PM flies to UAE Monday: Dhaka emphasises boosting exports

Bangladesh will prioritise increasing exports to the United Arab Emirates (UAE) during Prime Minister Sheikh Hasina's upcoming visit to the gulf country, said Foreign Minister AK Abdul Momen on Sunday.

Premier Sheikh Hasina is scheduled for Monday to leave home on an official visit to the UAE and to join the Dubai Expo at the invitation of Sheikh Mohammed bin Rashid Al Maktoum, ruler of the Empire of Dubai and vice-president of the UAE.

Trade and commerce, investment, manpower, and cooperation in other potential sectors will be discussed during the prime minister's UAE visit, Minister Momen said while briefing the media on different aspects of the visit at state guesthouse Padma Sunday afternoon, ahead of the prime minister's visit to the UAE from 7-12 March.

Currently, the annual trade volume between Bangladesh and UAE is $2 billion but Bangladesh's bilateral trade deficit with the gulf country is around $1.5 billion, he said, adding the main reason behind this trade imbalance lies in the fact that Bangladesh imports fuel oil from UAE.

"We will attach importance to increasing the volume of exports to the country during this visit. To that end, we will discuss the issue of launching direct shipping between Bangladesh and the UAE." 

Bangladesh and the UAE are likely to sign four to five memoranda of understanding (MoUs) during the visit, said the foreign minister.

Bangladesh wants to enhance trade and investment between the two countries through more collaboration, he added.

Prime Minister Sheikh Hasina is expected to launch a joint forum for the businesses of the two countries during her week-long visit, said Momen, adding, "I think this will be very beneficial for our trade and commerce. It also may lead to the discovery of new areas of investment."  

"We will discuss the issues of expanding cooperation for sustainable development, including renewable energy and climate change. We also want to start a new chapter of experience and knowledge sharing between the two countries through ICT and artificial intelligence, which will help us better prepare for the fourth industrial revolution."

Before the media briefing, the foreign minister had a meeting with relevant ministers and the PM's Private Industry and Investment Adviser Salman F Rahman at the same venue.

The volume of bilateral trade between Bangladesh and the UAE over the past years recorded a growth of more than 15%.

According to the Export Promotion Bureau, Bangladesh's exports to the UAE stood at $495.85 million in fiscal 2020-21.

Bangladesh and the UAE have already reviewed their mutual bilateral relations in view of the visit of the prime minister to the UAE.

Momen held a bilateral meeting with the UAE Foreign Minister Abdullah-bin-Zayed Al Nahyan in Dubai last month and discussed the issues of mutual interest and upcoming visit.

Sheikh Hasina toured the UAE in February 2019. During the trip, Dubai businesspeople expressed interest in investing in Bangladesh's ports, industrial parks, LNG terminal, power plants, and special economic zones and inked four MoUs.

The proposed investments include an inland container depot by Dubai's DP World in Gazipur's Dhirasram. DP World is also interested in setting up an industrial park there.

Besides, UAE investors are interested in setting up a land-based LNG receiving centre at Payra Sea Port. The investors have sought 300 acres of land for the establishment.

Regarding the UAE investment in Bangladeshi ports, the foreign minister said, "One company submitted three proposals. One was related to Patenga. But we have decided to develop and manage Patenga ourselves.

Another proposal involved the Bay Terminal, he said, adding, "We have decided that there would be three Bay Terminals and we are actively considering giving one of them to UAE investors. DP World is going to get the work," he added.

During the visit, the prime minister will meet Sheikha Fatima bint Mubarak, the mother of the UAE nation, which is a rare opportunity, Momen told the media.

The prime minister will also visit the Bangladesh pavilion at the Dubai Expo and lay the foundation stone of the new campus of the Bangladesh English Private School in Ras-Al-Khaimah – a school set up to educate the children of Bangladeshi nationals living in the UAE.

Besides, during the prime minister's visit to the UAE, the Bangladesh Securities and Exchange Commission will hold meetings with the Dubai International Financial Centre on 9 March in Dubai and Abu Dhabi. In addition, meetings will be held on 11 March in Abu Dhabi with the Investment Flash Mob, and Abu Dhabi Sovereign Fund, said foreign minister Momen.