Staff Reporter :
Bangladesh is eager to bolster its trade ties with the UAE, and attract foreign investments in port, energy, power, real estate, civil aviation, tourism and telecommunication sectors.
This move is in line with Bangladesh’s Vision 2021 aiming at transforming it into a middle-income economy at a time of its golden jubilee of independence, said Prime Minister Sheikh Hasina in an interview with Khaleej Times.
The Prime Minister of Bangladesh, Sheikh Hasina, reached UAE on Saturday for a three-day visit, to meet the UAE leaders to foster relations and discuss mutual cooperation for socio-economic development.
The visit is a continuation of Sheikh Hasina’s visit to the UAE in January, 2011 and for guiding the level of UAE-Bangladesh partnership to a comprehensive, strategic and sustainable level.
To date, the two-way trade volume between the UAE and Bangladesh stands at $967 million, and the UAE is a major foreign investor in Bangladesh with a nearly $2.9 billion.
“Bangladesh’s economy has continued to grow amid challenges … All macro-economic indicators remain strong as we speak. Our exports continued to rise double-digit to more than $30.5 billion, while remittance continued to grow, reaching its peak to $14.46 billion in 2013-14. As a result, our foreign exchange reserves also shot up and currently remain stable at around $22 billion – the highest in our history. The value of Bangladeshi Taka remains stable, occasionally rising against the US dollar. So any foreign investor could reap good dividends from their investment in Bangladesh,” said Sheikh Hasina.
Currently, Ras Al Khaimah Investment Authority (Rakia) has invested in ceramics, pharmaceuticals and real estate sectors, while major UAE holdings such as IPIC Abu Dhabi, DP World and Abu Dhabi Investment Fund are exploring investments in gas pipeline, refinery, fertiliser, port development and power sectors. Abu Dhabi Fund for Development (ADFD) also extends loans and grants for development projects in Bangladesh.
“The economic opportunities prevailing in Bangladesh are strong enough to attract foreign investors. One has to take interest, come and see us. We will do our best to facilitate. From our side, we have eased the regulatory environment and made them more conducive for foreign direct investment. The investment climate is now much better in Bangladesh than before. We have also ensured political stability. We are now trying to promote our attractiveness to large investor groups, including from the UAE and Middle East,” she said.
Bangladesh recently opened up an exclusive economic zone in the Bay of Bengal, which spans over 118,813 square kilometres, and there have been talks with DP World to develop a deep-sea port in the nation.
Deep-sea routes have long served Bangladesh as a major trade channel, and this novel venture opens immense possibilities including utilisation of resources for oil and gas exploration, fisheries, ship building and ship breaking, salt collecting, developing tourism, etc. Bangladesh currently ranks 13 in the world as one of the promising countries in the field of shipbuilding and ship breaking.
“Blue economy offers an approach to sustainable development better suited to circumstances, constraints and challenges for the countries with coastal belt and islands. Bangladesh won landmark victories against Myanmar in 2012 and India in 2014 at the International Tribunal for the Law of the Seas. Thereby, Bangladesh gained vast areas of oceans, to be identified as a country of blue economy,” she said.
Bangladesh is known to be the second largest apparel manufacturer in the world after China, and has shown significant sector growth, even during the 2008 World Economic Crisis.
“Bangladesh fashion apparel manufacturers have earned enormous reputation in Europe and North America for their high quality and low cost production, flexible manufacturing system and commitment in delivery. Apart from this, a large pool of apparel production managers and fashion masters are already being groomed along with increase of apparel production in the country,” Sheikh Hasina said.
The country hopes to play an active role in some of the UAE’s exciting platforms – like the World Expo 2020 and Dubai Design District – to promote its products, services, cuisine and culture, and to demonstrate its socio-economic progress.
“Bangladesh will take keen interest if the UAE government requires any form of alliance between Dubai Design District and Bangladesh apparel manufacturers. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) may get involved in this sector if they are given the opportunity.”
Historically, the summit between the late Shaikh Zayed bin Sultan al Nahyan and Bangabandhu Sheikh Mujibur Rahman – the founding fathers of the UAE and Bangladesh respectively – in 1974 rooted the foundation of trust, which was elevated to new dimensions upon Shaikh Zayed’s subsequent state visit to Bangladesh in 1984.
Further marking its friendly ties with the UAE, Bangladesh recently extended unilateral ‘visa on arrival’ facilities for UAE citizens that allow Emiratis to visit Bangladesh without prior visa.
“The government of Bangladesh has already allocated and handed over a plot of land in the important diplomatic enclave of Gulshan in capital Dhaka for the UAE Embassy. We hope the Government of the UAE would allocate similar land for the Embassy of Bangladesh in Abu Dhabi and Consulate General of Bangladesh in Dubai. The present economic relations between the two countries are also excellent. A Joint Economic Commission is now sincerely working to provide a broad framework for economic cooperation,” said Sheikh Hasina.
Over 800,000 Bangladeshi expatriates are engaged in a variety of occupations in the UAE and contribute to the economic development of both countries. These expats have become the second biggest contributor towards Bangladesh’s macro-economy in terms of remittances, after Saudi Arabia.
“My visit aims at reviewing entire gamut of bilateral relations between Bangladesh and the UAE, which is rooted (in) … the historic and ideological ethos based on mutual understanding, respect and similarity in faith and views. This is a continuation of my immediate past visit to the UAE in January, 2011, for furthering the level of Bangladesh-UAE partnership to a comprehensive, strategic and sustainable level. In this auspicious moment, I would like to take the opportunity to invite the UAE Prime Minister Shaikh Mohammed to visit Bangladesh in his next immediate schedule,” Sheikh Hasina said.
The UAE and Bangladesh foster strong relations with one another, and hold similar views on major regional and international issues, commitment to maintaining international and regional peace, security and development.
