The New Nation - Internet Edition

Staff Reporter

The US Ambassador to Diversify James F Moriarty yesterday said that Bangladesh should give priorities on investment in infrastructure, diversification of exports, enhancing food security and development of human resources to tackle global economic crisis.

He was addressing a meeting as chief guest on "World Economic Crisis and Its Impact on Bangladesh" at Westin Hotel here. The International Business Forum of Bangladesh (IBFB) organised the meeting. IBFB President Mahmudul Islam Chowdhury addressed the meeting while representatives from diplomatic missions, donor agencies and development partners and high officials from government were present in the meeting.

Moriarty said that the United States will continue to be a committed partner as Bangladesh pursues these endeavours.

"The effort and resources expended on this financial crisis have led some to question the commitment of developed countries to helping poor nations around the globe. Let there be no question that the United States will continue to stand by its friends, including Bangladesh," he said.

"The world currently faces serious economic challenges. The crisis in financial markets is affecting the real economy in almost every corner of the world," the US Ambassador said.

"Open economies and well-functioning markets are essential to economic growth, employment and prosperity. This crisis can only be resolved through a commitment to the rule of law, respect for private property, open trade and investment, competitive markets and efficient, well-regulated capital markets," he further said.

"The United States has taken systematic, aggressive, bipartisan measures to protect the financial security of the American people and the global community. The measures aim to shore up troubled financial institutions, unlock credit markets and thaw global liquidity," he explained his government initiative to tackle the economic crisis.

"The US Government in October passed bipartisan legislation providing funds to help banks rebuild capital and resume lending. The Federal Deposit Insurance Corporation broadened its guarantees for depositors, banks and other institutions. The Federal Reserve lowered interest rates, increased support for banks, and launched a new program to support short-term financing for American businesses," the US Ambassador informed.

He said that the G-20 leaders launched a 47-point action plan which include transparency and accountability, sound regulation, financial market integrity, international cooperation, and the reform of international financial institution.

Mahmudul Islam Chowdhury said that the economy of Bangladesh has already been affected by food and energy crisis.

"Bangladesh will soon have a new government that will be friendly and helpful towards the business community. The new government will look upon the current economic crisis as a great opportunity for change that will help accelerate economic growth in Bangladesh," he said.