ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum to enhance economic cooperation and mutual investment opportunities.
Mohamed Ali Al Shorafa, Chairman of ADDED, encouraged UAE and Bangladeshi investors and entrepreneurs to benefit from investments opportunities and the suitable business environment to thrive and enhance relations.
Al Shorafa said, “Abu Dhabi has established itself as a preferred destination for business and investment by offering a vibrant, globally competitive and entrepreneurial ecosystem that generates and presents growth opportunities for all.”
He said, “Based on our strong ties and conducive business environment and supportive policies, we believe there are great potentials to further enhance our strategic cooperation in many sectors.”
The forum was attended by Mohammed Abu Zafar, Ambassador of Bangladesh to the UAE, Salman Fazulr Rahman, MP private industry and investment advisor to the Prime Minster of Bangladesh, Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED, Sameh Al Qubaisi, Director-General of Economic Affairs at ADDED, and several senior officials from Bangladesh, ADDED, and representatives of the private sector.
Bangladesh has achieved rapid economic growth in recent years and is enhancing business ecosystem by developing necessary measures to ensure ease of doing business and FDI attraction.
According to the UN’s annual report, “World Economic Situation and Prospects”, Bangladesh’s economy is predicted to grow 5.8 percent in 2022 and six percent in 2023.
The country has developed many industries and weathered the impacts of COVID-19 impacts on the global economy to retain its status as the second-largest garments exporter.
Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
With many opportunities to increase cooperation such as agriculture, food security, manufacturing, pharmaceutical, and financial services, the Economic Cooperation Forum presents an ideal platform to bring together key stakeholders in both sides.
Salman Fazulr Rahman’s presentation at the forum highlighted the growth of Bangladesh economy and steps taken to improve business and investment environment as well as areas of cooperation with Abu Dhabi.
Representatives of Abu Dhabi Investment Office (ADIO), KIZAD, and ADDED’s Industrial Development Bureau (IDB) showcased initiatives and investment opportunities in the emirate.
They showcased the recently launched industrial strategy, aiming to cement Abu Dhabi’s position as the region’s most competitive industrial hub and increasing non-oil exports from US$20 billion (AED73.5 billion) in 2021 to $48.6 billion (AED178.8 billion) by 2031.
Al Blooshi said, “This forum reflects our keen interest to explore new ways to further strengthen bilateral ties between Bangladesh and Abu Dhabi as we believe there are promising opportunities.”
He said, “Abu Dhabi economy has proved its mettle in face of challenges in the global economy. By end of the first half 2022, the Emirate’s non-oil trade grew 12 percent to US$33.7 billion (AED124 billion), and exports rose 26 percent to US$13 billion (AED 49.5 billion).”
He added, “We have launched various initiatives to facilitate trade and ensure ease of doing business by reducing costs and requirements, simplifying procedures and enabling seamless integration of government services.”
Al Blooshi said, “Our efforts to offer businesses and entrepreneurs a compelling proposition are paying off as number of new business and flow of investments are witnessing a remarkable rise. We urge investors and business leaders from both sides to capitalize on these solid grounds.”