The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) is planning to establish a UAE-Bangladesh Joint Business Council in Dubai to tap into the business and investment potential in the Middle East, Africa and Europe.
This business council will be inaugurated during the visit of Prime Minister Sheikh Hasina to Dubai next month, where the FBCCI plans to highlight Bangladesh’s sector-based investment and export prospects, read a press release.
The council will be co-chaired by the FBCCI president and chairman of the Federation of UAE Chambers of Commerce and Industry.
At a preparatory meeting on Saturday, FBCCI President Md Jashim Uddin said the establishment of a Business Council with the Federation of UAE Chambers of Commerce and Industry would make it easier to capture the export market of the Middle East and Africa.
He added that the initiative will create an opportunity to explore new markets for Bangladesh in the post-LDC period.
Naser Ezaz Bijoy, president of the Foreign Investors Chamber of Commerce and Industry (FICCI), recommended that five sectors be included in the FBCCI’s presentation at the opening ceremony of the council.
The sectors include agricultural and halal food products, light engineering especially car parts, financial sector, petrochemical and port management.
Syed Muntasir Mamun, Director General of the International Trade and Investment wing of the Ministry of Foreign Affairs, recommended seeking UAE investment in ICT, ITES, artificial intelligence, private equity, aviation, shipping and value-added agro services.
FBCCI Director Abul Kasem Khan highlighted the potential for investment in the tourism hospitality sector and in the private port sector. He also demanded that Bangladeshis be given the opportunity to invest in Dubai.
CPD’s research director and FBCCI’s panel advisor Dr Khandaker Golam Moazzem said, “The UAE is currently looking for a global strategic partner for development. As part of the initiative, the country recently signed a free trade agreement with India.
“Bangladesh should also do an FTA with the UAE.”
Channel I Head of News and FBCCI’s panel advisor, Shykh Siraj said, “There is a huge demand for Bangladeshi vegetables and seeds in the UAE. To take advantage of this potential, joint initiatives can be taken in the field of nursery and food processing.
“The two countries should also work together to train for skilled manpower and halal food certificates.”
Another FBCCI panel advisor and BIDS senior research fellow, Dr Kazi Iqbal said the Joint Business Council should be used to develop Bangladesh’s image as the growth narrative of this country has changed in the last few years.
“The development of Bangladesh is no longer dependent only on readymade garments and remittance,” he said, mentioning that the country has created opportunities for foreign investment in numerous sectors including electronics and plastics.
Dr Iqbal stressed the need to present Bangladesh properly by informing the global entrepreneurs about these issues.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Habib Ullah Dawn, MA Razzak Khan Raj, Director Syed Almas Kabir and Dr Nadia Binte Amin, DCCI President Rizwan Rahman, BPGMEA President Shamim Ahmed and Secretary-General of FBCCI Mohammad Mahfuzul Hoque also attended the preparatory meeting.
