FBCCI to form UAE-Bangladesh Business Council

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is set to establish a joint business council with its counterpart in the UAE with a view to tapping the trade and investment potential in the markets in the Middle East, Africa and Europe.

The UAE-Bangladesh Joint Business Council will be inaugurated when Prime Minister Sheikh Hasina visits Dubai next month.

The council will be co-chaired by the president of the FBCCI and the chairman of the Federation of UAE Chambers of Commerce and Industry.

At the inaugural ceremony, the FBCCI will highlight Bangladesh's sector-based investment and export prospects.

The information was disclosed during a preparatory meeting at the FBCCI office on Saturday, according to a press release from the country's apex trade body.

"The establishment of a business council with the Federation of UAE Chambers of Commerce and Industry will make it easier to capture the export market of the Middle East and Africa," FBCCI President Md Jashim Uddin said at the meeting.

"This initiative will create an opportunity to explore new markets for Bangladesh after it graduates from the UN's list of least-developed countries."

Naser Ezaz Bijoy, president of the Foreign Investors' Chamber of Commerce & Industry, recommended that five sectors should be included in the FBCCI's presentation at the council's opening ceremony.

The sectors include agricultural and halal food products, light engineering (especially car parts), finance, petrochemical, and port management.

Syed Muntasir Mamun, director-general of the international trade and investment wing of the foreign affairs ministry, recommended seeking UAE investment in ICT, IT-enabled services, artificial intelligence, private equity, aviation, shipping and value-added agro services.

FBCCI Director Abul Kasem Khan highlighted the potential for investment in the tourism and hospitality sectors as well as the private port sector.

He also demanded that Bangladeshis be given an opportunity to invest in Dubai.

Khandaker Golam Moazzem, research director of the Centre for Policy Dialogue and a panel adviser of the FBCCI, said the UAE is currently looking for a global strategic partner for development. As part of that effort, the country recently signed a free trade agreement with India.

"So, Bangladesh should also sign a free trade agreement with the UAE."

Shykh Seraj, head of news of Channel i and a panel adviser of the FBCCI, said there is a huge demand for Bangladeshi vegetables and seeds in the UAE.

"To take advantage of this potential, joint initiatives can be taken in the field of nursery and food processing."

He went on to say that the two countries should work together to create skilled manpower.