UAE to invest in power, agri, tourism sectors

The United Arab Emirates (UAE) Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan yesterday assured Bangladesh of investing in various sectors after two deals -- one on avoidance of double taxation and protection of investment -- are signed by September.
At a joint briefing at his meeting with his counterpart Dipu Moni at the foreign ministry, he said the UAE would not recruit more Bangladeshis during the ongoing global economic recession, but promised taking manpower from Bangladesh after the UAE recovers the depression.
Admitting that Bangladeshi workers had faced some problems, including wage-related one, the UAE minister said his country had already taken steps to resolve the problems.
Dipu said they discussed the area of cooperation which would be finalised at the joint commission meeting, adding that the UAE shown its keen interest in investing in the infrastructure, power, agriculture, tourism and other sectors.
“But the joint commission, which last met 17 years, headed by the finance ministers, will meet sometime before September to finalise the deals on investment protection and avoidance of double taxation,” she said.
Dipu said the two deals are almost at the final stage of signing, adding that the bilateral trade volume between the two countries is about $350 million.
Nahyan, who came to Dhaka yesterday on a brief visit, had also talks with Prime Minister Sheikh Hasina before leaving Dhaka last night on the UAE investment in power, infrastructure, tourism, education and agriculture sectors here.
The UAE minister underlined the importance of having and finalising an agreement on avoidance of double taxation and the importance of finalising an agreement on protection of investment.
On recruitment of more workers, he said, “I have heard from the foreign minister asking for more Bangladeshis to be appointed. But for the time being, it will be very difficult to do that. As you know that the UAE economy is privately driven.”
Nahyan said his country is interested in projects relating to power since Bangladesh has the crisis.
More than 700,000 Bangladeshis are working in different sectors in the UAE.