Bangladesh made remarkable economic development over 50 years: Haas

US Ambassador to Bangladesh Peter Haas today said Bangladesh's economic development over the last 50 years has been remarkable, and the United States has been a proud partner in that transformation.

"We look forward to working with Bangladesh over the next 50 years and beyond," he said.

The US ambassador was delivering opening remarks at the Indo-Pacific Business Forum Infrastructure Panel titled "Mobilising Infrastructure Investment in Bangladesh and the Indo-Pacific."

For the past 50 years, Haas said, the US has partnered with the governments and the people of Bangladesh by providing over $8 billion to tackle issues like public health, education, energy, environment, food security, natural disasters, and more.

"We're also working with the government through technical assistance programs to create more efficient logistics systems and unleash private investment in areas like clean energy, ports, and railways," said the ambassador.

In Bangladesh, as in other low and middle-income countries across the region, infrastructure is critical to driving inclusive and sustainable development.

Infrastructure connects workers to good jobs, allows businesses to grow and thrive, and creates opportunities for all segments of the society, including underserved communities.

"But delivering high-quality infrastructure takes more than just financial investment. It also requires working to support the necessary institutional and policy frameworks, regulatory environment, and human capacity to structure projects to attract private investment," said the ambassador.

It requires strong engineering, environmental, social, governance, and labor standards to ensure positive impact, he said.

Infrastructure comes in many forms and sizes, from the large-scale energy systems that power inclusive economies, to the local healthcare networks that contribute to global health security, to the cellular towers and undersea cables that move our data and enable a seamless, open worldwide exchange of information.

Meeting infrastructure needs across the Indo-Pacific requires a wide range of public and private financing options.

"No one country can go it alone. That's why in June 2022, President Biden announced the US aims to mobilise an additional $200 billion in investment as part of the Partnership for Global Infrastructure Investment," said the US envoy.

The US has always been a strong supporter of development finance through the multilateral system, Haas said.

Investments from companies like Chevron, GE, and Excelerate create good jobs for Bangladeshi communities and help provide reliable power supply to the Bangladeshi people, he said.

US companies are also working to expand high-speed internet access to communities across Bangladesh, added the US envoy.