UAE investors set to inject $10bn into Bangladesh economy

WEB_UAE-investors

Poster of Bangladesh Economic Forum 2019 Collected


UAE-based investors will present 20 investment projects at the Bangladesh Economic Forum on Sunday, September 15, 2019

A number of UAE business groups are set to invest $10 billion in Bangladesh, according to data compiled by Bangladesh Economic Forum, which takes place at Conrad Dubai Hotel today.

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, according to a press release.

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.

Salman F Rahman, private industry and investment adviser to the prime minister, will deliver a keynote address at the forum’s second edition.

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).

Bangladesh economy is growing at 7.9% in FY18. Bangladesh is on a growth overdrive that will see its economy growing at 8% plus in the next few years which will make it the fastest growing economy in the world. In order to sustain 8% plus GDP growth, Bangladesh needs massive foreign and domestic investment, which will create employment and ensure sustainable development, the statement read.

“Bangladesh is more than ready to receive a higher level of Foreign Direct Investment (FDI) that jumped 69% last year to $3.61 billion,” said Salman F Rahman.

“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.”

Source: Dhaka Tribune.

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