DOHA: Bangladeshi Ambassador to Qatar Ashud Ahmed has said both countries are keen to strengthen their bilateral relationship. He was speaking during a ‘Bilateral and Synergistic Opportunities between Qatar and Bangladesh’ webinar organised by Doha Bank.
He highlighted the growth of remittances from Qatar to Bangladesh over the last five years, which has already reached $1bn. Ahmed said Bangladesh produces high-quality medicines which are cost-effective and his country can be a partner to Qatar, which has been resilient post-blockade and self-reliant in many sectors.
Sheikh Fazle Fahim, President, Bangladesh Chambers of Commerce and Industries (FBCCI), said Qatar is keen to invest in the Bangladeshi energy sector, LPG storage terminals, power and infrastructure. He said corporate taxes in the country have been brought down by 2.5 percent.
Naser Ezaz Bijoy, Country CEO, Standard Chartered Bank Bangladesh, described Bangladesh as the `Best Kept Secret of Asia, and spoke on the inherent strengths of the economy, the growth of the apparel sector, remittances, power generation, infrastructure and digital space. He said the economy has transformed itself into the middle-income group and expects further economic growth with an additional $500bn in the next five years.
Doha Bank CEO R Seetharaman said it is important for Qatar and Bangladesh to expand trade. The next five years would be a defining moment for the Bangladeshi economy, he said, reiterating policy governance has been exemplary.
Seetharaman said: “According to the IMF, Bangladesh is expected to grow by 2 per cent in 2020. Bangladesh’s forex reserves were at $32bn in July 2020. Qatar-Bangladesh trade was close to $1bn in 2018-19. In June 2017, Bangladesh entered into an agreement with RasGas to supply 2.5 million tonnes of LNG for 15 years.”
He added: “Other programmes include Issuance of performance bonds, tender bonds for participation of Bangladeshi companies in infrastructure projects in Qatar; letters of credit for exports of LNG shipments from Qatar to Bangladesh; incoming remittances and payments for Qatar exports to Bangladesh and LC opening in Qatar for imports of Qatar from Bangladesh.”