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BD to attract $10b investment from UAE

FE Online Desk | Published: September 15, 2019 12:29:06 | Updated: September 19, 2019 10:51:58


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, which takes place at Conrad Dubai Hotel today (September 15).

 

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.

 

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

 

Mr Salman Fazlur Rahman, Advisor to Bangladesh Prime Minister for Private Industry and Investment will deliver a keynote address at the 2nd Edition of Bangladesh Economic Forum.

He is leading a 20-member government delegation comprising of officials of Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Bangladesh Hi-Tech Park Authority (BHTPA).

 

BIDA, BEZA and BHTPA – the three Investment Promotion Agencies (IPAs) of Bangladesh Government 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-based Non-Resident Bangladeshi professionals and entrepreneurs.

 

As many as 20 fresh investment projects are being prepared to be tabled at the Forum where investors are expected to meet and discuss their projects with Mr Salman F. Rahman and the visiting Bangladesh official delegation.

 

Bangladesh economy is growing at 7.9 percent in FY18. Bangladesh is on a growth overdrive that will see its economy growing at 8.0 per cent plus 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.

 

“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,” Salman F. Rahman, Advisor to Bangladesh Prime Minister for Private Industry and Investment,who works closely with Bangladesh Prime Minister, said.

 

“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.

 

“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.”

 

-rmc//

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