Bangladesh’s economic transformation is very fast, the growth has been stable and steady and It is a very good time to invest in the infrastructure sector in Bangladesh, said Finance Adviser to Prime Minister Dr. Mashiur Rahman on Thursday.
He was addressing a webinar on “Shaping business landscape: economic cooperation of Middle East and Bangladesh” held on the 3rd day of Bangladesh Trade and Investment Summit 2021 organized jointly organized by Ministry of Commerce and Dhaka Chamber of Commerce & Industry (DCCI).
Mashiur said household electronics is a very potential market to invest as the output is quite high. Sophisticated technological products, API and generic pharmaceutical market are another potential sector to invest in. To enter into a market, it is evitable to know the market first. He also underscored chamber to chamber relation to boost trade.
UAE Acting Ambassador to Bangladesh Abdulla Ali AlHmoudi said collaboration and partnership will expand our bilateral trade.
“We want to expand business, we want to deepen engagement through strategic partnership, said the Acting Ambassador. To strengthen bilateral trade relation, Bangladesh-UAE business council may be formed in near future”, he said.
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DCCI President Rizwan Rahman in his brief presentation said that limited diversification of RMG and export products are challenges for export growth in the Middle Eastern countries. Bangladesh imports 19% of its required mineral resources from Middle Eastern countries.
Moreover unskilled Labor is a challenge for labor supply in the Middle Eastern countries. Bangladesh couldn’t develop Halal business outreach due to limited infrastructure to utilize potentials of the Halal market in the Middle Eastern region.
He also said that Economic Diplomacy should be strengthened by Bangladesh to ensure labour supply in Gulf countries. Middle Eastern countries can source diverse skilled and semi-skilled professionals in different sectors from Bangladesh to support their growing economic operations. Md. Fozlul Haque, Managing Director, Plummy Fashions Ltd. said UAE imports clothing worth of USD 2.5 billion every year and the GCC countries import clothing worth of USD 5.3 billion but our share is less than 1%. So, the Middle Eastern market is more or less untapped for Bangladesh. He invited the Middle Eastern countries to import more from Bangladesh as there are more than 150 green factories here.
Sulaiman Al Jedaie, Managing Director, Saudi Industrial Export Company said that they are interested to invest in the food processing sector in Bangladesh and export to Latin American and African market.
Shamim Ul Huq, Country Director, DP World, Bangladesh said the growth of Bangladesh is phenomenal. There are massive scope of increasing bilateral investment between Middle East and Bangladesh.
K Mahmood Sattar, Chairman, RSA Advisory and RSA Capital Ltd. said Bangladesh is a good place for Middle East to invest in Halal product sector. Tajwar M Awal, Director, Lal Teer Seed Ltd. said that they are currently exporting seed to the Middle Eastern countries. Middle Eastern countries can invest in the agriculture sector here in Bangladesh, he said. He said Qatar imports vegetables worth of USD 1.5 million per year and Bangladesh can tap this market of Qatar and Oman as well.