Dubai enhances economic and investment ties with Bangladesh

Dubai Chambers has successfully organised the Dubai-Bangladesh Business Briefing, with the goal of enhancing bilateral economic and investment relations, fostering cooperation between the business communities in both markets across key sectors, and supporting the growth of bilateral trade.

As part of the event, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and the Dhaka Chamber of Commerce & Industry (DCCI). The agreement is designed to broaden bilateral cooperation and promote efforts to diversify and expand mutual trade and investments.

The two parties will provide comprehensive support to strengthen connections between exporters and importers from Dubai and Dhaka, including the facilitation of business-matching services. The MoU also seeks to encourage joint ventures and collaborative investments between private sector companies in both markets.

The agreement outlines cooperation between the two parties in areas including the organisation of specialised trade events, exhibitions, and investment missions. The two chambers will also focus on sharing commercial and economic data to facilitate the exchange of market intelligence.

The agreement was signed by Mohammed Ali Rashed Lootah, President and CEO of Dubai Chambers, and Taskeen Ahmed, President of the Dhaka Chamber of Commerce & Industry.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Dubai Chambers is committed to extending comprehensive support to Bangladeshi businesses and investors to help them grow their operations in Dubai and leverage the emirate’s competitive advantages. Our goal is to further strengthen cooperation between the business communities in Dubai and Bangladesh to foster partnerships and contribute to achieving shared developmental goals.”

Taskeen Ahmed, President of Dhaka Chamber of Commerce & Industry (DCCI), said Bangladeshi nationals constitute one of the largest expatriate communities in the UAE, accounting for 17 percent of Bangladesh’s total overseas employment, making the UAE the second-largest destination after Saudi Arabia.

He also said, the total trade volume between Bangladesh and the UAE reached nearly $2 billion in the FY 2024 with incremental growth. Bangladesh’s competitive investment framework featured by fiscal and non-fiscal incentives, favourable regulatory environment for foreign investors, targeted tax exemptions across various industries, 100 percent foreign ownership, and Double Taxation Treaties with the UAE make Bangladesh an attractive destination for investment, especially in non-oil sectors.

Additionally, Dubai’s strategic location serves as a key gateway for Bangladeshi businesses to access the growing halal market in the region, Taskeen Ahmed added.

The number of Bangladeshi companies registered as active members of Dubai Chamber of Commerce reached 8,686 by the end of 2024, achieving annual growth of 19 percent and reflecting Dubai’s growing attractiveness among Bangladeshi investors.

As part of the forum, Dubai Chambers presented an overview of the promising investment opportunities in Dubai for the Bangladeshi business community. The sectors highlighted included logistics and warehousing, real estate, medical tourism, software development, and mobile app innovation.

The presentation revealed that the key areas of opportunity for Dubai-based companies exporting to Bangladesh include organic chemical products, copper products, rubber, and leather. For investors seeking to enter the Bangladesh market, promising sectors include financial services, fintech, data management, logistics, and e-commerce, together with healthcare services and the food processing industry.

In January, Dubai Chambers has signed a Memorandum of Understanding (MoU) with the United States (US) Chamber of Commerce to strengthen trade relations and enhance the ties between the business communities of Dubai and the United States.

The agreement aims to support the growth of bilateral trade and expand economic cooperation.

The MoU was signed at Dubai Chambers’ headquarters by Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, and Steve Lutes, Vice President for the Middle East at the U.S. Chamber of Commerce.

Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, commented, “This collaboration comes as part of our ongoing efforts to strengthen cooperation with business organisations and communities worldwide. Through our collaboration with the US Chamber of Commerce, we aim to enhance economic and investment partnerships and expand mutual business opportunities between American companies and their counterparts in Dubai.”

WAM