UAE investors to inject $10bn in Bangladesh economic zones

UAE investors to inject $10bn in Bangladesh economic zones
Ships lie at anchor in the River Karnafuli, near Chittagong. Several UAE-based investors have expressed interest in developing economic zones and hi-tech parks in Bangladesh. (Reuters)
Updated 17 September 2019

UAE investors to inject $10bn in Bangladesh economic zones

UAE investors to inject $10bn in Bangladesh economic zones
  • Conference aimed at strengthening the flow of trade and investment between the two countries
  • Bangladesh is on a growth overdrive and is expected to touch more than 8 percent in the next few years, making it the fastest growing economy in the world

DHAKA: UAE-based investors have lined up several new projects including five free economic zones worth $10 billion in Bangladesh, the plans for which were discussed at the Bangladesh Economic Forum in Dubai on Sunday.

Salman F. Rahman, advisor to Bangladesh’s prime minister on private industry and investment, led a 20-member government delegation comprising officials from the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority for the meeting in the UAE.

This was the first time representatives from all three agencies participated in the Bangladesh Economic Forum — a private sector initiative undertaken by UAE-based, non-resident Bangladeshi professionals and entrepreneurs.

More than 300 government officials, business leaders, investors and entrepreneurs participated in the day-long international investment conference, which is aimed at strengthening the flow of trade and investment between the UAE and Bangladesh.

Several UAE-based investors expressed interest in developing economic zones and hi-tech parks in Bangladesh.

“I am pleased to see strong and genuine interest among UAE-based investors — both UAE national and foreign business groups — in investing in Bangladesh,” Rahman said.

He added that Dhaka had seen heavy investments from China, Japan and the US, urging investors from Gulf states, especially Saudi Arabia and the UAE, to “take advantage of the lower cost of investment, operations and higher return on investment in Bangladesh.”

“Investment from the GCC and the Arab world will help us achieve a higher growth rate and we are more than ready to welcome them,” Rahman said.

Kamrul Hasan, commerce secretary of Bangladesh’s mission in the UAE, told Arab News that it was a very successful discussion. “Besides, the event created a very positive branding for Bangladesh” he added.

Experts welcomed the proposal, with Dr. Shamsul Alam, member of the country’s planning commission, saying that at this moment, it was the “most desirable thing for the country.”

“To attain the target of our sustainable development goals, we need to have at least $9 billion in investment every year until 2030,” Alam told Arab News.

“At present, Bangladesh has the most congenial policy regime — foreign investors are enjoying the opportunity of a 100 percent profit repatriation policy,” he added.

However, he said that to attract investment, the country was working on building 100 economic processing zones and 28 hi-tech parks by 2030, with plans in place to get 15 ready in the next five years.

Bangladesh’s economy grew at 7.9 percent in 2018. The country is on a growth overdrive and is expected to touch more than 8 percent in the next few years, making it the fastest growing economy in the world.

In order to sustain 8 percent plus gross domestic product growth, Bangladesh needs massive foreign and domestic investment which will create employment and ensure sustainable development.

The World Bank estimates Dhaka must spend as much as $10 billion a year by 2020 to bring its power grids, roads and water supplies up to the standard in order to serve its growing population.


Afghan government, Taliban announce breakthrough deal to press on with peace talks

Updated 02 December 2020

Afghan government, Taliban announce breakthrough deal to press on with peace talks

Afghan government, Taliban announce breakthrough deal to press on with peace talks
  • The agreement lays out the way forward for further discussion
  • Taliban insurgents have refused to agree to a cease-fire during the preliminary stages of talks

KABUL: Afghan government and Taliban representatives said on Wednesday they had reached a preliminary deal to press on with peace talks, their first written agreement in 19 years of war.
The agreement lays out the way forward for further discussion but is considered a breakthrough because it will allow negotiators to move on to more substantive issues, including talks on a cease-fire.
“The procedure including its preamble of the negotiation has been finalized and from now on, the negotiation will begin on the agenda,” Nader Nadery, a member of the Afghan government’s negotiating team, told Reuters.
The Taliban spokesman confirmed the same on Twitter.
The agreement comes after months of discussions in Doha, the capital of Qatar, in negotiations encouraged by the United States. In Afghanistan, the two sides are still at war, with Taliban attacks on government forces continuing unabated.
Taliban insurgents have refused to agree to a cease-fire during the preliminary stages of talks, despite calls from Western capitals and global bodies, saying that that would be taken up only when the way forward for talks was agreed upon.
UN envoy for Afghanistan Deborah Lyons welcomed the “positive development” on Twitter, adding that “this breakthrough should be a springboard to reach the peace wanted by all Afghans.”
Last month, an agreement reached between Taliban and government negotiators was held up at the last minute after the insurgents balked at the document’s preamble because it mentioned the Afghan government by name.
The Taliban refused to refer to the Afghan negotiating team as representatives of the Afghan government, as they contest the legitimacy of the administration led by President Ashraf Ghani.