Bangladesh urges US to lift tariff on RMG made of US cotton

He was speaking at an event organised by the American Chamber of Commerce in Dhaka.

"Many foreign investors are moving their industries out of China to survive the high competition there and so, they could consider Bangladesh as an alternative," he said.

Besides, Bangladesh has low energy prices and huge manpower while its government is investment centric, he was quoted as saying by Bangladeshi media reports.

The US is a major source of foreign investment for Bangladesh, accounting for about 20 per cent of the country's total foreign direct investment. "However, most of these investments are concentrated on a few sectors so it is time to diversify," he added.

Bangladesh's exports to the US amounted to $6.7 billion in 2019 while the country's imports from the latter stood at $2.3 billion.

ALCHEMPro News Desk (DS)