The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is to establish a joint UAE-Bangladesh Business Council in Dubai to harness trade and investment potential in the Middle East, Africa and Europe.
The business council will be inaugurated during Prime Minister Sheikh Hasina’s visit to Dubai next month.
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The council will be co-chaired by the President of the FBCCI and the President of the Federation of Chambers of Commerce and Industry of the United Arab Emirates.
During the inaugural ceremony, the FBCCI will highlight Bangladesh‘s sectoral investment and export prospects.
The preparatory meeting held on Saturday at the FBCCI revealed this information, the apex trade body said in a statement.
The establishment of the Business Council with the Federation of Chambers of Commerce and Industry of the United Arab Emirates would facilitate the conquest of the export market of the Middle East and Africa, says FBCCI President, Md Jashim Uddin , during a meeting.
Jashim Uddin believes that this initiative by FBCCI will create an opportunity to explore new markets for Bangladesh in the post-PMA period.
Naser Ezaz Bijoy, President of the Chamber of Commerce and Industry of Foreign Investors, recommended that five sectors be included in the presentation of the FBCCI during the opening ceremony of the council.
Sectors include agricultural and halal food products, light engineering, especially automotive parts, financial sector, petrochemicals 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, l aviation, maritime transport and value-added agro-services.
On the other hand, the director of FBCCI, Abul Kasem Khan, highlighted the potential for investment in the tourist reception sector and in the private port sector.
He also demanded that Bangladeshis be given the opportunity to invest in Dubai.
Khandaker Golam Moazzem, research director of the Center for Policy Dialogue and adviser to FBCCI, said the UAE is currently looking for a global strategic partner for development.
In this context, the country recently signed a free trade agreement with India. Bangladesh should also sign an FTA with the United Arab Emirates, he added.
Sheikh Siraj, News Manager of Channel I and FBCCI Panel Advisor, 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 agribusiness.
He said the two countries should also work together to create a skilled workforce and obtain halal food certificates.