Dhaka, Bangladesh
UAE wants to expand business in Bangladesh

UAE wants to expand business in Bangladesh

News Report The United Arab Emirates (UAE), an oil-rich Gulf country, wants to expand business relations with Bangladesh, especially investing in various sectors like energy, port and industrial zones, in a fresh way. A UAE delegation, led by Sheikh Ahmed Dalmook Al Maktoum, expressed this view when they held a meeting with the Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminu lslam at the latter's office in the city on Wednesday, said a press release. In February, 2019, Bangladesh and the United Arab Emirates (UAE) signed four memoranda of understanding (MoUs) on establishing port, industrial park, supply and setting up LNG terminal, power plants and a special economic zone in Bangladesh. The government of Dubai and Public Private Partnership (PPP) authority under the Prime Minister's Office signed the first MoU to set up a port, dry port and industrial park in Bangladesh. DP World said whenever they construct any port, they do not limit their activities to the port but set up an industrial park, said Shahidul Haque. "They're thinking of a massive investment," he said. "Prime Minister Sheikh Hasina told them to come to Bangladesh, and the government will extend all necessary cooperation to them," the foreign secretary added. The second MoU was signed between Emirates National Oil Company (ENOC) and the Power, Energy and Mineral Resources of Bangladesh to supply LNG to Bangladesh on a long-term basis and develop a land-based LNG receiving terminal in Payra. State Minister for Power, Energy and Mineral Resources Narsul Hamid and ENOC Group CEO Saif Humaid Al Falasi signed the MoU on behalf of their respective sides. ENOC wanted 300 acres of land in Payra where they will construct the terminal. The third MoU was signed between Sheikh Ahmed Dalmook Al Maktoum and the Power Development Board of Bangladesh (PDB). The objective of this MoU is to set up integrated 800-1000 MW LNG power plant in two phases. Besides, there will be a 100 MW solar power project. Sheikh Ahmed Dalmook Al Maktoum and PDB Chairman Khaled Mahmud signed the MoU on behalf of their respective side. The fourth MoU was signed between the private office of Sheikh Ahmed Dalmook Al Maktoum and Bangladesh Investment Development Authority (BIDA). The focus of this MoU is on setting up a special economic zone in Matarbari. They wanted 300 acres of land where they will set up a company for investment. Sheikh Ahmed Dalmukh signed the MoU for his side while PM's Principal Secretary Nojibur Rahman signed it for Bangladesh. By signing these MoUs, the foreign secretary said, the possibility of opening new door has been created for trade and business between Bangladesh and the UAE. During Prime Minister Sheikh Hasina's visit to UAE in February this year, Economic Minister Sultan Bin Saeed Al Mansoori in Abu Dhabi said that the United Arab Emirates (UAE) wants to expand its business in Bangladesh, especially investing in various sectors like energy, port and industrial zone. The UAE minister expressed his country's interest when he met Prime Minister Sheikh Hasina with a 15- member business delegation comprising of front-ranking executives of various business houses at her hotel. The Prime Minister invited them to come to and invest in Bangladesh in a bigger way. The UAE minister proposed forming a joint business forum to focus on investment opportunities, potential and markets in Bangladesh. Foreign Secretary said there is a joint commission between Bangladesh and the UAE, but there is no joint economic commission. Bangladesh Ambassador to the UAE Mohammad Imran earlier sent a proposal to form a joint economic commission. In reply, they said if the joint economic commission is formed, there will be discussions on the issue on a regular basis, Shahidul Haque said. The UAE economic minister put emphasis on organising business forums in various cities in the UAE. "He put importance on new type of economic partnership," the Foreign Secretary said. Foreign Minister AK Abdul Momen, State Minister for Expatriates' Welfare and Overseas Employment Imran Ahmad, PM's Principal Secretary Nojibur Rahman, Foreign Secretary Shahidul Haque, Power Division Secretary Dr Ahmad Kaikaus, PMs' Press Secretary Ihsanul Karim, Expatriates' Welfare and Overseas Employment Secretary Rownaq Jahan and Bangladesh Ambassador to the UAE Mohammad Imran were present during the meeting.

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