BD-UAE bilateral trade grows

Bangladesh maintains friendly relations with all countries across the continents as per its foreign policy. The country’s relations with the Middle-Eastern and Gulf countries show healthy signs for further growth in the coming years. This may be said that our exports to these countries are increasing every passing year. Our good relations with the United Arab Emirates (UAE) is evident from the fact that the bilateral trade between Bangladesh and the UAE stood at slightly over $1.85 billion in Fiscal Year 2020-21. And it is expected to grow further.

Bangladesh and UAE policymakers highly praised the positive growth in the two-way trade between the two countries during the inaugural session of 2-day Global Business Summit at Crown Plaza Hotel in Dubai on Wednesday. About 200 investors and business leaders from all over the world attended the sessions. The participants from the two countries, Bangladesh and UAE, expected further boost in bilateral trade relations. The two-day Global Business Summit was organised by NRB Commercially Important Person (CIP) Association to showcase the economic miracle of Bangladesh.

This may be mentioned here that in FY21, Bangladesh’s export to the UAE rose by 9.38 per cent to $496 million, which was $453 million in the previous fiscal. On the other hand, Bangladesh’s imports from the gulf nation were $1.4 billion in FY20. The preference for various Bangladeshi products is increasing in the UAE. The commerce minister and minister of expatriate welfare and employment and NRB CIP Association Chairman attended the global business summit.

As per the official statistics, the bilateral relations between Bangladesh and the UAE are based on long-lasting friendship that helped keep up mutual growth in trade. The commerce minister of Bangladesh urged the UAE to come up with a big investment that will ensure a high return to the investors. The Bangladeshi government’s Pro-people policy of inclusive growth strategy and the visionary leadership of the Prime Minister made it possible for Bangladesh to reach the present stage of development.

It has been highlighted by the Bangladesh minister that the dynamic leadership of the premier has provided the country with economic, social and political stability, helped deal with every crisis and emerge as a new economic power house. In his speech, the minister of expatriate welfare and employment termed the expatriates one of the key players helping the economy by sending remittance to Bangladesh through banking channels during the two years of pandemic. He categorically mentioned that as much as $24.77 billion was remitted by the expatriates during the pandemic which not only boosted foreign currency reserves to a record high, but also helped people survive the most challenging situation.

This remains to be said that the Bangladeshi expatriates are one of the largest contributors to our economy. The expatriate community played a major role in keeping the economy at a tolerable level in the last two years. The CIP association pledged to play a greater role in mobilising international resources to help the economy of the country.

On its part, the UAE has strengthened its position as the largest trading partner of Bangladesh in the Middle East despite the pandemic reflecting the strength and resilience of the economies of both countries. It is encouraging to note that a number of the UAE government officials also graced the event that is expected to increase a two-way investment and trade between Bangladesh and the gulf country.

According to the ADB, Bangladesh’s economy is poised to grow at 6.8 percent in the current fiscal year (July 2021-June 2022), after recording a resounding growth in the last fiscal year ending on June 30, 2021 which is the highest in Asia at a time when the whole world was trying to stay afloat in the pandemic. The World Bank acknowledges that Bangladesh has an impressive track record of growth and development. The prestigious bank has been a trusted partner of Bangladesh since 1972, providing more than $35 billion in support.

There is no denying that Bangladesh has been among the fastest growing economies in the world over the past decade, riding on its demographic dividend, strong ready-made garment exports and stable macroeconomic conditions.