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US wants to aid Bangladesh in diversifying its private sector

The United States has expressed its keen to aid Bangladesh to diversify its private sector to move some of it away from the ready-made garment (RMG) industry into other high-value areas including the digital economy.

Figure: The USA has expressed its keen to aid Bangladesh to diversify its private sector.

US Agency for International Development (USAID) Deputy Administrator Bonnie Glick announced on 28 October at the US Government’s third annual Indo-Pacific Business Forum hosted virtually out of Hanoi, Vietnam. US Under Secretary of State (Economic Growth, Energy, and the Environment) Keith Krach also spoke there.

Glick said, “I can tell you that from the US government perspective, one of the things that we’re looking at to help Bangladesh with, is how Bangladesh can diversify its private sector…,”

“Bangladesh, in order to be a competitive player in the Clean Network, has taken some important steps towards the Clean Path, and coming in line with Clean Network requirements,” Glick added.

The apparel, footwear and fashion accessories sector in Asia has been among the most affected industries challenged by supply-and-demand constraints that arose from stay-at-home orders, temporary business closures, production stoppages, backlogs in shipment, cargo delays, and other things.

The participating companies and industry associations are that are partnering with through the MoU are Carter’s Incorporated, Gap Incorporated, Global Brands Group, Levi Strauss & Co, Nike, Tapestry, Target, VF Corporation (that’s V like a victory, F like Francisco Corporation), Walmart, American Apparel and Footwear Association, the National Retail Federation, the Retail Industry Leaders Association, and the US Fashion Industry Association.

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