MoU signed between DCCI and Sharjah Chamber to boost trade, investment

A Memorandum of Understanding (MoU) between the Sharjah Chamber of Commerce and Industry and the Dhaka Chamber of Commerce & Industry was signed at the Sharjah Chamber on 27 February to expand the export of Bangladeshi products to Sharjah and increase bilateral investment. 

President of Dhaka Chamber Taskeen Ahmed and Chairman of Sharjah Chamber Abdallah Sultan Al Owais signed the MoU on behalf of their respective organisations, reads a press release. 

Dhaka Chamber President Taskeen Ahmed urged the investors of Sharjah to come to Bangladesh to invest in the infrastructure sector he said that it would help boost bilateral trade and commerce as well as attract other foreign investors to come. 

He also called upon the entrepreneurs of Sharjah to invest in Bangladesh's IT sector, leveraging the potential of the large youth population of Bangladesh. There is a lot of potential to invest in environmental friendly jute products for more diversification in this sector, he added. 

Currently, a UAE-based bank is operating its businesses in Bangladesh. He therefore invited other banks of UAE including Sharjah Islami Bank to establish their offshore banking in Bangladesh that would further expand bilateral trade and investment, said DCCI President Taskeen Ahmed.

He also suggested that the Bangladesh government offers various incentives to foreign investors while investing in the economic zones and availing this opportunity Sharjah entrepreneurs can invest in leather and leather goods, electronics, home appliances, footwear and food processing industries in the EZs.

Taskeen Ahmed opined that the exchange of experience and technical expertise of Sharjah in the field of the logistics sector will be beneficial for the development of this sector in Bangladesh. He also added that Bangladesh can be one of the gateways for UAE's export to various markets in South and Southeast Asia.

Abdallah Sultan Al Owais, chairman of Sharjah Chamber, said that in the last few decades, Bangladesh's products, including readymade garments, have been exported to different countries in America, Europe and the Middle East, and the export rate is continuously increasing, which is very promising. But East and West African countries are also potential destinations for Bangladesh's exports and in that case, the UAE can be considered as a gateway to enter into that market. 

He said more than 1 million Bangladeshi are now working in the UAE in different professions, but to create more employment opportunities there, it is necessary to pay more attention to skill development. 

On this occasion, a B2B match-making session was held between the businessmen of the Sharjah Chamber and the members of the DCCI business delegation. DCCI Senior Vice President Razeev H Chowdhury and Vice President Md Salem Sulaiman were also present during the meeting.