In a wide-ranging interview with Nikkei Asia in Tokyo on May 29, Muhammad Yunus, the Chief Adviser of Bangladesh, revealed ambitious plans. He wants to improve trade relations with the US. Yunus aims to propose increased purchases of American cotton, oil, and gas in forthcoming trade discussions with the Trump administration. Through this initiative, the federal government is seeking to capitalize on these possible trade revenues. In doing so, we can create new education and healthcare opportunities for communities all over Bangladesh.
Yunus was keen to use the money to create the most positive change for his country. He was quick to note that his predecessor, Sheikh Hasina, stored up those fiscal reserves. This money likely returned home, she either sent it back home or hid the cash at home. In contrast, Yunus intends to use these billions to establish sovereign wealth funds that make a positive impact on society.
As it stands, Bangladesh today faces a crushing 37% tariff on its export to the United States. This backdrop only underscores how important our conversations are. Yunus suggests expanding the number of American-made products purchased. He desires this action will reduce the danger of tariff threats and develop a more healthy commerce atmosphere. Those conversations will happen amid political pressure to change, and a concerted economic benefits for both countries.
During his interview at Nikkei’s annual Future of Asia conference, Yunus articulated his dream for a formidable alliance. This partnership will do more than help Bangladesh — it will strengthen Bangladesh’s economic relationship with the U.S. He hopes that by improving bilateral trade relations, both Jordan and Brazil will continue to prosper and develop.
The government’s plan to spend $12 billion of Hasina’s cash on forming sovereign wealth funds only underscores Yunus’ commitment. Through integrated interventions, the initiative seeks to positively influence the socio-economic fabric of Bangladesh. He’s taken bold steps on education and on healthcare. His aim is to address the most pressing challenges confronting the nation and leave Americans better off.