UAE keen to grow bilateral trade to $10bn by 2030

Bangladesh-UAE trade ties

UAE Ambassador to Bangladesh Saed Mohammed Al-Mheiri addresses a program on Bangladesh-UAE trade ties in the capital Dhaka Tribune

To this end, the Embassy of the UAE in Dhaka has drafted a roadmap

The United Arab Emirates (UAE) is keen to increase their bilateral trade with Bangladesh to $10 billion by 2030, a top official at the UAE Embassy in Dhaka said on Sunday.

To this end, the Embassy of the UAE in Dhaka has drafted a roadmap.

Economic Analyst at the UAE Embassy, Altap Hossen, said this speaking at a programme, “UAE-Bangladesh Business Ties: Present Status and Future Opportunities,” at the Hotel Royal Paradise in the capital.

“We identified a minimum of 10 products from Bangladesh for export to the UAE. The products include knitwear, woven garments, home textiles, leather goods, ceramics, agricultural, jute, and plastic goods,” Altap said at the programme.

On the other hand, Bangladesh can import mineral products like LNG and LPG, chemicals, rubbers, Aircrafts and ships and other products from the UAE, he added.

He said a joint business chamber will be established this year for the expansion of trade between the two countries.

Next year, Dubai will arrange a World Expo 2020, where Bangladeshi products will be showcased on a priority basis, Altap said.

“Currently, the size of bilateral trade between the two countries is $1.13 billion. All efforts will be made to take it to $2 billion by 2021, $5 billion by 2025, and $10 billion by 2030,” he added.

Focusing on investment, he said the UAE currently has an investment of $7.8 billion in Bangladesh, which will increase over time.

Executive Chairman of Bangladesh Investment Development Authority (BIDA), Kazi M Aminul Islam, was the chief guest while UAE Ambassador to Bangladesh, Saed Mohammed Al-Mheiri, presided over the program.

Business leaders and concerned government officials from two countries were present at the occasion.

The UAE Ambassador in his speech said his country is keen to deepen bilateral relations with Bangladesh on all fronts, including business and the economy.

‘‘We would like to extend our hand to businessmen of both countries to increase the trade volume,” Mheiri added.

Referring to the recent visit of Prime Minister Sheikh Hasina to the UAE last month, he said the visit strengthened the brotherly ties further.

During the visit, several MoUs were signed between the governments and private sectors of the two countries.

‘‘Many more UAE companies are also keen to invest and do business in different sectors in Bangladesh’’ he continued.

On the occasion, Aminul Islam urged the UAE to invest Bangladesh.

“We now have special economic zones, export processing zones, and high tech parks for foreign investment,” Aminul said.

Referring to a number of research studies, the BIDA chairman said corporate profitability is the highest in Bangladesh compared to other peer countries like India, Vietnam, and Thailand.

Deputy Chief of Mission of the UAE Embassy in Bangladesh, Abdulla Ali ALHmoudi, Managing Director of Intraco Group, Mr. Mohammed Riyadh Ali, Emirates Airlines Country Manager Saeed Abdulla AL Miran, Vice President of Dhaka Chamber of Commerce and Industry (DCCI), Imran Ahmed, Chairman and Managing Director of AL Haramain Perfumes, and Chairman NRB Bank, Mohammed Mahtabur Rahman, spoke on the occasion.

Source: Dhaka Tribune.