Business experts stated that even if the bilateral commerce between Bangladesh and Qatar is heavily skewed in favor of the gulf country, there is a great deal of potential for Qatar to invest more in Bangladesh.
They claimed that because Bangladesh purchases these goods from Qatar, the two countries’ bilateral commerce is mostly reliant on liquefied natural gas (LNG), fertilizers, and petrochemical items.
Bangladesh’s exports to Qatar in the most recent fiscal year (2022–2023) were approximately $32 million, while the country’s imports came to $2,366 million. There are less opportunities to grow the consumer goods export industry in Qatar due to the country’s limited consumer market.
Under the circumstances, the local business leaders see great potential in attracting Qatar’s investment in Bangladesh.
The Bangladeshi businessmen and business leaders said that the growth of Qatar’s national economy depends mainly on the efficiency of its investments outside the country.
They also suggested that it is necessary to give more importance on how to bring Qatari investment to Bangladesh.
As President Mohammed Shahabuddin welcomed Amir of Qatar Sheikh Tamim Bin Hamad Al-Thani, who arrived here today for a two-day official visit, business leaders made these comments. The Amir was welcomed with open arms on a red carpet.
This afternoon, at the capital’s Hazrat Shahjalal International Airport (HSIA), the Head of State greeted Qatar Amir with bouquets of flowers.
Six agreements and five memorandums of understanding (MoUs) are probably going to be inked between the two nations during the visit of Qatar’s Amir.
Agreements are: avoidance of double taxation and tax evasion, cooperation in legal matters, maritime transport, mutual investment development and protection, transfer of convicted persons and establishment of a joint business council.
Apart from these, five memorandums of understanding (MoUs), including on labor force, higher education and scientific research, and cooperation in diplomatic training are likely to be signed during the visit.
Talking to BSS, Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed said, “We mainly import fuel oil, fertilizer or petrochemical products from Qatar. Compared to that, our export volume is very insignificant as Qatar’s consumer market is small. So, there is less opportunity to export consumer goods there that we manufacture here. However, there is an opportunity to increase our participation in several other services sectors including construction through which bilateral trade can be expanded.”
He said although there is less opportunity to boost Bangladesh’s exports to Qatar, but there is a lot of potential to bring investment from that country. “Qatari Entrepreneurs want to invest abroad. They can invest in energy and banking sectors in Bangladesh.”
The DCCI president also opined that the government should focus on bringing Qatari investment to the specialized industrial zones in Bangladesh.
Shams Mahmud, Director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and also managing director of Shasha Denims Ltd said if Qatar eases the process of doing business in the country for Bangladeshi garment entrepreneurs, then Bangladeshi garment exports to Qatar would increase.
He said that Bangladeshi entrepreneurs are exporting apparel items easily by setting up overseas offices in the Middle East countries like Saudi Arabia and the United Arab Emirates (UAE). “Bangladesh’s garment exports will increase if such facilities are available in Qatar,” he added.
Mahmud, also the former president of DCCI, said, Qatar is now providing business opportunities to IT developers. “We should seize that opportunity.”
Echoing with Ashraf Ahmed, Mahmud also thinks that there are many opportunities to attract Qatari investment in Bangladesh.
Mentioning that Singapore has invested in the logistics sector in Bangladesh, Mahmud said more investment is needed in this sector. “Qatar can come forward with investment in this logistics sector. Besides, they can invest here in the cold chain sector, develop specialized industrial zones and establish Qatar Airlines cargo hub in Dhaka.” he added.
The former DCCI president also expressed his high hope that these issues would be given top priority in this high-level bilateral discussion.
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