"I think Bangladesh is going to be considered for the assistance. But it is not the US government, but the Millenium Challenge Corporation who will take decision to allow any country on the basis of the set criteria," she said.

Chammas was talking to reporters after a meeting with the Bangladesh Chamber of Industries (BCI) leaders in the capital.

MCA is a special assistance package for selected developing and least developed countries to facilitate poverty reduction. Bangladesh was in the preliminary list of MCA in the last two years but excluded in the final selection.

The MCC Board selects eligible countries based on their demonstrated commitment to "ruling justly, investing in people, and encouraging economic freedom."

The US diplomat said Bangladesh's trade and commerce in the existing economic situation would be more challenging as the election approaches.

The rising oil and commodity prices, especially scrap metal price and strong demand for imported capital goods to support industrial growth, are putting pressure on the country's foreign exchange reserve, she pointed out.

Trade deficit is increasing and remittance flow has slowed down contributing to the depreciation of the taka and rising inflation, she added.

Chammas said Bangladesh maintained strong economic growth for several years and the industrial sector grew dramatically at over seven percent last year.

She said overall export to the US significantly increased over the last few years and US export to Bangladesh has also increased, though at a slower pace.

About foreign direct investment, Chammas said US investors are again looking to Bangladesh for opportunities, specially in the power sector. Two US investors' groups are placing projects on power generation, she added.

BCI President AK Azad urged the US authorities through the charge d'affaires to give Bangladeshi readymade garment products duty-free access to the US market.