Dubai: Bangladeshi expatriate businessmen are planning to set up a trade and investment centre in Dubai to boost trade between Bangladesh and the UAE and promote two-way investment, officials said.
Non-resident Bangladeshi businessmen yesterday announced the formation of the Bangladesh Business Council (BBC), which will help strengthen trade between the two countries including two-way investment.
Mohammad Mahtabur Rahman, President of BBC, said the move came after a long wait. The council will commence activities from two offices in Al Muteena and the Dubai World Trade Centre.
Hamad Bu Amim, Director-General of the Dubai Chamber of Commerce and Industry (DCCI), said that forming the BBC is a step forward in enhancing communication between the various business councils, groups and government entities.
He reiterated DCCI's commitment to bridge the gap between the private and public sectors and also provide facilities that help create a favourable business environment.
Development
"We welcome the newly-formed Bangladesh Business Council, which has become the 40th business council to operate under the umbrella of the Dubai Chamber.
"We are sure that the council's coming on board will help both business communities of the UAE and Bangladesh establish stronger trade ties and contribute to economic development," Bu Amim said.
He said that Bangladesh enjoys longtime trade ties with Dubai and that presently there are 1,195 Bangladeshi companies operating in the Emirate.
He added that Bangladesh ranked 74th on the list of Dubai's trading partners and non-oil trade reached Dh1.1 billion in 2010.
The formation of the council will help take their trade figures to a higher level.
Potential
More than 10,000 Bangladeshi expatriates own businesses in the UAE employing an estimated 75,000 people.
Rahman said there is still a lot of potential in developing trade and investment in both countries.
While Bangladeshi exports to the UAE are mostly fruits, vegetables, garments, leather and fish, the business community is looking to expand the scope by tapping other areas.
Rahman said, "BBC-Dubai will take all necessary steps to promote trade, commerce and investment between Bangladesh and the UAE. We will assist members and UAE partners to achieve growth and prosperity."
Currently, 60 members have joined the council and Rahman is expecting the number to increase up to 200 members until the official launch in 2012.
Ready reference
Noor Mohammad, Secretary-General of BBC, said: "No doubt it will increase the volume of business. We hope the council will enhance Bangladesh-UAE ties."
BBC will organise regular networking events to meet with different business communities and groups in Dubai for the benefit of its members, he said. The BBC will organise a Bangladesh budget meet and also budget analysis in co-operation with the print and electronic media.
"We have planned to set up the Bangladesh Trade Centre in Dubai in 2012. We will export items from the country and have samples as well as prices as a ready reference for UAE importers.
"We will also keep exportable local UAE produce at the Bangladesh Trade Centre which will help delegations coming from Bangladesh to decide on imports from the UAE thus resulting in an increase in export-import targets for both countries," Mohammad added.
Membership in the BBC-Dubai is open to all Bangladeshi business professionals.
