffs on Chinese goods are also imposed by US president Donald Trump. The orders are considered as bold steps to hold China, Canada and Mexico accountable for their pledges to curb illegal immigration and the flow of poisonous fentanyl and other drugs into the United States. These tariffs, aimed at protecting domestic industries and addressing trade imbalances, have had far-reaching consequences for global trade dynamics. One unintended beneficiary of these policies has been Bangladesh, which has seen an opportunity to enhance its export competitiveness in the global market. This article explores how US tariffs on Canada, Mexico and China have created a favourable environment for Bangladesh to expand its export footprint, particularly in the apparel and textile sectors, as well as leather and agricultural products.
US tariffs on Canada and Mexico
THE US imposition of tariffs on Canadian and Mexican goods, particularly vehicle parts, fruits, vegetables, spirits, beer, lumber, grains, potatoes, steel and aluminium, under Section 232 of the Trade Expansion Act of 1962, initially strained trade relations within North America. While the US-Mexico-Canada Agreement eventually replaced NAFTA and eased some tensions, the tariffs created uncertainty in the short term. This uncertainty prompted US importers to diversify their supply chains and reduce reliance on Canadian and Mexican manufacturers for certain goods.
For Bangladesh, this shift presented an opportunity. As a low-cost manufacturing hub with a strong focus on ready-made garments, Bangladesh was well-positioned to fill the gap. The country’s competitive labour costs, coupled with its duty-free access to the US market under the Generalised System of Preferences for certain products, made it an attractive alternative for US buyers. Additionally, Bangladesh’s growing expertise in non-traditional sectors like leather goods and footwear further enhanced its appeal as a sourcing destination.
US-China trade war
THE US-China trade war, marked by successive rounds of tariffs on billions of dollars’ worth of goods, has been the most significant driver of shifting global trade patterns. The US imposed an additional 10 per cent tariff on a wide range of Chinese products, including textiles, electronics and machinery, to curb China’s dominance in global trade and address intellectual property like Deepseek concerns. These tariffs disrupted established supply chains, forcing US companies to seek alternative sourcing destinations.
Bangladesh emerged as a key beneficiary of this realignment. As Chinese exports to the US become more expensive due to tariffs, global buyers will begin to shift their orders to other low-cost countries. Bangladesh, with its well-established RMG sector, is a natural choice. The country’s apparel exports to the US surged, as it offered competitive pricing and compliance with international labour and environmental standards. Moreover, Bangladesh’s focus on sustainable manufacturing practices resonated with US buyers seeking ethically produced goods.
According to a report on the Asian Development Bank, 2021, the trade war also accelerated the relocation of Chinese manufacturing units to Bangladesh. Facing rising production costs and tariffs, many Chinese investors turned to Bangladesh to take advantage of its low wages and preferential trade agreements. This influx of foreign investment has not only boosted Bangladesh’s export capacity but also facilitated technology transfer and skill development, further enhancing its competitiveness.
Prospects for Bangladesh
WHILE US tariffs on Canada, Mexico and China have created opportunities for Bangladesh, the country must address several challenges to fully capitalise on these developments. Infrastructure bottlenecks, such as port congestion and inadequate transportation networks, remain significant hurdles. Additionally, Bangladesh must improve its ease of doing business rankings to attract more foreign investment and diversify its export basket beyond RMG.
To sustain its export growth, Bangladesh should focus on innovation, value addition and compliance with international standards. Investing in technology and automation will be crucial to maintaining cost competitiveness as wages rise. Besides, the interim government needs to find long-term solutions for electricity shortages and banking sector concerns by forming the Export Development Fund to ensure sustainability in the export industry. Furthermore, the government should negotiate free trade agreements with key markets, including the US, to secure long-term trade benefits.
The US tariffs on Canada, Mexico and China have reshaped global trade dynamics, creating a window of opportunity for Bangladesh to enhance its export competitiveness. By leveraging its cost advantages, expanding its manufacturing capabilities and addressing structural challenges, Bangladesh can solidify its position as a preferred sourcing destination for global buyers. As the global economy continues to evolve, Bangladesh must adopt a proactive approach to trade policy and industrial development to ensure sustained growth and prosperity. In the end, we can expect that the impact of US tariffs has inadvertently boosted Bangladesh’s export competitiveness, underscoring the country’s potential as a strategic partner for global brands navigating an evolving trade landscape.
Imran Hossain is a lecturer in business administration at the Rabindra Maitree University, Kushtia.
