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UAE-Bangladesh trade at over $1 billion
By Sajjad Ahmad September 09, 2018
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DUBAI: The UAE is one of important trade partners of the Bangladesh in the region. The volume of trade between the two countries is above $1 billion currently, said Muhammad Imran, Bangladesh Ambassador to the UAE.

Addressing the inaugural Bangladesh Economic Forum, he said that our target is to increase the trade exchange between the two countries to $3-4 billion in the next few years.

The ambassador said that the main focus of his country is to make more people to people contact to lure more UAE investors to Bangladesh.

An attractive investment climate and a higher return on investment has helped 22.52 per cent jump in Foreign Direct Investment (FDI) in to Bangladesh to $2.45 billion in 2016-17 financial year, up from $2 billion in 2015-16, that is encouraging a number of UAE businesses to invest in to Bangladesh, according to the country’s central bank.

Muhammad Imran said. “We have witnessed a growing interest among both Emirati businesses to invest in Bangladesh while a large number of Bangladeshi entrepreneurs are also setting up companies in the UAE, therefore strengthening the two-way economic ties between the two countries.”

He added, “Our government has announced the establishment of 100 economic zones, where foreigners, including our Emirati brothers could invest in 100 per cent foreign-owned export-orient industries and benefit from lower cost of licensing, land and production and benefit from higher margins and duty-free export quota access to a number of countries in the world.”

“Our bilateral relation with the UAE is underpinned by the presence of a large Non-Resident Bangladeshi (NRB) community base with more than 50,000 businesses owned by Bangladeshi expatriates,” Muhammad Imran said.

He concluded, “Gradual relaxation of visit and employment visas can help two-way investment and trade as well as people to people contact. With increased trade and investment flow.”

The event was attended by more than 200 delegates, investors, businessmen, bankers and investment advisors, organised by Pan Asian Group.

Bangladesh economy will grow by 8.25 per cent in the current fiscal year, Bangladesh Planning Minister AHM Mustafa Kamal said recently.

Digital Bangladesh

During the panel discussion connectivity and networking was highlighted to maximize economic growth. More than 152.52 million among Bangladesh’s 161 million people uses cell phone, according to the statistics issued by Bangladesh Telecommunications Regulatory Commission (BTRC) in July 2018, raising the mobile penetration rate to 94.73 percent.

Internet subscriber base has reached 88.68 million in July 2018, or 55.08 per cent of the country’s population currently have access to the Internet.

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