DHAKA, Sept 14, 2019 (BSS) – 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.