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ABU DHABI, 18th October, 2022 (WAM) — The Abu Dhabi Department of Economic Development (ADDED) and the Bangladeshi Embassy in Abu Dhabi have organised the Economic Cooperation Forum to enhance economic cooperation and mutual investment opportunities.
ADDED Chairman Mohamed Ali Al Shorafa encouraged UAE and Bangladeshi investors and entrepreneurs to benefit from investment opportunities and the right business environment to thrive and strengthen relationships.
Al Shorafa said: “Abu Dhabi has established itself as the premier destination for business and investment by providing a vibrant, globally competitive and entrepreneurial ecosystem that creates and provides growth opportunities for all. Based on our strong relationship, a favorable business environment and supportive policies, we believe there is great potential to further strengthen strategic cooperation in many areas.”
The forum was attended by Mohammed Abu Zafar, Ambassador of Bangladesh to the UAE, Salman Fazulr Rahman, MP for Private Business and Investment Advisor to the Prime Minister of Bangladesh, Rashed Abdulkarim Al Blooshi, Deputy Minister of ADDED, Director Sameh Al Qubaisi, Director General of Economic Affairs of ADDED, and several senior Bangladeshi officials. Officials, ADDED and representatives of the private sector.
Bangladesh has achieved rapid economic growth in recent years and is strengthening the business ecosystem by developing the necessary measures to ensure ease of doing business and attract foreign direct investment. Bangladesh’s economy is expected to grow by 5.8 percent in 2022 and 6 percent in 2023, according to the United Nations’ annual report, World Economic Situation and Prospects. The country has developed many industries and has weathered the impact of COVID-19 on the global economy to maintain its position as the second largest apparel exporter.
Bilateral trade and mutual investment between Abu Dhabi and Bangladesh are increasing. The Economic Cooperation Forum offers many opportunities to strengthen cooperation in areas such as agriculture, food safety, manufacturing, pharmaceuticals and financial services, providing an ideal platform for key stakeholders from both sides.
Salman Fazulr Rahman’s speech at the forum highlighted Bangladesh’s economic growth and steps taken to improve the business and investment climate and areas of cooperation with Abu Dhabi.
Representatives from Abu Dhabi Investment Office (ADIO), KIZAD and ADDED Industrial Development Bureau (IDB) showcased initiatives and investment opportunities in Abu Dhabi, including the recently launched Industrial Strategy, aimed at strengthening the UAE as the most competitive player in the region Industrial hub status and increase non-oil exports from AED73.5 billion in 2021 to AED178.8 billion in 2031.
For his part, Al Blooshi said: “This forum reflects our strong interest in exploring new ways to further strengthen the bilateral relationship between Bangladesh and Abu Dhabi, as we believe there are promising opportunities.”
“The Abu Dhabi economy has proved its mettle as it tackles global economic challenges. The UAE’s non-oil trade rose 12% to AED124 billion by the end of the first half of 2022, while exports rose 26% to AED49.5 billion. We have launched a variety of initiatives to facilitate trade and ensure ease of doing business by reducing costs and requirements, simplifying procedures and enabling seamless integration of government services. Our efforts to provide businesses and entrepreneurs with compelling proposals are paying off , as new business and increased traffic investment is increasing significantly. We urge investors and business leaders on both sides to capitalize on these solid foundations.
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