20/08/2014 01:22 AST
UAE and Bangladesh to improve economic relations and increase trade between the two countries.
Chairman of the Umm Al Quwain Chamber of Commerce and Industry, Saeed Bin Naseer Al Talay, and Masoud Al Rahman, Consul-General of Bangladesh discussed the development of economic relations and trade exchange, as well as increasing joint investment between businessmen in the two countries.
Al Talay welcomed the Consul and stressed the deep historical relations between the two countries, which were witnessing steady growth thanks to the keenness of leaderships of the two countries.
At the meeting, they reviewed prospects for cooperation and development for the benefit of both sides and the development of relations between businessmen and conducting of more joint meetings and visits between them.
For his part, the consul-general of Bangladesh expressed his country’s aspiration to increase its exports to the UAE, especially in the field of clothes, leather and ceramics, and the need to organise workshops for Bengali community, as well as to develop a mechanism to attract Bengali businessmen and investment to the Emirate of Umm Al Quwain.
The volume of trade between Bangladesh and the UAE crossed $1 billion (Dhs3.67 billion) mark during the financial year ending July 2012.
During 2010-2011, trade with the UAE reached almost $900 million, with Bangladesh’s exports reaching $125 million and the UAE’s exports reaching $770 million.
One of the key contributors to this growth is the large Bangladeshi expatriate community in the UAE. The UAE is home to over 700,000 Bangladeshi expatriates, making it the main overseas market for Bangladeshi workers.
“Trade is fast becoming an essential component of Bangladesh’s developmental strategy over the last decade or so and Bangladesh is now not dependent on foreign aid,” said Nazmul Qununine, Bangladesh Ambassador to the UAE.
In 2011, over 250,000 Bangladeshis got employment in the UAE, said Qununine.
“They send more than $2 billion in remittances to Bangladesh,” he said.
Although a majority of Bangladeshi workers in the UAE are unskilled, the Dhaka government has been pushing for professionals such as doctors, nurses, engineers, bankers, pharmacists, teachers and accountants to join the workforce here.
“The UAE may want to set up a Nurses Training Institute and recruit nurses from Bangladesh,” Qununine said.
The Prime Minister of Bangladesh, Shaikh Hasina Wajed, visited the UAE during 2011 and signed two trade and investment agreements as part of the country’s plan to bolster ties with the UAE.
The UAE and Bangladesh have signed two agreements on avoidance of double taxation on income and promotion of investments.
The agreements were signed by Sheikh Abdullah Bin Zayed Al Nahyan and the then Bangladeshi Foreign Minister Dipu Moni, in presence of Bangladesh Prime Minister Sheikh Hasina Wajed.
Sheikh Abdullah met with Sheikh Hasina Wajed and discussed with her ways to strengthen relations between the two countries, particularly in the economic, commercial and renewable energy fields.
Back then, Shaikh Hasina urged UAE investors, both from the public and private sectors, to invest in major infrastructure projects offered through public and private partnerships and joint ventures.
One of the problems hampering industrial growth in Bangladesh is the shortage of power.
The government has said that it will provide electricity “for all” by 2021, and increase power to 11,000 MW by 2015 and 20,000 MW by 2021.
“The government believes that electricity is a key element to alleviating poverty and eventually turn Bangladesh into a middle income country.”
The Gulf Today
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