DCCI and Dubai Chambers Sign MoU to Boost Trade and Investment

A 29-member business delegation from the Dhaka Chamber of Commerce & Industry (DCCI), led by DCCI President Taskeen Ahmed, participated in the event, which aimed at exploring new avenues for collaboration between the two countries.

Taskeen Ahmed, who is currently leading the delegation, highlighted that Bangladesh has a large expatriate community in the UAE, making up 17% of Bangladesh's total overseas employment. He noted that the UAE is the second-largest destination for Bangladeshi nationals, after Saudi Arabia.

He further emphasized Bangladesh's investment-friendly policies, including a competitive framework, fiscal and non-fiscal incentives, 100% foreign ownership, and robust intellectual property protection, positioning the country as an attractive destination for UAE-based investors.

"Bangladesh offers numerous opportunities for UAE entrepreneurs, particularly in the logistics service sector within our proposed economic zones," he said. "There is also potential for investment in skills development centers, renewable energy, fintech, healthcare, information technology, and tourism."

In his welcome address, Mohammed Lootah, President and CEO of Dubai Chambers, reaffirmed Dubai's commitment to strengthening ties between the business communities of Dubai and Bangladesh. He expressed confidence in the potential for mutual growth and outlined Dubai Chambers' support for Bangladeshi businesses to expand their operations in Dubai.

Lootah also shared that, by the end of 2024, 8,686 Bangladeshi companies were registered as active members of Dubai Chambers, a clear indication of the growing interest among Bangladeshi investors. He encouraged Bangladeshi companies to establish local offices in the UAE to better access the Middle Eastern and African markets.

Lootah also called for more Bangladeshi IT companies to invest in the UAE, suggesting that the development of a data center in Bangladesh could significantly enhance the country's IT sector.

During the event, Rizwan Rahman, former president of Dhaka Chamber, gave a compelling presentation on Bangladesh’s trade and investment opportunities. He also advocated for the signing of a free trade agreement (FTA) between Bangladesh and the UAE to further facilitate the expansion of trade relations.

Omar Khan, Head of Research and Data at Dubai Chambers, presented insights on the future of trade between Dubai and Bangladesh, underscoring the importance of business-to-business relations for further growth. He highlighted several sectors, including processed food, data centers, healthcare, logistics, fashion design, and e-commerce, as areas with substantial potential for Bangladeshi investment in Dubai.

A Memorandum of Understanding (MoU) was signed between DCCI and Dubai Chambers, solidifying their commitment to enhancing bilateral cooperation. The MoU was signed by Taskeen Ahmed and Mohammad Ali Rashed Lootah, marking a new chapter in the economic partnership between the two chambers. This agreement will facilitate B2B matchmaking, joint venture investments, trade exhibitions, and exchanges of trade delegations.

The event concluded with a B2B matchmaking session, where representatives from 50 Dubai Chambers member companies met with members of the DCCI business delegation. Entrepreneurs from both nations engaged in detailed discussions about potential trade and investment opportunities.

DCCI Senior Vice-President Razeev H. Chowdhury, Vice President Md. Salem Sulaiman, and other members of the delegation were also present, contributing to the positive momentum surrounding the event.