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

  • 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.


Delta fined $50,000 for discriminating against Muslim passengers

Updated 25 January 2020

Delta fined $50,000 for discriminating against Muslim passengers

  • The flight attendant said she saw Mr.X texting on his cell phone using the word “Allah” several times
  • The captain refused to let the two passengers re-board the plane

WASHINGTON: Delta Air Lines was Friday fined $50,000 by the US Department of Transportation to settle allegations it discriminated against three Muslim passengers who were ordered off their planes.
In its consent order, the department said it found Delta “engaged in discriminatory conduct” and violated anti-discrimination laws when it removed the three passengers.
In one incident on July 26, 2016, a Muslim couple were removed from Delta Flight 229 at Charles de Gaulle Airport in Paris after a passenger told a flight attendant their behavior made her “very uncomfortable and nervous.”
“Mrs X” was wearing a head scarf and the passenger said “Mr X” had inserted something into his watch.
The flight attendant said she saw Mr.X texting on his cell phone using the word “Allah” several times.
The captain then spoke with Delta’s corporate security, who said Mr.and Mrs.X were US citizens returning home and there were “no red flags.”
However the captain refused to let them re-board the plane.
The Department of Transportation said the captain had failed to follow Delta’s security protocol and it appeared that “but for Mr.and Mrs.X’s perceived religion, Delta would not have removed or denied them reboarding” of their flight.
The second incident covered in the order involved another Muslim passenger who boarded Flight 49 at Amsterdam heading for New York on July 31, 2016.
Other passengers and flight attendants complained about him but the first officer saw nothing unusual about him and Delta security also said “Mr A“’s record had “no red flags.”
The captain prepared the plane for departure but then returned to the gate and had Mr.A removed and his seat searched.
The Transportation Department said the captain had not followed Delta’s security protocol and the removal of Mr.A “after being cleared was discriminatory.”
Delta disagreed that it engaged in discriminatory conduct but “does not dispute that each of these two incidents could have been handled differently,” the order said.
The government said the fine “establishes a strong deterrent against future similar unlawful practices by Delta and other carriers.”
Following the July 2016 incidents, Delta said it had reviewed and enhanced its procedure to investigate suspicious activity “to make it more collaborative and objective.”