UAE investors set to inject US$10b into Bangladesh economy
A good number of UAE business groups are set to invest $10 billion (Dh36.7 billion) into Bangladesh, according to the Bangladesh Economic Forum, which takes place at Conrad Dubai Hotel in Dubai tomorrow (Sunday).
More than 300 government officials, business leaders, investors and entrepreneurs will participate in the day-long international investment conference, aimed at strengthening the flow of trade and investment between the UAE and Bangladesh, said a press release.
Bangladeshis are major investors in the UAE economy where more than 50,000 businesses are owned and successfully run by Bangladeshi expatriates who employ in together more than 150,000 people.
The release said PM’ Adviser for Private Industry and Investment Salman Fazlur Rahman will deliver a keynote address at the 2nd Edition of Bangladesh Economic Forum. He is leading a 20-member government delegation comprising of officials from Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Bangladesh Hi-Tech Park Authority (BHTPA).
The three Investment Promotion Agencies (IPAs) of Bangladesh — BIDA, BEZA and BHTPA — are participating in such an international investment conference in the Gulf for the first time undertaken by Bangladesh Economic Forum, a private sector initiative of the UAE-base Non-Resident Bangladeshi professionals and entrepreneurs.
As many as 20 fresh investment projects are being prepared to be tabled at Bangladesh Economic Forum where investors are expected to meet and discuss their projects with Salman F Rahman and the visiting Bangladesh official delegation.
Bangladesh economy grew at 7.9 percent in FY18 while the economy is expected to grow over 8 percent in the next few years which will make it the fastest growing economy in the world.
In order to sustain 8 percent plus GDP growth, Bangladesh needs massive foreign and domestic investment which will create employment and ensure sustainable development.
The UAE and the GCC countries could be major sources for investment into Bangladesh. Time has come for Bangladesh to expedite investment opportunities from the UAE and help build the country’s future.
“Bangladesh is more than ready to receive a higher level of Foreign Direct Investment (FDI) that jumped 69 percent last year to US$3.61 billion,” said Salman F. Rahman.
“We have seen large investments coming from China, Japan and the United States. We believe investors from the GCC countries, especially Saudi Arabia and the UAE, should take advantage of the lower cost of investment, operations and higher return on investment in Bangladesh,” he added.
Salman said domestic consumption is increasing in Bangladesh as more than 2 million people are joining the middle income group and becoming consumers – that opens up more scope and opportunities for new investors.
“We are developing 100 economic zones and 28 hi-tech parks in Bangladesh for investors to set up their operations and benefit from the lowest labour cost and very low operational costs. Our brothers and investor friends from the UAE and Gulf should benefit from the growing opportunities in Bangladesh,” he added.
