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Defying the adverse impact of the ongoing Covid-19 pandemic, the bilateral trade between Bangladesh and the United Arab Emirates (UAE) continues to grow that stood at slightly over $1.85 billion in Fiscal Year 2020-21.
Expecting further boost in bilateral trade relations, Bangladesh and UAE policymakers lauded the positive growth in the two-way trade during the inaugural session of Global Business Summit at Crown Plaza Hotel in Dubai on Wednesday.
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 two-day Global Business Summit organised by NRB Commercially Important Person (CIP) Association focused on the economic miracle of Bangladesh.
The apex meeting was participated by a panel of experts, over 200 investors, business leaders from all over the world, said a press release of Pan Asia Media.
Commerce Minister Tipu Munshi, Minister of Expatriate Welfare and Employment Imran Ahmed and NRB CIP Association Chairman Mahtabur Rahman attended the global business summit.
In his address, Tipu Munshi said as per the statistics, the bilateral relations between Bangladesh and the UAE have time-tested friendship that helped keep up mutual growth in trade.
The minister urged the UAE to come up with big investment that will ensure a high return to the investors.
Pro-people policy of the government, inclusive growth strategy and the visionary leadership of Prime Minister Sheikh Hasina are the secrets of
Bangladesh’s success, the minister pointed out.
“The dynamic leadership of our premier has provided the country with economic, social and political stability, helped deal with every crisis and emerge as a new economic power house,” mentioned Tipu Munshi.
Minister of Expatriate Welfare and Employment Imran Ahmed termed the expatriates one of the key players helping the economy by sending remittance to Bangladesh through banking channel during pandemic.
The $24.77 billion remittance sent by the expatriates during the pandemic not only boosted foreign currency reserves to a record high, but also helped people survive the most challenging situation.
According to NRB CIP Association Chairman Mahtabur Rahman, the Bangladeshi expatriates are one of the largest contributors to economy. The CIP association will play a greater role in mobilising international resources to help the economy of the country.
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, said the release.
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.
Bangladesh’s economy is poised to grow at 5.1 percent in the current fiscal year (July 2021-June 2022), according to the World Bank after recording a resounding 5.2 per cent 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 grappling with the pandemic.
“Bangladesh has an impressive track record of growth and development,” the World Bank said in a report.
The global lender has partnered with Bangladesh since 1972, providing more than $35 billion in support.
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.
