In a bid to expand bilateral trade and investment, the Dhaka Chamber of Commerce & Industry (DCCI) and Dubai Chambers have signed a Memorandum of Understanding (MoU).
The MoU was formalised during the “Dubai-Bangladesh Business Briefing,” held at the Dubai Chambers Auditorium on Wednesday. The MoU was signed by DCCI President Taskeen Ahmed and Dubai Chambers President and CEO Mohammad Lootah.
The event, organised by Dubai Chambers, saw participation from the visiting DCCI business delegation, according to a press release.
Currently, DCCI President Taskeen Ahmed is leading a 29-member business delegation to the UAE to explore trade and investment opportunities.
Bilateral trade between Bangladesh and the UAE stood at US$2.247 billion in the fiscal year 2022-23, with Bangladesh’s exports accounting for $543.71 million, according to Bangladesh Bank.
Highlighting the strong economic ties, DCCI President Taskeen Ahmed noted that Bangladeshi nationals form one of the largest expatriate communities in the UAE, representing 17 percent of Bangladesh’s total overseas employment.
The UAE ranks as the second-largest destination for Bangladeshi workers after Saudi Arabia.
He further emphasised Bangladesh’s investor-friendly policies, including a competitive investment framework, fiscal and non-fiscal incentives, 100 percent foreign ownership, bonded warehouse facilities, and robust intellectual property protection.
According to him, these factors make Bangladesh an attractive destination for UAE investment.
Ahmed encouraged UAE entrepreneurs to invest in Bangladesh’s logistics service sector, particularly in the proposed economic zones, to enhance business and investment infrastructure.
He also urged Dubai-based entrepreneurs to set up skill development training centers and invest in renewable energy, FinTech, finance, healthcare, IT, and tourism.
In his welcome speech, Mohammad Lootah reaffirmed Dubai’s commitment to strengthening business cooperation with Bangladesh.
He assured comprehensive support for Bangladeshi businesses looking to expand operations in Dubai.
Lootah revealed that the number of Bangladeshi companies registered as active members of Dubai Chamber of Commerce reached 8,686 by the end of 2024, underscoring Dubai’s growing appeal for Bangladeshi investors.
Dubai Chambers encouraged Bangladeshi businesses to establish local offices in the UAE, which would help them access the Middle Eastern and African markets more effectively.
Lootah also urged Bangladeshi IT firms to invest in the UAE and stressed the importance of developing a robust data center infrastructure in Bangladesh to support the sector’s growth.
During the event, former DCCI President Rizwan Rahman presented a report on Bangladesh’s trade and investment potential.
He emphasised the need for a free trade agreement (FTA) between Bangladesh and the UAE to further enhance bilateral trade.
Omar Khan, Head of Research and Data at Dubai Chambers, also presented insights into future trade relations.
He highlighted investment opportunities for Bangladeshi businesses in processed food, data centers, healthcare, logistics, fashion design, and e-commerce.
The agreement aims to strengthen business cooperation, facilitate B2B matchmaking, promote joint ventures, organize trade meetings and exhibitions, and exchange trade delegations.
Following the signing, a B2B matchmaking session was held, bringing together representatives from 50 Dubai Chambers member companies and the DCCI delegation, to explore trade and investment opportunities.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md Salem Sulaiman, and other delegation members were also present at the event.
Bd-pratidin English/Fariha Nowshin Chinika
