UAE to Form Business Council for Deeper Economic Ties

On Thursday Acting Ambassador of United Arab Emirates to Bangladesh Abdulla AlhMoudi said that they will establish a joint committee, in consultation with Bangladesh foreign ministry, to establish a Bangladesh-UAE business council in November for deeper bilateral economic ties, reports media.  

“We want to tie deeper engagement with Bangladesh. As Covid-19 affected all, now it is our time to make a future plan to overcome the fallout. So, we need collaboration and partnership for enhancing business,” Abdulla told a webinar titled “Shaping Business Landscape: Economic Cooperation of the Middle East & Bangladesh.”

The programme is a part of a seven-day Bangladesh Trade and Investment Summit 2021 which began Tuesday organised by the Ministry of Commerce and the Dhaka Chamber of Commerce and Industry (DCCI).

“I congratulate Bangladesh that the country significantly progressed in the economy,” he also added.

DCCI president Rizwan Rahman said, G2G and B2B collaboration is needed to expand the business in Middle East countries.

“Fifty-five percent of our total inward remittance comes from the Middle Eastern countries. FDI inflow from the Middle East and West Asian countries is $123 million of which KSA and UAE have larger investment footprint in diverse sectors of Bangladesh,” he added.

Managing Director of Plummy Fashions Ltd Md Fazlul Hoque requested the Middle Eastern nations to purchase more Bangladeshi products as Bangladesh is a Muslim-majority country and it is producing quality products.

“China and India are market leaders of Middle Eastern countries but Bangladesh could not take the market properly being a Muslim country. Bangladesh has 150 green factories — the highest in the globe. It is our failure that we could not take the market, though we export huge RMG products in European countries producing quality products,” he added.