PM to inaugurate BD-UAE business forum in March tour
She will be visiting the Middle Eastern country on 7-12 March
Prime Minister Sheikh Hasina is scheduled to launch a joint forum for Bangladeshi and Emiratis businessmen during her week-long visit to the United Arab Emirates (UAE) on 7-12 March, according to officials.
Around 50 UAE businessmen are expected to join the bilateral business meeting slated for 9 or 10 March in Dubai or Abu Dhabi, according to Muhammad Mizanur Rahman, deputy chief of mission to the Bangladesh Embassy in UAE.
Prime Minister Sheikh Hasina's will also be leading a 50-member entourage including cabinet members, representatives of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and other prominent businessmen.
She will join the forum virtually from her residence during the tour.
At the forum, there will be a presentation on business and investment opportunities in Bangladesh. Later, there will be walking lunch and business engagement sessions, the Bangladesh Embassy informed the commerce ministry.
FBCCI President Md Jashim Uddin told The Business Standard that Bangladesh with better infrastructures now has the potential to attract foreign direct investment. "That is why the prime minister will call upon the Dubai businessmen to invest in Bangladesh."
Jashim Uddin said the UAE has the second largest port management capacity in Asia after Singapore. The Middle Eastern country's capacity in rail infrastructure is also worth mentioning, while Emirates Airlines is also internationally renowned.
"Bangladesh eventually will gain if UAE businessmen invest in the country's ports and railways."
The FBCCI president said they will also be looking for investment opportunities in the Dubai forum as the government recently has issued a policy paving the way for Bangladeshis to invest abroad.
Sheikh Hasina previously toured the UAE in February 2019. During the trip, Dubai businessmen expressed interest in ploughing in money to Bangladeshi ports, industrial parks, LNG terminal, power plants and special economic zones and inked four memoranda of understanding.
The proposed investments include an inland container depot by Dubai's DP World in Gazipur's Dhirasram. DP World is also interested in setting up an industrial park there.
Besides, UAE investors are interested in setting up a land-based LNG receiving centre at Payra Sea Port. The investors have sought 300 acres of land for the establishment.
In addition, the agreement signed between Sheikh Ahmed Dalmook Al Maktoum, a member of the UAE royal family and an investor, and the Bangladesh Power Development Board, mentions the construction of 800-1,000-megawatt LNG power plants and another 100-megawatt solar power plant.
Sheikh Ahmed Dalmook Al Maktoum also signed a deal to establish a special economic zone in Matarbari.
The volume of bilateral trade between Bangladesh and the UAE over the past years recorded a growth of more than 15%, amounting to $1.2 billion in the 2020-21 fiscal year.
According to the Export Promotion Bureau, Bangladesh's export to the UAE is $495.85 million in the 2020-21 fiscal year.
According to commerce ministry officials, preparations are being taken for the formation of a joint business forum on the occasion of the prime minister's visit. Meanwhile, Bangladeshi Ambassador to Dubai Abu Zafar recently met with the Secretary General of the UAE Federation of Chambers of Commerce and Industry (FCCI) Humaid Mohammad bin Salem.
The Bangladesh Economic Forum, an organisation of Bangladeshi professionals and entrepreneurs living in the UAE, organised the second international conference in Dubai in 2019. Prime Minister's Private Industry and Investment Advisor Salman F Rahman was the chief guest at the conference.
UAE investors who attended the conference announced a $10 billion investment in Bangladesh's power, energy, port and infrastructure development.