Economy
UAE Entrepreneurs Eye Bangladesh Investments and Skilled Workforce
Businesses and entrepreneurs in the United Arab Emirates (UAE) are keen on investing in Bangladesh and hiring skilled manpower from the country, according to discussions held between FBCCI President Mahbubul Alam and Mohammad Ali Rashed Lootah, President and CEO of the Dubai Chamber of Commerce in Dubai, UAE.
Mahbubul Alam assured UAE investors of FBCCI’s full support, emphasizing the longstanding friendly relations between Bangladesh and the UAE. He highlighted the significant contribution of Bangladeshi workers in the UAE to the country’s economy through remittances.
The discussions focused on strengthening economic collaboration, with Mahbubul Alam underscoring the Bangladeshi government’s efforts to attract foreign investments. He highlighted key measures, including the establishment of 100 Special Economic Zones (EPZ) and the completion of major infrastructure projects.
Encouraging UAE businessmen to explore investment opportunities, Mahbubul Alam pointed to the success stories of countries like Japan, India, and Korea that have invested in EPZs. He specifically highlighted the vast investment potential in Chittagong, Payra, and Matarbari deep-sea ports.
The FBCCI President urged UAE companies to consider investing in globally recognized sectors in Bangladesh, such as garment, ceramics, leather goods, and jute. Emphasizing the benefits of investment in these areas, he showcased Bangladesh’s commitment to providing a safe and smooth business environment.
In response, Dubai Chamber President Mohammad Ali Rashed Lootah expressed UAE businessmen’s keen interest in Bangladesh. He mentioned that a team from the Dubai Chamber has been formed to assess investment potential in Bangladesh and expressed interest in hiring skilled manpower from the country.
Additionally, Mohammad Ali Rashed Lootah invited Bangladeshi businessmen to consider investing in Dubai, further promoting bilateral economic cooperation.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
