Bangladeshi expats in UAE urged to send money through financial institutions

“Many countries, including Bangladesh, are facing a crunch in their foreign reserves after the pandemic. Therefore, remittances through registered financial institutions such as banks and exchanges help support the economy of the country, which is also beneficial for many expats living in the country. The well-being of the family has an impact,” Abu Dhafar said.

“Furthermore, I advise expats to spend cautiously as the cost of living increases globally,” he added.

Zafar was interviewed by Gulf News after an economic cooperation seminar aimed at attracting foreign direct investment into Bangladesh. The seminar was organised by the Bangladeshi Embassy in coordination with the Abu Dhabi Ministry of Economic Development and was attended by UAE government officials and businessmen.

The Bangladeshi delegation was led by Salman Fazlur Rahman, Private Investment and Industry Advisor to the Prime Minister of Bangladesh, and was accompanied by Congressman Nazmul Hassan, who represents Bangladesh’s pharmaceutical industry.

“By 2021, bilateral trade between the two countries will be worth around US$1.8 billion (AED6.61 billion), with UAE exports to Bangladesh worth US$1.3 billion (AED4.78 billion), US$500 million (AED1.8 billion) Dirham) value for Bangladesh to export to UAE. We are now looking for investments in several industries including food, agriculture, pharmaceuticals, healthcare, transportation and textiles. On the other hand, the UAE has also made some investment proposals, But it hasn’t started yet,” Abu Zafar said.

The ambassador said there would be a follow-up working group to look for the most immediate opportunities.

“We also look forward to the UAE delegation visiting Bangladesh early next year. At the same time, we also encourage Bangladeshi businessmen to invest in the UAE, especially in areas with competitive advantages,” he said.

About one million Bangladeshi expatriates currently live in the UAE, making the UAE the second largest non-resident Bangladeshi community after Saudi Arabia. In terms of nationality, Bangladeshis are also the third largest group of expatriates after India and Pakistan.

The embassy and the Bangladesh consulate in Dubai may also soon resume accepting applications for national ID cards, the ambassador said.

“We paused the process during the pandemic, but expect to restart it by the end of the year,” Abu Zafar said.