UAE investors set to inject $10 billion into Bangladesh economy

DUBAI: A number of UAE business groups are set to invest $10 billion (Dh36.7 billion) into Bangladesh, according to data compiled by Bangladesh Economic Forum.

The Forum will kick-off in Dubai on September 15, with more than 300 government officials, business leaders, investors and entrepreneurs participating. The one-day conference aims to strengthen the flow of trade and investment between the UAE and Bangladesh.

Bangladeshis are major investors in the UAE economy where more than 50,000 businesses are owned and run by Bangladeshi expatriates who employ more than 150,000 people collectively.

Salman Fazlur Rahman, Advisor to Bangladesh Prime Minister for Private Industry and Investment will deliver a keynote address at the second edition of the Bangladesh Economic Forum. He is leading a 20-member government delegation comprising of officials of Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority.

According to Pan Asia Media, the Bangladesh economy saw a growth of 7.9 per cent in 2018, experiencing a growth overdrive that will see its economy growing at over eight per cent in the next few years.

“Bangladesh is more than ready to receive a higher level of Foreign Direct Investment that jumped 69 per cent last year to $3.61 billion,” said 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.”

Bilateral relations between Bangladesh and the UAE is set to reach to a completely new level this year with the $10 billion worth of investment pledged by UAE investors into Bangladesh’s energy, ports, power and infrastructure sectors that will help fuel the economic growth of Bangladesh.

Bangladesh and the UAE signed four memoranda of understanding, MoUs, on establishing a port, industrial park, supply and setting up a liquefied natural gas, LNG, terminal, power plants, and a special economic zone in Bangladesh, during a three-day visit by Bangladeshi Prime Minister Sheikh Hasina to the UAE in February this year.

“These investments will strengthen the bilateral relationship between Bangladesh and the UAE and will deepen our economic relations to a strategic partnership level,” said Muhammad Imran, Ambassador of Bangladesh to the UAE.

“The Bangladesh economy last year grew at 7.9 per cent and we expect it to grow at 8.3 per cent this year. This will make Bangladesh the fastest growing economy in the world and we would like our brothers in the UAE to benefit from our growth in the coming years. It is heartening to see that our relationship is moving towards the right strategic direction where both countries could be partners in each other’s economic growth,” he added.