US Investment Must Create Jobs, Not Just Capital

We welcome the growing enthusiasm of US businesses in Bangladesh, particularly at a time when our economy needs fresh investment - new employment and a decisive shift towards higher-value production. The recent meeting between Prime Minister Tarique Rahman and the US-Bangladesh Business Council is therefore encouraging. 
We, however, must look beyond the headline value of investment commitments and ask a more fundamental question: What will this investment actually deliver for the people of Bangladesh?
Foreign investment can bring far more than capital. It can introduce advanced technology, modern management practices, international expertise and access to global markets. Most importantly, it can connect Bangladeshi companies and workers with international supply chains. If properly harnessed, these benefits can help us increase productivity, develop new industries and move beyond our traditional dependence on lower-value economic activities. At the same time, investment should never become an end in itself. We believe its success must ultimately be measured by the opportunities it creates. Capital that generates few jobs, transfers little technology or remains disconnected from the domestic economy cannot deliver the transformation our country urgently needs.
For us, employment must therefore remain at the heart of investment policy. We need foreign companies that create decent and sustainable jobs while investing in skills of Bangladeshi workers. On that note - Technology transfer should be another priority. Local companies must be given opportunities to learn, partner with foreign investors and become suppliers to global businesses. Without such linkages, the benefits of foreign investment could remain concentrated among a relatively small group.
We also believe the government must turn Bangladesh into an investment-friendly country. Bureaucratic delays, unnecessary red-tapes, regulatory uncertainty, inadequate infrastructure, unreliable utilities and complicated approval procedures continue to discourage serious, long-term investors. What investors need is not mere generous incentives, but predictability, efficiency, political stability and confidence that policies will remain stable.
Investment incentives should consequently reward job creation, skills development, technology transfer and local supply-chain integration. To cut short - Bangladesh should compete for investment through quality of its institutions and workforce rather than through incentives alone.
The ambitious dream of building a $1 trillion economy by 2034 is significant. Yet we do not believe capital inflows alone can take us there. We need productive industries, skilled people, technological advancement, competitive local businesses and stronger institutions.
Ultimately, the people will measure success of this engagement not by the amount of money entering Bangladesh, but by the number of quality jobs created, increased productivity, technology transferred and the opportunities opened for our own businesses.
Bangladesh needs investment that builds capacity, not merely balance sheets. US investment should help create a more productive, prosperous and self-reliant Bangladesh.