UAE-based Bangladeshis plan to invest Tk 1,000 crore

Bangladeshi expatriate businesspeople and entrepreneurs based in the United Arab Emirates are planning to invest around Tk 1,000 crore in Bangladesh, mainly in technology-driven banking, renewable energy, food processing, tourism, education and healthcare.

Members of the Bangladesh CIP-Business Association are scheduled to meet the Bangladesh Investment Development Authority (BIDA) on August 18 to discuss the proposed investment, including the investment environment, government support and faster approval processes.

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The expatriate businesspeople disclosed the investment plan at a press conference at the Economic Reporters’ Forum in Dhaka today.

The proposed investments will include digital and AI-based Islamic banking, dry food processing and packaging, e-rental services, solar panels and renewable energy, tourism, education and healthcare, they said in a press release.

The investors said they could implement the proposed investment if the government ensures easier approvals, land or lease facilities, necessary infrastructure, investment protection and one-stop services.

“Expatriates are not merely a source of remittances; they are partners in Bangladesh’s economy, investors and development partners,” a member of the association said.

They said the Tk 1,000 crore investment could create new industries and employment opportunities while boosting exports and technology-based economic activities.

The association’s members are also seeking government support to facilitate investment by non-resident Bangladeshis, including faster regulatory approvals and a more investment-friendly environment.

Mohammad Rubel, speaking on behalf of the UAE-based NRB CIP and business delegation, said expatriate Bangladeshis are interested in contributing to the country’s economic development through investment in productive sectors.

The proposed investment comes as UAE-based Bangladeshis continue to face various visa-related complications, which the businesspeople said are affecting their employment, businesses and livelihoods.

They also urged the government to resolve visa complications and facilitate the return of thousands of Bangladeshis who are currently stranded in Bangladesh after their UAE visas were cancelled.

The association called for high-level talks between Bangladesh and the UAE to restore the opportunity for Bangladeshi workers to change employers internally, a facility they said has been unavailable for nearly 12 years.

The expatriates also proposed a number of measures to improve services for Bangladeshis abroad, including a 24-hour emergency hotline, digital complaint management, expatriate assistance cells and more effective services at Bangladeshi embassies and consulates.

They said ensuring investment protection, easy access to finance, insurance and other support would encourage more expatriate Bangladeshis to invest in Bangladesh.