The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) is going to establish UAE- Bangladesh Joint Business Council in Dubai to tap the business and investment potentials in the Middle East countries, Africa and Europe.
The Business council will be inaugurated during the visit of the Prime Minister of Bangladesh to Dubai next month.
The council will be co-chaired by the president of the FBCCI and the Chairman of the Federation of UAE Chambers of Commerce and Industry.
A preparatory meeting held at FBCCI on Saturday ahead of the launch of the business council disclosed this information.
At the meeting, FBCCI President Md. Jashim Uddin said that the establishment of the Business Council with the Federation of UAE Chambers of Commerce and Industry would make it easier to capture the export market of the Middle East and Africa.
Jashim Uddin said this initiative of FBCCI will create an opportunity to explore new markets for Bangladesh in the Post-LDC period.
Naser Ezaz Bijoy, president of the Foreign Investors Chamber of Commerce and Industry (FICCI) recommended that five sectors be included in the FBCCI's presentation at the opening ceremony of the council.
The sectors include agricultural and halal food products, light engineering especially car parts, financial sector, petrochemical, and port management.
Syed Muntasir Mamun, DG of the International Trade and Investment wing of the Ministry of Foreign Affairs recommended seeking UAE investment in ICT, ITES, artificial intelligence, private equity, aviation, shipping, and value-added agro services.
FBCCI Director Abul Kasem Khan highlighted the potential for investment in the tourism hospitality sector and in the private port sector. He also demanded that Bangladeshis be given the opportunity to invest in Dubai.
CPD's research director and FBCCI's panel advisor Dr. Khandaker Golam Moazzem said the UAE is currently looking for a global strategic partner for development.
As part of that, the country has recently signed a free trade agreement with India. Bangladesh should also do FTA with UAE, he added.
Channel I Head of News and FBCCI's panel advisor, Shykh Siraj 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 food processing, he added.
He said that the two countries should also work together to train skilled manpower and halal food certificates.
The other FBCCI panel advisor and BIDS senior research fellow, Dr. Kazi Iqbal said the Joint Business Council should be used to develop the image of Bangladesh as the growth narrative of Bangladesh has changed in the last few years.
The development of Bangladesh is no longer dependent only on readymade garments and remittances, he said.
He mentioned that the country has created opportunities for foreign investment in numerous sectors including electronics and plastics.
He stressed the need to present Bangladesh properly by informing the global entrepreneurs about these issues.
Also present at the meeting were FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Habib Ullah Dawn, M.A. Razzak Khan Raj, Director Syed Almas Kabir, Dr. Nadia Binte Amin, DCCI President Rizwan Rahman, BPGMEA President Shamim Ahmed, and Secretary-General of FBCCI Mohammad Mahfuzul Hoque.