UAE investors want to develop five economic zones

UAE-based investors expressed their interest to take up a number of new projects, including five economic zones in Bangladesh, as the two nations look to take their bilateral relations to a new height.

As many as 25 fresh investment projects were tabled at the second edition of the Bangladesh Economic Forum at the Conrad Dubai Hotel yesterday.

They discussed the projects with Salman F Rahman, prime minister’s adviser for private industry and investment, and a visiting Bangladesh delegation, according to a press release.

Earlier, the Emirati businesses also shared their plan to invest $10 billion in Bangladesh, according to data compiled by the Forum.

Rahman met with a number of large UAE-based business groups, who have expressed their interest in developing economic zones and hi-tech parks in Bangladesh.

Bangladesh is developing 100 economic zones and 28 hi-tech parks to accelerate the flow of foreign direct investment that jumped 68 percent year-on-year to $3.61 billion last year.

Rahman led the 20-member delegation comprising officials of the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority at the event.

He said he is pleased to see strong and genuine interest among UAE-based investors, including UAE citizens and foreign business groups, for Bangladesh. 

“We have seen large investments coming from China, Japan and the United States. We believe investors from the GCC countries, especially Saudi Arabia and the UAE, should take advantage of the lower cost of investment, operations and higher return on investment in Bangladesh.”

He said investment from the GCC and the Arab World would help Bangladesh economy achieve a higher growth rate.

“We are more than ready to welcome them.”

The Forum is a private sector initiative of UAE-based non-resident Bangladeshi professionals and entrepreneurs.

More than 300 government officials, business leaders, investors and entrepreneurs participated in the daylong event.

Muhammad Imran, Bangladesh’s ambassador to the

UAE, said, “These investments will strengthen the bilateral relationship between Bangladesh and the UAE and will deepen our economic relations to a strategic partnership level.”

Shaikh Abdul Karim, an investment adviser and member of the Forum, said the Forum is ready to bridge the gap between Bangladesh’s project owners and UAE investors as well as the gap between the public sector investment promotion agencies and the investor community.