As a business council, the QFB will play a key role in facilitating bilateral investment between Qatar and Bangladesh. The BFQ is a non-profit business council aimed at promoting the continued growth and development of trade and investment between the two countries. The QFC endeavors to promote Qatar as an attractive business destination for companies looking to expand their operations in the Middle East region and take advantage of the opportunities available in the country. Within the context of the economic relations between the two countries, the "Made in Bangladesh" exhibition, organized by the BQF kicked off in January 2020 at the Doha Exhibition and Convention Center (DECC). The three-day exhibition brought together 100 companies covering 18 major sectors in Bangladesh specializing in information technology, energy, cement, telecommunications, food and beverages, fisheries, etc. Within the framework of political coordination between the two countries, a round of political consultations was held in Do ha in September 2022 between the Ministries of Foreign Affairs of the two countries. During the round of political consultations, they reviewed bilateral cooperation relations, in addition to several issues of common interest. Following the round of consultations, an agreement was signed on abolishing visa requirements for holders of diplomatic, official, and special passports. Through various mutual visits between senior officials of the two countries, areas of cooperation between the two parties are being discussed in many fields, especially in the energy sector, economy, labor affairs, banks, culture, and others. The State of Qatar is the largest supplier of liquefied natural gas (LNG) to Bangladesh as there are several agreements between the two parties in this regard, the most recent of which was signed in January between QatarEnergy and Excelerate Energy to supply Bangladesh with LNG for 15 years starting as of January 2026, at a rate of approximately one million tons annually. There is also an agreem ent between the two parties signed in June 2023 to supply LNG to the Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) at a rate of up to 1.8 million tons annually and to be delivered to the ports of Bangladesh as of January 2026 for 15 years. Within the context of the interest in labor affairs, in December 2018, the State of Qatar launched two visa centers in Bangladesh, one in the capital, Dhaka, and the other in the city of Sylhet, as part of Qatar's efforts to facilitate and simplify the procedures for bringing expatriates to work in the State of Qatar. Bangladesh is located in the southeast of Asia and is bordered by India on all sides except the far southeast, where Myanmar borders it. It has an area of more than 147,000 square kilometers and its population exceeds 174,000,000 people. It is called the land of rivers because it is home to more than 57 transboundary rivers. In recent years, Bangladesh has succeeded in rising as an economic power. In 2019, HE Prime Minister Sheikh Hasina wrote an article in which she said that in addition to self-sufficiency, Bangladesh is now the fourth-largest producer of rice, the second-largest producer of jute, the fourth-largest producer of mangoes, the fifth-largest producer of vegetables, and the fourth-largest producer of inbound fisheries. Bangladesh aims to become a developed country by 2040 and has established around 100 economic zones to attract foreign investment. Bangladesh relies on the export of textiles, clothing, seafood, fish, and agricultural products such as bananas, mangoes, potatoes, tropical fruits, onions, rice, tea, jute, pineapples, etc. There are also some job opportunities available for investors in areas of export-oriented industries such as textiles, leather products, electronic components, chemicals, petrochemicals, and agricultural-based industries, in addition to the tourism sector and light industries, and in infrastructure projects such as power generation, oil and gas exploration, minerals, communications, ports, roads, and m any other sectors, which can attract foreign investors. Source: Qatar News Agency
Friday, November 08, 2024