Business

Wednesday, April 24, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

Business

Gulf Times

BIDA chairman welcomes Qatari investments with over $100bn opportunities

Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah welcomed the Qatari investments in his country, calling on the Qatari businessmen and investors to capitalise on the promising investment opportunities worth over $100bn in a variety of sectors.In remarks to Qatar News Agency, Miah said the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Dhaka will lend impetus to the bilateral relations between the two countries and promote them in multiple fields, in addition to highlighting the emerging and more dynamic economy in Bangladesh.Miah added that there is excitement about the visit of His Highness the Amir, affirming that it reflects the strength of Bangladesh's economy. He added that Bangladesh has showcased stunning growth not only in economy, but also in all the socio-economic perspectives, including food production, 100% electricity generation, 100% mobile penetration, 90% access to mobile financial framework etc. He noted that the visit will be very helpful in rebranding Bangladesh to not only Qatar, but also many investors in the Middle East region. He also said that the visit of His Highness the Amir will open the door for more visits and exploration of economic opportunities by the investors from Qatar, stressing that BIDA will be ready to serve the delegations with all the necessary support they might need.Miah said that Qatar and Bangladesh are making progress in strengthening economic, commercial and technical cooperation between them, including seeking to sign a memorandum of understanding, in addition to a framework agreement, and he expects the establishment of a platform to explore new trade and investment opportunities in the two countries. He expressed Bangladesh's readiness to use those platforms to initiate more promotional activities towards rebranding Bangladesh as the new potential hub for investment in the region.He pointed out that while the size of trade and investment between the two countries are still not within a substantive level despite the existing opportunities and cultural ties, talks between officials in both countries are focused on establishing a permanent platform for economic cooperation and introducing more dynamism into the trade and investment sectors.He discussed the Bangladesh Investment Summit that took place in Doha in May 2023 during the visit of the Bangladesh Premier in Qatar, adding that the event was jointly organized by BIDA and Bangladesh Securities and Exchange Commission (BSEC), which generated a huge response from traders and investors from the Qatar community with an attendance of more than 300 investors. He emphasised that BIDA is following up on the summit to generate more investment from Qatar.Miah revealed that Bangladesh now boasts a huge $100bn investment opportunities across a number of sectors. Currently 85% of export earnings come from the RMG sector and the government is focusing on various sectors to diversify its export basket.He added that the key investment sectors include agro-food processing and machinery, readymade garments, manufacturing of high-end apparel items, man-made fibres, clothing accessories, fabrics/yarns, and natural and synthetic fibres, software and IT-enabled services, healthcare and medical equipment/devices, automobile and accessories, shipbuilding, leather and leather products, as well as tourism.He talked about a number of incentives and facilities offered to investors, including 100% foreign equity, profit repatriation, importing capital machinery only with 1% import duty, in addition to reducing duty structure for import of raw materials for industries registered with BIDA.He added that investors from Qatar has many opportunities to expand and increase the volume of investments in a variety of sectors in Bangladesh, in addition to capitalizing on all incentives Bangladesh offers. He expected that the private sectors in both the countries will get opportunities to explore the potential with increased economic cooperation.BIDA is considering plans to enhance the cooperation with Gulf Co-operation Council and other relevant authorities in the Gulf to enhance the co-operation in the field of investment", he said.

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Gulf Times

Doha Bank plans to expand further in Asian countries, says CEO

Doha Bank Group Chief Executive Officer Sheikh Abdulrahman bin Fahad bin Faisal al-Thani has asserted that the bank looks forward to continuing its strategy to expand globally in pursuit of capitalising on trade and investment opportunities and build on the growing advancement of Qatar's relationships with countries, especially in Asia.On the occasion of the tour of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to the Philippines, Bangladesh and Nepal, Sheikh Abdulrahman highlighted to Qatar News Agency that the bank's expansion plans are consistent with its vision to be a reliable partner in achieving growth and prosperity, lend impetus to economic development and strengthen bilateral relations between Qatar and these countries.The bank has an extensive presence in Asia through operating two subsidiaries that offer integrated services in India, along with the representative offices in Singapore, Japan, and China, alongside two offices in Nepal and Bangladesh, Sheikh Abdulrahman added, pointing out that the bank has forged close ties with a network of banks extending from West Asia to Southeast Asia.He affirmed that these offices play a crucial role in enhancing trade and investment cooperation between the State of Qatar, Nepal, and Bangladesh, emphasizing that the Doha Bank Group established a representative office in Bangladesh in May 2016, followed by another office in Nepal in 2018 to benefit from the promising potential of those countries in trade exchange with the State of Qatar.He pointed out that the two offices undertake a critical role in pushing trade and investment ties between the three countries forward, particularly with Nepal's transition to a middle-income country, generating massive opportunities for the two sides to advance trade and investment exchange in vital economic sectors such as agriculture, tourism, and banking.To substantiate its role in this area, Doha Bank Group provided facilitations to enterprises in Nepal in 2023 worth $100mn, Sheikh Abdulrahman asserted, stating that the growth of trading volume between the two sides, which rose to 40%, is a testament to the major role played by Doha Bank Group in boosting cooperation between Nepali and Qatari enterprises.He emphasised that the same thing applies to the bank's role in Bangladesh where it provided letters of credit worth $375mn in the past year, highlighting that Bangladesh's dependence on Qatar to obtain urea fertilisers represents an opportunity for Doha Bank Group to provide further funding service and upgrade trade ties with Qatar.Sheikh Abdulrahman pointed out that the office of Doha Bank Group has significantly contributed to fostering financial and banking systems in Nepal and Bangladesh via a remittance platform established based on state-of-the-art technologies in collaboration with four banks in Nepal and Bangladesh to meet the needs of the 350,000-member communities residing in Qatar. He stated that the majority of remittance outflows from Qatar to Nepal and Bangladesh is processed through Doha Bank Group, something that supports financial inclusiveness.Doha Bank Group in Qatar is key to help the local enterprises in Nepal and Bangladesh access international banking services and expertise since the bank invariably expedites financed and non-financed transactions, as well as financial market transactions of multiple banks in Nepal and Bangladesh, culminating in bolstering the financial and banking system in those countries.After more than five years since its inauguration, the offices of Doha Bank Group in Nepal and Bangladesh have made major gains, in terms of facilitating financial flows and trade exchanges, in addition to enhancing investment opportunities, Sheikh Abdulrahman said.

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