BANGLADESH is hoping to expand its business ties with Bahrain as the two nations gear up to celebrate 50 years of ties next year.
The south Asian country is also seeking to collaborate with the kingdom in a number of sectors, according to Bangladesh Ambassador Dr Nazrul Islam.
He was speaking to the GDN on the sidelines of a presentation to the community on bilateral trade and investment opportunities, at the Diplomat Radisson Blu Hotel and Spa.
“In the coming months and years, I hope to see some quality trade between the two countries, particularly in medicine, research and development (R&D), and labour,” he said.
“We are also working on a project with the Bangladeshi pharmaceutical industry to establish a company in Bahrain.
“There may also be opportunities for collaboration in the ICT (information and communication technology) sector; we plan to bring a delegation from the Bangladesh Association of Software Engineers.
“Other sectors include medicine, agribusiness, R&D, general labour market and some greenhouse projects.
“Bangladeshi companies doing international business are ready to come to Bahrain,” said Mr Islam.
Primarily known as one of the leading manpower-exporting nations, Bangladesh’s pharmaceuticals industry meets 97 per cent of its domestic demand and contributes around 2pc to the GDP (gross domestic product).
“With an average growth rate of up to 16pc, the domestic market is expected to exceed $6 billion by 2025. It exports to 140 countries, including the US, Australia, and Europe, and has around 170,000 healthcare professionals.”
The envoy noted that the Covid-19 pandemic has opened a new opportunity in the healthcare sector.
“In the medical sector, we could collaborate in recruiting qualified professionals, physicians, doctors and nurses.
“Not many Bangladeshi doctors or nurses are there in Bahrain, but we hope to collaborate on this.”
Dr Islam also spoke of plans to promote small and medium enterprises (SMEs) among his nationals in the country.
The GDN reported earlier this month that the number of Bangladeshi nationals owning businesses in Bahrain has surged to more than 5,000 in the last few years, up from less than 200 almost five years ago.
The ambassador attributed the increase to workers investing in SMEs, including cafeterias, tailoring and carpentry shops.
“We are working on promoting SMEs; we have Bangladeshi entrepreneurs who can collaborate with local partners and we are also planning to bring Bangladeshi expertise to be showcased.”
He said the embassy was liaising with Tamkeen and commercial banks on ways to support the SMEs, adding that banks in his country would support this as well.
“Bangladeshi banks will be happy to fund projects worth $100-$200 million in Bahrain to develop the SME sector.
“This will help in generating jobs opportunities for Bahrainis as well, because wherever we invest and grow there will be 60-70pc employment generation for the Bahraini community.”
The diplomat reiterated that there was no ban on his nationals to enter Bahrain, explaining that recruitment was currently done on need-to basis.
Visas for Bangladeshi nationals had been suspended since Bahraini imam Shaikh Abduljalil Hmood was murdered by a Bangladeshi muezzin (prayer caller) on August 4, 2018.
Wooing Bahraini businesses and strategic industry partners, Dr Islam underlined that his country was ‘a lucrative and investment partner’ with an ‘affordable and flexible labour market’, a 65m trainable workforce and a thriving private sector.
The other potential sectors to collaborate are readymade garments, leather and footwear, light engineering, electronics and electrical equipment, plastics, automobiles, ship building, ceramics and agro and food processing industry.
raji@gdn.com.bh
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