Finance Adviser Salehuddin Ahmed on Tuesday said Bangladesh is keeping its options open for expanding trade with the US and other partners, stressing that all import decisions will be based on commercial viability and long-term economic strategy.
"We are in a relatively comfortable position compared to others. For instance, our trade deficit stands at $7.8 billion while Vietnam's is $125 billion. What we decide to import depends on which items can help reduce the gap," the finance adviser said.
He made these remarks after a meeting of the Advisers Council Committee on Government Purchase and the Advisers Council Committee on Economic Affairs at the Secretariat.
The finance adviser presided over the meeting.
A visiting US trade delegation is holding discussions with Bangladeshi counterparts to explore new areas of cooperation, and Bangladesh will take a balanced approach, he said.
Responding to concerns that importing goods from the US could push up prices, he acknowledged that costs may be "somewhat higher."
Citing wheat imports as an example, he said prices are usually higher than from other sources, but the quality is better, and in the broader strategic context, we also look at ways to avoid tariff burdens, which helps us offset part of the deficit."
Regarding inflation, the adviser said the government is actively trying to protect consumers through subsidies and market interventions.
"We have been providing support through agencies like TCB. Despite increased imports, inflation has not spiked significantly. Wholesale and retail markets often behave beyond economic logic, but overall, non-food inflation has already declined," he added.
He said, "If someone's salary is Tk 10,000, food expenses are one part of their burden, but transport and other costs also matter. If transport costs and house rent ease, that too benefits households," he explained.
About economists' repeated warnings that unemployment in Bangladesh has reached "epidemic" proportions, the finance adviser dismissed the characterisation as exaggerated, though he admitted there are challenges.
Employment creation is mostly driven by the private sector, and if business slows, it naturally affects jobs, he said.
"We are providing policy support and assistance to businesses to encourage growth. The term 'epidemic' is used to attract attention, but the real picture is not as dire," he said.
The finance adviser also rejected reports that Bangladesh is purchasing LNG worth Tk 1 lakh crore from a single US company where a former US ambassador is employed.
"That is not correct. We compare all international prices-whether from the US, China, Saudi Arabia, or elsewhere-before making decisions. Qatar is currently out of the picture, but we are importing from multiple other sources. It is not the case that one company dominates LNG supply," he clarified.
The adviser pointed to encouraging signs in revenue mobilisation. "Our tax revenue collection, which had slowed earlier, is now picking up. Tax evasion has been a challenge, but enforcement has improved, and many pending files are now being resolved," he said.
The finance adviser further mentioned that Bangladesh's economy is navigating through global and domestic challenges with resilience. "We are balancing between ensuring consumer welfare, supporting private sector growth, and maintaining fiscal stability," he said.
Comments