Bangladesh will sign a number of agreements with UAE, including ‘avoidance of double taxation and ‘promotion and protection of investments’ during Prime Minister Sheikh Hasina’s four-day stay here.
Talking to Khaleej Times on the sidelines of the fourth World Future Energy Summit (WFES 2011), which is also attended by the Prime Minister, Ambassador Mohammed Nazmul Quaunine said: “The business and investment opportunities between the two countries are fast growing. The Prime Minister during her four-day stay will discuss all these and other bilateral issues with the UAE leadership. The two countries will also sign a number of agreements, including avoidance double taxation and protection and promotion of investments.”
The ambassador said the Prime Minister’s engagements include meetings with government officials, investors, community members and Bangladeshi businessmen in the country.
For the first time, the Bangladesh delegation is attending the summit with a 30-member strong business leaders who will be holding talks with their counterparts in UAE (home to over half a million Bangladeshis) on various investment and trade exchange issues.
The ambassador further said, besides meeting top level leaders, Hasina will also discuss with local officials issues, such as manpower.
“Given the potential, volume of present bilateral trade is not significant but this is expected to rise in coming years. In financial year 2009-10, UAE-Bangladesh trade volume was $506.72 million, which is 19.61 per cent less than the previous fiscal year of $606.13.million,” The UAE imports from Bangladesh for the 2009-10 were at $65.82 million, which was 14.87 per cent higher than the previous year ($56.03 million). Export from UAE was $550.10 million in 2009-10. Main exports from the UAE are crude oil and fertilizer while Bangladesh exports were mainly ready-made garments, dry foods and other consumables goods.
“The embassy has been working for the last two years to have necessary framework and agreements for expansion of business and investment cooperation. As part of that, we have been so far able to finalise the two agreements that will be signed during the Prime Minister’s stay.