Businessmen see many possibilities for expanding Qatari investment in Bangladesh

Dhaka, April 22, 2024 (BASS) : Due to the small size of Qatar’s consumer market, the possibility of expanding bilateral trade between Bangladesh and Qatar is low, but businessmen see huge potential of attracting Qatari investment in Bangladesh.
Bilateral trade between Bangladesh and Qatar is mainly dependent on liquefied natural gas (LNG), fertilizers or petrochemical products. Bangladesh imports these products from Qatar. In the fiscal year 2022-23, the exports of Bangladesh were about 32 million US dollars and imports were worth 2366 million dollars.
As the size of Qatar’s consumer market is small, there is less opportunity to export consumer goods. As a result, Bangladesh can be an attractive investment for them.
Bangladeshi businessmen said that the growth of Qatar’s national economy depends mainly on the efficiency of its investments outside the country.
They feel that it is necessary to give more importance to how Qatari investment can be brought to Bangladesh.
Emir of Qatar Sheikh Tamim bin Hamad Al Thani arrived in Dhaka today on a two-day state visit.
Foreign Minister Dr. Hasan Mahmud told reporters yesterday that 11 agreements and memorandums of understanding will be signed between the two countries during the visit of the Emir of Qatar. These include agreements on avoidance of duplication, investment promotion and protection and establishment of joint trade councils. Businessmen of the country believe that these agreements will help to increase Qatar’s trade and investment with Bangladesh.
President of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed told Bass, we mainly import fuel, fertilizer or petrochemical products from Qatar. Compared to that, the export volume is very insignificant. Qatar’s consumer market is small. So the consumer goods that we manufacture, there is less opportunity to export there. However, there is an opportunity to increase our participation in several other service sectors, including construction, through which bilateral trade can be expanded.
He said that although there is little opportunity to increase Bangladesh’s exports to Qatar, there is a lot of potential to bring investment from that country. Entrepreneurs there want to invest abroad. They can invest in Jalani and banking sector.
He thinks that we should focus on bringing Qatari investment to the specialized industrial areas that we have.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) director and managing director of Shasa Denim, Shams Mahmud, believes that if Qatar eases the process of doing business in the country for Bangladeshi garment sector entrepreneurs, Bangladeshi garment exports to Qatar will increase. Bangladeshi entrepreneurs are exporting garments easily by setting up overseas offices in the Middle East countries of Saudi Arabia and United Arab Emirates. If Qatar gets similar benefits, Bangladesh’s garment exports will increase there.
He said, Qatar is now providing business opportunities to IT developers. We should seize that opportunity. He also thinks like Ashraf Ahmed that there are many opportunities to attract Qatari investment in Bangladesh.
Shams Mahmud said that Singapore has invested in the logistics sector in Bangladesh. More investment is needed in this sector. Qatar can come forward with investment. Besides, they can invest here in cold chain sector, develop specialized industrial zones and cargo hub of Qatar Airlines in Dhaka.
He expressed hope that these issues will be of utmost importance in the high-level bilateral discussions.