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UAE businesses set to invest $10bn in Bangladesh

Publish Time : 14 September, 2019 6:53 : PM

A number of UAE businesses groups are set to invest $10 billion into Bangladesh, reports the Emirates News Agency (EMA).

The investment will go into energy, ports, power and infrastructure sectors, it said citing data compiled by the Bangladesh Economic Forum.

The Forum will kick-off in Dubai on (Sunday) Sept 15 with more than 300 government officials, business leaders, investors and entrepreneurs participating, says the UAE state news agency.

“Bangladesh is more than ready to receive a higher level of Foreign Direct Investment that jumped 69 percent last year to $3.61 billion,” Salman F Rahman, the prime minister’s adviser for private industry and investment, told EMA on Saturday (Sept 14).

Salman, who is leading a 20-member Bangladeshi delegation, is expected to address the Forum.

“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 a higher return on investment in Bangladesh,” said the vice-chairman of Beximco Group.

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, according to the EMA report.
During Prime Minister Sheikh Hasina’s UAE visit in February, the countries signed four MoUs on establishing a port, industrial park, supply and set up an LNG terminal, power plants, and a special economic zone.

“These investments will strengthen the bilateral relationship between Bangladesh and the UAE and will deepen our economic relations to a strategic partnership level,” Bangladesh Ambassador to UAE Muhammad Imran told EMA.

“The Bangladesh economy last year grew at 7.9 percent and we expect it to grow at 8.3 percent this year. This will make Bangladesh the fastest growing economy in the world and we would like our brothers in the UAE to benefit from our growth in the coming years. It is heartening to see that our relationship is moving towards the right strategic direction where both countries could be partners in each other’s economic growth,” he added.