Foreign Minister AK Abdul Momen on Monday encouraged US businesses to diversify their investments in Bangladesh beyond the energy sector.

Talking to reporters at the Foreign Service Academy, Momen noted the current US investment in Bangladesh is concentrated in the energy sector.

He said there are many potential areas where Bangladesh seeks foreign investment.

A delegation from the US, members of the US-Bangladesh Business Council, is visiting Bangladesh until May 11 to explore economic opportunities between the two countries.

Over 27 executives from across sectors like digital, energy, financial services, insurance, and agriculture are part of the business delegation.

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The delegation met Momen at Foreign Service Academy on Monday afternoon.

The Foreign Minister noted that the US has a strong investment presence in Bangladesh in the traditional sectors such as energy, oil, gas, and mineral resources.

He stressed that there is a huge scope for the US investors to diversify their investment portfolio and funds, to invest in the emerging areas such as but not limited to, agro-processing, automobiles, shipbuilding, pharmaceuticals, renewable energy, information and communication technology and the blue economy. 

The US business leaders appreciated the economic stride made by Bangladesh.

The business delegation expressed keen interest to invest in IT, energy, financial services, and technology sectors while Bangladeshi businessmen invited them to invest in pharmaceuticals, technical skill development, agriculture, and some other potential sectors. 

This is the maiden visit of the US-Bangladesh Business Council since its inception in April 2021. 

The Bangladesh delegation included representatives from the National Board of Revenue, Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, Federation of Bangladesh Chambers of Commerce and Industries, Bangladesh Garment Manufacturers and Exporters Association and D-8 Chambers of Commerce and Industry. 

The business leaders of both sides pledged to advance and strengthen the trade, commercial and investment relations between Bangladesh and the US.

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The discussion centred around the growing economic relationship between the two countries that will set the foundation for the next 50 years of the bilateral relationship as Bangladesh transitions from an "aid-dependent" economy to an "investment and trade-driven" one.

Earlier, US Ambassador to Bangladesh Peter Haas had a brief interaction with the delegation on Sunday.

Senior officers of the US Embassy in Dhaka and the United States Agency for International Development (USAID) Bangladesh shared their briefings on high-level opportunities for stronger Bangladesh-US economic and commercial ties.

The purpose of the Council's first trade mission to Bangladesh is to renew an old friendship and explore opportunities for new partnerships, said Jay R Pryor, vice-president (business development), Chevron.

Pryor, also inaugural board chair of the US-Bangladesh Business Council, said the US companies want to contribute to Bangladesh's impressive economic development.