Speeches and Remarks

Ambassador at the Sylhet Chamber of Commerce

August 3, 2009

Good evening.  I would like to thank, Mr. Junnun Mahmud Khan, President of the Sylhet Chamber of Commerce and Industry for his welcome.  I would also like to thank the Chamber’s officers, members and guests, for inviting me to join you this evening.  Apnaintor majhkhano ayia ami khub khushi oisi (Sylheti for: “I am very happy to be with you.”).

It is such a pleasure to visit this beautiful and prosperous corner of Bangladesh.  Of course, it is also one of the most rapidly changing regions in Bangladesh.  Sylhet, made famous for its tea, is increasingly known as an engine of economic growth and investment and one of the most dynamic corners of Bangladesh, driven largely by international trade and remittances.

Sylhet’s economic success is a reminder to us all that today’s globalized world has the power to transform entire communities.  Some people may doubt the value of liberal trade policy and question whether the government should continue to foster freer trade.  I disagree.  I believe Sylhet is evidence that the global economy can create jobs, generate wealth, increase government revenues and raise standards of living throughout Bangladesh.

In fact, Bangladesh owes much of its economic success to the global economy.  The country’s phenomenal economic growth of the last twenty years is largely the result of a more open and interconnected world trading system.  Indeed, where would Bangladesh be today without remittances sent from its workers abroad or the ready-made garment industry which exports to every corner of the globe?

The global economy is undeniably going through difficult times at present.  Some blame globalization for the current economic troubles.  In many countries, critics are urging their governments to increase trade barriers, hoping this will bring their own economies back to recovery.  We must resist this temptation; it is an empty promise based on false premises.

Thanks to international trade, Bangladesh has become an important player in global commerce and a leading advocate for the interests of least developed countries.  I encourage Bangladesh to broaden its leadership of developing countries, and to become an advocate for the benefits of international trade.  Bangladesh should resist those reactionaries—at home and abroad—who call for a return to protectionist policies in the spirit of old ideologies.

Despite the challenging economic climate, Bangladesh’s economy grew at 5.9% in the year ended June 30, and current estimates point to similar growth this year.  International trade has driven most of that trade.  The World Bank estimates that remittances to Bangladesh will also continue to grow - by 9% this year.  Increasingly, those remittances are used for investment, not just consumption.  Those remittances will build a brighter future for your children and your children’s children.  The correct response to the current economic challenges is not to close borders and introduce new restrictions on trade—to do so would choke off an important lifeline of this economy—but rather to redouble policies that encourage investment and long-term growth.

I hope that you all will be outspoken advocates for the continuation and strengthening of those policies that have helped develop Sylhet.  As leaders in the business community, you have an important stake in the government’s economic policies.  I hope that you will use your influence to encourage responsible policies.

I understand that the Government is now exploring the possibility of introducing Special Economic Zones in Sylhet.  I am told that a feasibility study remains in progress, but I welcome the concept of adopting the current EPZ model to increase the role of private enterprise.  Innovative policy ideas like the SEZs will help Bangladesh navigate the current economic challenges and reap the benefits of the global economic system by attracting more foreign investment and cultivating an open business climate that fosters sustainable, broad economic growth.

The American people and the U.S. Government will continue to partner with Bangladesh, especially to help meet this country’s most pressing needs in health, disaster assistance, and food security.  But history has taught us that robust and sustained economic growth is the most effective path to realize Bangladesh’s development objectives.  That growth will depend largely on international trade, and Bangladesh’s ability to tap into that trade will depend largely on the country’s economic policy.  Let me renew my hope that the Sylhet Chamber of Commerce and Industry will play a leadership role in helping Bangladesh harness the power of international trade to the benefit of its people.

Thank you, once again, for inviting me to join you this evening.  I look forward to talking more with each of you.