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UAE investors set to inject $10bn into Bangladesh economy

UAE-1

The Dubai Frame is an architectural landmark in Zabeel Park, Dubai.

Several UAE business groups are destined to invest $ 10 billion (Dhs36.7 billion) in Bangladesh, according to data compiled by the Bangladesh Economic Forum.

The Forum will begin in Dubai on September 15, 2019, with the participation of more than 300 government officials, business leaders, investors and entrepreneurs. The one-day conference aims to strengthen the flow of trade and investment between the UAE and Bangladesh.

Bangladeshis are the main investors in the UAE economy, where more than 50,000 companies are owned and managed successfully by expatriates from Bangladesh who employ more than 150,000 people together.

Salman Fazlur Rahman, Advisor to the Prime Minister of Private Industry and Investment of Bangladesh, will deliver an opening address at the second edition of the Bangladesh Economic Forum. He leads a 20-member government delegation composed of officials from the Bangladesh Investment Development Authority, the Bangladesh Economic Zones Authority and the Bangladesh High Technology Parks Authority.

According to Pan Asia Media, the Bangladeshi economy experienced a 7.9 percent growth in 2018, experiencing a growth overload that will make its economy grow to more than eight percent in the coming years.

“Bangladesh is more than ready to receive a higher level of Foreign Direct Investment that rose 69 percent last year to $ 3.61 billion,” Rahman said. “We have seen large investments from China, Japan and the United States. We believe that investors from GCC countries, especially Saudi Arabia and the United Arab Emirates, should take advantage of the lower investment cost, operations and higher return on investment. in Bangladesh. “

Bilateral relations between Bangladesh and the United Arab Emirates will reach a whole new level this year with the $ 10 billion investment promised by United Arab Emirates investors in the energy, ports, energy and infrastructure sectors of Bangladesh that will help boost economic growth in Bangladesh.

Bangladesh and the United Arab Emirates signed four memorandums of understanding, memoranda of understanding, on the establishment of a port, an industrial park, the supply and installation of a liquefied natural gas, LNG, terminals, power plants and a special economic zone in Bangladesh, during a three-day visit by Bangladesh Prime Minister Sheikh Hasina to the UAE in February this year.

“These investments will strengthen the bilateral relationship between Bangladesh and the UAE and deepen our economic relations at a level of strategic partnership,” said Muhammad Imran, Bangladesh’s ambassador to the UAE.

“Bangladesh’s economy last year grew 7.9 percent and we expect it to grow 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 benefit from our growth in the coming years. It is encouraging to see that our relationship is moving in the right strategic direction where both countries could be partners in each other’s economic growth, “he added.

Wam

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