The United States will continue to be a partner of Bangladesh’s economic growth through trade and investment, US Under Secretary for Political Affairs Designate Thomas Shannon said yesterday.“We are already one of Bangladesh’s largest foreign investors and our two-way trade has grown steadily, to more than $6 billion,” he said.The potential of Bangladesh’s garment industry is the envy of much of the developing world, he said at a seminar on the US-Bangladesh relationship and global issues at Bangladesh Institute of International and Strategic Studies.That is why it is important to build a strong and respected “Brand Bangladesh” where workers’ rights and safety are protected, Shannon said.Empowered workers are better positioned to ensure their own safety and are more productive — which means greater efficiency, larger output, higher profits, and most importantly, higher standards of living and more inclusive economic growth, according to Shannon.Bangladesh has long been a leader in regional connectivity, and can become a top economy in South Asia, a manufacturing powerhouse and a hub for the movement of goods and people among the countries of South and Southeast Asia, he said, underscoring the recent coastal shipping agreement with India and motor-vehicle agreement among Bangladesh, Bhutan, India and Nepal.Bangladesh had been able to double its export in the past years in the region and it is a ‘gateway’ to Southeast Asia’s market of $2.5 trillion and home to over 600 million consumers, he said.The US is an enthusiastic supporter and implementer of the vision that will help the indo-Pacific economic corridor initiative, Shannon added.Economic connectivity is the key to regional prosperity, and allows for greater stability and opportunity for the American economy as well, he said.By 2050, Asia will comprise 50 percent of the global GDP and it is clear that we are at the beginning of an Indo-Pacific century. And the US as a Pacific nation will play its part in this.”He said the US would manufacture, trade and promote the norms and rules that helped the global growth in the past 65 years.On restoration of Bangladesh’s trade benefit, he reiterated the US’s position that more needs to be done to restore the generalised system of preferences.
