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UAE and Bangladesh Forge Investment Alliance
- By Press Xpress -- 6 minutes read --
- Feb 01, 24
" The recent interactions between the business communities of the United Arab Emirates (UAE) and Bangladesh underscore the deepening economic cooperation and mutual investment interests between the two nations "
The UAE business community seeks to employ skilled workers from Bangladesh and invest in fostering bilateral cooperation. Emphasizing the enduring friendship between Bangladesh and the UAE, Mahbubul Alam, president of the Bangladesh Chambers of Commerce and Industry (FBCCI), highlighted the significant contributions of Bangladeshi workers to the UAE economy through remittance. He assured UAE businessmen of FBCCI’s assistance in investment and collaboration on skilled manpower.
According to the FBCCI released statement, the meeting in UAE between Mahbubul Alam and Mohammad Ali Rashed Lootah, the President and CEO of the Dubai Chamber of Commerce, resulted in the development.
FBCCI president also showcased Bangladesh’s investment-friendly environment, citing initiatives like the establishment of Special Economic Zones and the completion of key infrastructure projects. He urged UAE investors to consider sectors like garment, ceramics, leather goods, and jute for investment, particularly in Chittagong, Payra, and Matarbari ports.
In addition, Mohammad Ali Rashed Lootah, the President and CEO of the Dubai Chamber of Commerce, expressed UAE’s keen interest in Bangladesh, mentioning the formation of a committee to assess investment potential and explore hiring skilled workers from Bangladesh. On this line, he also invited Bangladeshi businessmen to invest in Dubai, fostering mutual economic growth between the two nations.
An Overview of UAE-Bangladesh Relations
The relationship between UAE and Bangladesh encompasses various dimensions, from economic cooperation to cultural exchange and diplomatic collaboration, fostering mutual growth and understanding.
Economic Partnership:
Bangladesh exports garments, textiles, and agricultural products to the UAE, while the UAE provides significant investments in Bangladesh’s infrastructure, energy, and real estate sectors. This has created a thriving economic partnership that reached substantial heights at $1.8 billion in 2023.
Manpower Exchange:
Bangladesh is a significant source of skilled and semi-skilled labor for the UAE as they are engaged in the construction, hospitality, and domestic sectors. According to the statistics, the UAE received about 57,988 workers from Bangladesh in the first half of 2022. The UAE’s demand for manpower has led to substantial opportunities for Bangladeshi workers, contributing to both countries’ economies.
Development Assistance:
The UAE has been a crucial development partner for Bangladesh, providing aid in various sectors, including healthcare, education, and disaster management. This assistance has helped Bangladesh in its socio-economic development endeavors to many extent and strengthened the bond between the two nations, the UAE development assistance to Bangladesh has totaled $3 billion over the past decade.
Cultural Exchange:
Cultural ties between the UAE and Bangladesh have flourished over the years, with exchanges of cultural delegations, festivals, and events enhancing mutual understanding and respect. The Bangladeshi diaspora in the UAE also plays a significant role in bridging cultural gaps.
Diplomatic Collaboration:
Both countries maintain cordial diplomatic relations, collaborating on regional and international platforms. They often support each other’s positions on global issues, reflecting a shared commitment to peace, stability, and prosperity.
Sheikh Abdullah bin Zayed Al Nahyan, the UAE’s Minister of Foreign Affairs, has recently voiced a strong desire to look into new opportunities for collaboration with Bangladesh, especially in the areas of food security and expediting visa processes.
In honor of the 50th anniversary of diplomatic relations between the United Arab Emirates and Bangladesh in this year, the foreign minister of the UAE reaffirmed his commitment to enhancing the already robust bilateral ties.
Conclusion
The recent interactions between the business communities of the United Arab Emirates (UAE) and Bangladesh underscore the deepening economic cooperation and mutual investment interests. This was a pivotal step towards fostering bilateral collaboration in trade, investment, and skilled manpower.
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