UAE and Bangladesh trade ties continue to grow
Dhaka expects two high-powered delegations from the UAE early next year.
Dubai — The UAE is one of the major foreign investors in Bangladesh with nearly $2.9 billion investment, informed Mohammed Mahtabur Rahman, who is the founder and president of the Bangladesh Business Council (BBC) in Dubai.
“We expect more investment flow from the UAE to Bangladesh after the successful visit of Bangladeshi Prime Minister Shaikh Hasina during the last week of October 2014,” Mahtabur Rahman said.
Dhaka expects two high-powered delegations from the UAE early next year to scrutinise investment prospects in Bangladesh for the construction of a third seaport in Patuakhali and the 285km long marine drive project, Bangladesh local media reported quoting foreign minister AH Mahmood Ali. “We are now in discussion with DP World and Mubadala for Paira Bandar and Marine Drive projects,” Ali said.
Dubai-based DP World has a portfolio of more than 65 marine terminals across six continents, including new developments underway in India, Africa, Europe and the Middle East.
Abu Dhabi-based Mubadala is an investment and development company supporting the diversification of the UAE by investing in key social infrastructure projects and creating globally integrated industry sectors in the UAE capital.
Focused on investment and development across multiple sectors, Mubadala’s portfolio is valued at $60.8 billion.
Mahtabur Rahman informed that bilateral trade between the UAE and Bangladesh has increased significantly during the last couple of years and reached nearly $1 billion, or Dh3.6 billion, in 2012-13 that also include $251.25 million Bangladeshi exports. Bangladesh imports crude oil and other petroleum products from the UAE and exports mainly clothing, textiles, vegetables, fish and steel products. Both the countries have ample opportunities for further boost trade relations and both ways investments.
The Dubai Chamber issued the BBC licence in 2011, he informed, adding that the Council was formed with the aim of promoting and developing commercial and cultural relations between the UAE and Bangladesh. “So we are ready to facilitate investors from both sides to help them establish business relations in either country,” he added.
“If investors go directly without consulting the Council here and our Chamber in Bangladesh, there is a lot of hassle and some time they might waste money and time,” he explained.
Earlier this year, the Bangladeshi Ambassador to the UAE, Mohammed Imran, announced that the government had decided to grant visa on arrival to UAE nationals and the ambassador hoped the development would improve bilateral trade and investment. There are about 700,000 NRBs in the UAE.
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