Dhaka Chamber of Commerce and Industry (DCCI) and Sharjah Chamber of Commerce and Industry (UAE) on Thursday signed a memorandum of understanding (MoU) for mutual benefits of Bangladesh and the United Arab Emirates (UAE).
President of the DCCI Taskeen Ahmed and Chairman of Sharjah Chamber Abdallah Sultan Al Owais signed the MoU on behalf of their respective organisations at Sharjah Chamber with the aim of expanding export of Bangladeshi products to Sharjah (UAE) and increase bilateral investment between the two countries.
DCCI President Taskeen Ahmed urged the investors of Sharjah to come to Bangladesh and make investment in the infrastructure sector. It would help boost bilateral trade and commerce as well as attract other foreign investors to come, he said.
He also called upon the entrepreneurs of Sharjah to invest in Bangladesh's IT sector, leveraging the potential of the large youth population. He said that a UAE-based bank is currently operating its businesses in Bangladesh. He invited other banks of UAE, including Sharjah Islami Bank, to establish their offshore banking in Bangladesh that would further expand bilateral trade and investment.
He stated that the Bangladesh government offers various incentives to foreign investors while availing themselves of this opportunity, Sharjah entrepreneurs can invest in leather and leather goods, electronics, home appliances, footwear and food processing industries in the economic zones.
Mr Taskeen Ahmed opined that exchange of experience and technical expertise of Sharjah in the field of logistic sector will be beneficial for the development of this sector in Bangladesh. He also added that Bangladesh can be one of the gateways for UAE's export to various markets in South and Southeast Asia.
Chairman of Sharjah Chamber Abdallah Sultan Al Owais said in the last few decades, Bangladesh's products, including readymade garments, have been exported to different countries of America, Europe and the Middle East, and the export rate is continuously increasing, which is very promising.
He said East and West African countries are also potential destinations for Bangladesh's export and in that case UAE can be considered as a gateway to enter that market. More than 1 million Bangladeshis are now working in the UAE in different professions, but to create more employment opportunities there, it is necessary to pay more attention to the skill development, he said.
On the occasion, a business-2-business (B2B) match-making session was held between the businessmen of Sharjah Chamber and the members of the DCCI business delegation. DCCI Senior Vice-President Razeev H Chowdhury, Vice-President Md Salem Sulaiman were also present during the meeting.
On the other hand, DCCI and Dubai Chambers inked on Wednesday an MoU to enhance economic cooperation between Bangladesh and the UAE. The MoU was signed during "Dubai-Bangladesh Business Briefing" at the Dubai Chambers' Auditorium. DCCI President Taskeen Ahmed and President and CEO of Dubai Chambers Mohammed Lootah signed the MoU on behalf of their respective sides.
In his speech, Taskeen Ahmed said Bangladeshi nationals constitute one of the largest expatriate communities in the UAE, accounting for 17 per cent of Bangladesh's total overseas employment, making the UAE the second-largest destination after Saudi Arabia.
He said that Bangladesh's competitive investment framework, fiscal and non-fiscal incentives, favourable regulatory environment for foreign investors, 100 per cent foreign ownership, bonded warehouse facilities and strong intellectual property protection, among others, make Bangladesh an attractive destination for UAE investors.
He said that there is an opportunity for UAE entrepreneurs to invest in the logistics service sector in the proposed economic zones, especially to improve the overall infrastructure of business and investment in Bangladesh. He urged the entrepreneurs of Dubai to set up skill development training centres in Bangladesh and invest in the renewable energy, FINTECH, financial sector, healthcare, ICT and tourism sector.
In his welcome speech, Mohammed Lootah expressed their commitment to strengthening cooperation between the business communities in Dubai and Bangladesh to foster partnerships and contribute to achieving shared developmental goals. He also assured the DCCI president of extending comprehensive support to Bangladeshi businesses and investors to help them grow their operations in Dubai.
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