LDN - Business

A US delegation talks with Bangladesh's interim leader about the economy

[September 16, 2024] By JULHAS ALAM

DHAKA, Bangladesh (AP) — A high-level U.S. delegation met Sunday with the head of Bangladesh's interim government, Nobel laureate Muhammad Yunus, to affirm “dedication to fostering inclusive economic growth," according to the U.S. Embassy in Dhaka.

Yunus took over after former Prime Minister Sheikh Hasina fled the country last month amid a mass uprising. She was accused of corruption, violation of human rights and excessive use of force against the protesters.

During her 15-year rule, Hasina enjoyed close relations with India, China and Russia who have heavily invested in the country’s infrastructure development, trade and investment. The U.S. has also become the single largest foreign investor in Bangladesh under Hasina.

Yunus on Sunday said he sought U.S. support “to rebuild the country, carry out vital reforms, and bring back stolen assets,” his press office said in a statement after he met the delegation at the State Guest House Jamuna in Dhaka.

He told the U.S. representatives his interim administration has moved fast to “reset, reform, and restart” the economy, initiate reforms in financial sectors, and fix institutions such as the judiciary and police, the statement said.

The U.S. delegation, led by Brent Neiman, assistant secretary for International Finance at the U.S. Department of the Treasury, had representatives from the U.S. Agency for International Development, and Office of the U.S. Trade Representative. Donald Lu, assistant secretary of State for South and Central Asian Affairs, joined the delegation after visiting India.

They met with several officials in Dhaka, including Touhid Hossain, the country’s adviser to the Ministry of Foreign Affairs. The USAID also signed an agreement to provide $202.25 million in aid to Bangladesh.

[to top of second column]

This photo handed out provided by Bangladesh Press Information Department (PID) shows Brent Neiman, US Assistant Secretary of the Treasury for International Finance and Development, left, speaking with Muhammad Yunus, Bangladesh's interim government's leader, in Dhaka, Bangladesh, Sunday, Sep. 15, 2024. (PID via AP)

The U.S. embassy on X underscored how American companies are entrenched in the South Asian country.

“With the right economic reforms in place, the American private sector can help unlock Bangladesh’s growth potential through trade and investment,” the embassy wrote on its official account.

The delegation also met representatives of the American companies under the American Chamber of Commerce in Bangladesh (AmCham) operating in Bangladesh upon arriving Saturday.

Concerns over safety and lack of order in Bangladesh were relayed by the companies' agents.

AmCham President Syed Ershad Ahmed said at the meeting that while there were improvements after the interim government was installed, “there are some bottlenecks too.” Profit repatriation amid the ongoing crisis of U.S. dollars and challenges in the supply chain resulting from congestion at ports were among the issues he raised.

The meeting came as unrest took hold of the country's major garment industry with workers walking out, leaving factories shuttered, as they demanded better benefits including higher wages. The factory owners, the government and workers’ leaders are holding meetings to ease the tension.

Bangladesh is one of the most vulnerable countries to climate-induced disasters. The U.S. embassy on its official Facebook page said the United States wanted to help it "mitigate climate risks.”

Back to top