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Dhaka Chamber to open office in GCC to tap investment

  • Published at 12:28 pm April 30th, 2013
Dhaka Chamber to open office in GCC to tap investment

Dhaka Chamber of Commerce and Industry (DCCI) is planning to open a regional office in the United Arab Emirates (UAE) to promote two-way investment and trade between Bangladesh and the countries of Gulf Cooperation Council (GCC).

The office is to help organise trade missions and exhibitions as well as events to promote business events that will benefit the business community of both the countries, DCCI President Sabur Khan told a business meeting with Abu Dhabi Chamber of Commerce and Industry in Abu Dhabi on Monday, said a press release today.

GCC countries comprises of Saudi Arabia, Kuwait, Bahrain, UAE, Oman and Qatar.

Khan also expressed interest to engage more with large businesses of the GCC countries and explore investment and trade opportunities that will help boost economic relations with the Gulf countries, where a large number of non-resident Bangladeshis (NRBs) live, work and also do their businesses successfully.

More than 10,000 NRBs own businesses in the UAE that employ about 75,000 people, out of the 800,000 Bangladeshi expatriates that last year remitted $2.4bn to Bangladesh.

Of these, Dubai Chamber has more than 1,500 Bangladeshi-owned companies amongst its 110,000 plus registered business entities.

Director General of Abu Dhabi Chamber of Commerce Mohamed Helal Al Muhairi expressed the interest to invest in ceramics, petroleum, oil and gas sector in Bangladesh.

A MoU was also signed between DCCI and Abu Dhabi Chamber at the meeting to work together to boost bilateral trade.

The DCCI delegation, which attended the World Chambers’ Congress in Doha last week, is currently in the UAE — its final leg of a two-week Gulf-wide tour. It will attend a two-day Africa Global Business Forum that starts today.

Bangladesh’s two-way trade with UAE, Qatar and Bahrain reached $1.13bn in 2011-12 financial year ending June 30, 2012. The GCC countries are host to more than two million NRBs who collectively remit more than $8.32bn a year.

A number of NRBs have helped bring in foreign investment to Bangladesh. UAE’s RAK Ceramics, ETA-Star Group have already invested in Bangladesh while a large number of NRBs have already invested in Bangladeshi economy.