Imran Hossain 11 February, 2025, 00:00
New Age
THE United States has implemented a series of executive order tariffs, effective from February 4, on key trading partners, including Canada, Mexico and China, as part of its broader trade policy agenda. Additional 25 per cent tariffs on Canadian and Mexican imports, whereas 10 per cent tariffs on Chinese goods are also imposed by US president Donald Trump. The orders are considered as bold steps to hold China, Canada and Mexico accountable for their pledges to curb illegal immigration and the flow of poisonous fentanyl and other drugs into the United States. These tariffs, aimed at protecting domestic industries and addressing trade imbalances, have had far-reaching consequences for global trade dynamics. One unintended beneficiary of these policies has been Bangladesh, which has seen an opportunity to enhance its export competitiveness in the global market. This article explores how US tariffs on Canada, Mexico and China have created a favourable environment for Bangladesh to expand its export footprint, particularly in the apparel and textile sectors, as well as leather and agricultural products.
US tariffs on Canada and Mexico
THE US imposition of tariffs on Canadian and Mexican goods, particularly vehicle parts, fruits, vegetables, spirits, beer, lumber, grains, potatoes, steel and aluminium, under Section 232 of the Trade Expansion Act of 1962, initially strained trade relations within North America. While the US-Mexico-Canada Agreement eventually replaced NAFTA and eased some tensions, the tariffs created uncertainty in the short term. This uncertainty prompted US importers to diversify their supply chains and reduce reliance on Canadian and Mexican manufacturers for certain goods.
For Bangladesh, this shift presented an opportunity. As a low-cost manufacturing hub with a strong focus on ready-made garments, Bangladesh was well-positioned to fill the gap. The country’s competitive labour costs, coupled with its duty-free access to the US market under the Generalised System of Preferences for certain products, made it an attractive alternative for US buyers. Additionally, Bangladesh’s growing expertise in non-traditional sectors like leather goods and footwear further enhanced its appeal as a sourcing destination.
US-China trade war
THE US-China trade war, marked by successive rounds of tariffs on billions of dollars’ worth of goods, has been the most significant driver of shifting global trade patterns. The US imposed an additional 10 per cent tariff on a wide range of Chinese products, including textiles, electronics and machinery, to curb China’s dominance in global trade and address intellectual property like Deepseek concerns. These tariffs disrupted established supply chains, forcing US companies to seek alternative sourcing destinations.
Bangladesh emerged as a key beneficiary of this realignment. As Chinese exports to the US become more expensive due to tariffs, global buyers will begin to shift their orders to other low-cost countries. Bangladesh, with its well-established RMG sector, is a natural choice. The country’s apparel exports to the US surged, as it offered competitive pricing and compliance with international labour and environmental standards. Moreover, Bangladesh’s focus on sustainable manufacturing practices resonated with US buyers seeking ethically produced goods.
According to a report on the Asian Development Bank, 2021, the trade war also accelerated the relocation of Chinese manufacturing units to Bangladesh. Facing rising production costs and tariffs, many Chinese investors turned to Bangladesh to take advantage of its low wages and preferential trade agreements. This influx of foreign investment has not only boosted Bangladesh’s export capacity but also facilitated technology transfer and skill development, further enhancing its competitiveness.
Prospects for Bangladesh
WHILE US tariffs on Canada, Mexico and China have created opportunities for Bangladesh, the country must address several challenges to fully capitalise on these developments. Infrastructure bottlenecks, such as port congestion and inadequate transportation networks, remain significant hurdles. Additionally, Bangladesh must improve its ease of doing business rankings to attract more foreign investment and diversify its export basket beyond RMG.
To sustain its export growth, Bangladesh should focus on innovation, value addition and compliance with international standards. Investing in technology and automation will be crucial to maintaining cost competitiveness as wages rise. Besides, the interim government needs to find long-term solutions for electricity shortages and banking sector concerns by forming the Export Development Fund to ensure sustainability in the export industry. Furthermore, the government should negotiate free trade agreements with key markets, including the US, to secure long-term trade benefits.
The US tariffs on Canada, Mexico and China have reshaped global trade dynamics, creating a window of opportunity for Bangladesh to enhance its export competitiveness. By leveraging its cost advantages, expanding its manufacturing capabilities and addressing structural challenges, Bangladesh can solidify its position as a preferred sourcing destination for global buyers. As the global economy continues to evolve, Bangladesh must adopt a proactive approach to trade policy and industrial development to ensure sustained growth and prosperity. In the end, we can expect that the impact of US tariffs has inadvertently boosted Bangladesh’s export competitiveness, underscoring the country’s potential as a strategic partner for global brands navigating an evolving trade landscape.
Imran Hossain is a lecturer in business administration at the Rabindra Maitree University, Kushtia.
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