With commitment to improve business environment in Bangladesh, Prof Yunus seeks US' partnership in its new journey

Seeking partnership in Bangladesh's new journey, Chief Adviser Prof Muhammad Yunus on Thursday said they are firm to improve the business environment through multi-prong reforms that they have initiated.

"I am here to hear from you and open to suggestions to improve our investment climate. We seek your partnership in this new journey," he said in a business luncheon meeting at a hotel here.

Chairman of US-Bangladesh Business Council Steven Kobos, President of the Council Ambassador Atul Keshap, Foreign Adviser Md Touhid Hossain and Energy Adviser Muhammad Fouzul Kabir Khan, among others, were present.

US-Bangladesh Business Council organized the business event.

Bangladesh is not just a market of 170 million people that is fast emerging as one of the top ten consumer markets in the world, but is also strategically located in the proximity of three billion people of South and Southeast Asia and China, Prof Yunus said.

"No country is perfect. Neither is Bangladesh. But I see an emerging Bangladesh that is committed to uphold freedom and justice," said the Nobel Laureate who is leading the Bangladesh delegation at the United Nations General Assembly.

He told the US business leaders that the United States has long been a key economic and development partner for Bangladesh.

"The US is our number one single-country export destination and the top source of our FDI. But the trade basket is unusually narrow," he said.

Prof Yunus observed that investment is heavily concentrated in non-risk/low-risk sectors like energy.

"As the US looks for its supply-chain diversification under its Indo-Pacific Policy, Bangladesh is strategically positioned to become a significant partner in fulfilling that goal," he said.

Prof Yunus said they will do everything to help US businesses grow alongside Bangladesh businesses to diversify the supply chain.

In meeting people’s aspirations, this interim government has started working on creating an environment where business can flourish, and entrepreneurs can thrive.

"Any business needs stability, predictability and a corruption-free environment," Prof Yunus said. "Therefore, a key priority of our government following restoring the law-and-order situation has been to undertake deeper economic and financial reforms."

He said a committee of experts is working on publishing a white paper that should establish the benchmark of the economy and recommend reforms by December end.

"We are charting reform paths to address the inherent weaknesses in the revenue sector. Our reform measures are already acknowledged," Prof Yunus said.

He said they are open to suggestions from the US business leaders to improve the business environment in Bangladesh.

"Motivated workers can do magic for any company. Protecting workers’ rights and improving labour standards is high in the agenda of the interim government," he said.

Prof Yunus said they are deeply committed to achieving the ILO specified labour standards in Bangladesh.

"We are working with ILO, EU and the US towards implementing the ILO roadmap on improving labour standards," he said.

Bangladesh is committed to achieving sustainable and green growth through the mobilization of resources for climate financing and green energy transition.

"We are dedicating a significant sum to improve circularity in the economy.
Growth without job creation has left many behind. So, our goal is to invest more in education and social sectors rather than in extravagant infrastructure to have a more inclusive economic growth," said Prof Yunus.

Describing his dream of a world of zero carbon emission, Prof Yunus said carbon neutral growth demands newer technology and innovative financing.

He said Bangladesh’s ambitious goals of reducing carbon emission by 22% by 2030 and to generate 40% of energy from renewable sources by 2041 will create huge opportunities for investments.

"Surely, also for many of you in this room, we estimate a need for fresh investment of around 7/8 billion dollars every year for environmentally resilient projects in energy, water, transport, supply chains, and value chains," he said.

Prof Yunus said they are looking at a new kind of economy where most activities will be powered digitally. "There are opportunities for technology-transfer partnerships in the production of electric vehicles, green hydrogen, modernized power grids and solar energy, for instance."

Alongside commercial business, investment in social business to fight collective challenges like climatic disasters, flood control, public health and other social challenges should present an unconventional opportunity to tap, said the Chief Adviser.