Initiatives have been taken to establish formal links between Bangladeshi businessmen and businessmen from the United Arab Emirates (UAE), a rich country in the Middle East and a potential source of foreign investment. Prime Minister Sheikh Hasina is going to visit the country next March.
During this visit, there will be important meetings at the state level. Besides, a joint business forum will be formed between the representatives of the UAE Federation of Chambers of Commerce and Industry (FCCI) and the Federation of Bangladesh Chambers of Commerce (FBCCI). Sheikh Hasina will officially inaugurate this forum.
The Prime Minister may visit the UAE from 7 to 12 March. The Prime Minister will lead a 50-member delegation including cabinet members, FBCCI representatives, and businessmen from various sectors.
Mohammad Mizanur Rahman, Deputy Chief of Mission at the Bangladesh Embassy in Abu Dhabi, told the Commerce Ministry that an equal number of UAE representatives could attend the meeting of the Business Council. The JBF meeting will be held on 9 or 10 March at the Dubai Exhibition Centre or any other suitable location in Dubai or Abu Dhabi. Sheikh Hasina will take part in the meeting virtually.
In February 2019, Prime Minister Sheikh Hasina visited the UAE. At that time, Dubai businessmen signed four memorandums of understanding expressing interest in investing in establishing ports, industrial parks, LNG terminals, power plants, and special economic zones in Bangladesh. Among the proposed investments of Dubai is setting up an inland container depot at Dhirasram in Gazipur. Dubai-based DP World is interested in setting up a depot. The company also wants to build an industrial park there.
In addition, investors from the country are interested in setting up a land-based LNG receiving centre in Payra. For this, they have asked for 300 acres of land. Besides this, another agreement signed between Sheikh Ahmed Dalmook Al Maktoum, a member of the UAE royal family and an investor, and the PDB, calls for the construction of 800 to 1,000 megawatt LNG power plants and another 100-megawatt solar power plant in two phases. Sheikh Ahmed Dalmook also agreed to establish a special economic zone in Matarbari.
Trade between the two countries rose by 15% to 120 billion dollars last year. According to the EPB, in the last fiscal year, Bangladesh exported goods worth 49 crores and 58 lac dollars to the United Arab Emirates.
