H.E. Sheikh Khalifa Alharthy, Undersecretary for Diplomatic Affairs, Foreign Ministry of Oman,

H.E. Ambassador Mizanur Rahman,

Distinguished guests,

Ladies and gentlemen, 

Assalmu Alaikum and good evening.

I am delighted to attend this webinar today hosted by Bangladesh Embassy in Muscat, Oman. I take this opportunity to congratulate the host of the webinar for organizing this wonderful event. I also express my thanks and gratitude to all participants including the Omani side to share their views on how to forge, expand and consolidate bilateral engagements between our two brotherly countries.  
Distinguished Guests,

At this auspicious occasion in the Mujib Year, I pay my deepest respect to the memory of the greatest Bangalee of all time, Father of the Nation, Bangabandhu Sheikh Mujibur Rahman_the main architect of our independence and a fearless advocate for peace across nations.

Let me express my happiness that this webinar is being held on the heels of the Second Foreign Office Consultations concluded online between our two Foreign Ministries in last June 2021. I am happy to note that our bilateral relations over the years, since its diplomatic relations in 1974 through the official recognition of Bangladesh by our Omani brothers, have reached these heights, which have diversified to cover many areas now beyond the traditional manpower sector. Yet, despite enormous good will among our two peoples and potentials, our bilateral engagements did not expand up to an optimum level during these years due to lapses from both sides. 

We feel that there is much scope and space to expand our engagements in new areas for mutual benefit. The current COVID 19 pandemic has taught us that we must venture into new areas to explore markets and supply sources if we wish to keep our economies running. We must work jointly to find out the means and ways to increase cooperation in different areas such as bilateral trade and investment, energy, renewable energy, technological, food security, health, etc.  

Ladies and gentlemen, 

Bangladesh is moving fast with the dynamic and visionary leadership of our Hon’ble Prime Minister Sheikh Hasina with a view to achieving the dream of a happy and prosperous ‘Sonar Bangla’ (Golden Bengal) as envisioned by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.  Allow me to share our perspective on developments taking place in Bangladesh.

This year, despite pandemic, we are well on track in our journey towards graduation from an LDC into a Middle-Income country by 2024. Despite the COVID 19 pandemic, our economy has grown at a rate of 5.2%. In this context, let me underscore few points:  Bangladesh is reaping benefits for the visionary initiatives taken by Prime Minister Sheikh Hasina. Our GDP sustained a growth rate 6-7% during the last decade and is poised to increase by 7% on an average till 2033, according CEBR forecast. Towards that end, the Government is building mega infrastructure to improve our economic competitiveness and to tap greater synergies and complementarities. That should allow new regional and global supply chains to develop and profit from.   

Trade & Economic Cooperation:

Excellency, over the last decade, bilateral trade between Bangladesh and Oman has grown but at a low space. We have much more scope to expand and diversify the bilateral trade items. 

Our world class products like Ready Made Garments, ceramics, pharmaceuticals, leather products, frozen fish, jute, and jute products, processed food etc. are being exported to Europe, the USA, and other destinations around the world. Our businessmen are confident they can supply most of the products to Oman at much more competitive prices.  We seek your cooperation for facilitating access of our products into the Omani market.

In this connection, we would like to suggest that our two countries could explore the possibility of concluding a bilateral Preferential Trade Agreement or Free Trade Agreement to maximize the available synergies in trade for mutual benefit.  

Establishment of Bangladesh-Oman Business Forum: 

Engagement of private sectors and business community from both sides is essential for expansion of bilateral trade and investment. We need to facilitate B2B interaction and exchange of visits among business community from both ends. We may consider forming a ‘Bangladesh-Oman Business Forum’ to explore and strengthen business cooperation between the two countries.

AS a GCC member, Oman applies 5% customs duty for rest of the world including Bangladesh. Although Oman individually can’t offer any tariff preference to Bangladesh, Oman can pursue GCC for DFQF market access of some of our products to Oman and GCC market as well.

I propose that frequent exchange of trade delegations at official and private level should be encouraged to expand areas of trade and strengthen bilateral trade.

Both Bangladesh and Oman can participate in trade fairs held in each other’s capitals on a regular basis to familiarize and popularize products.

I also underline that exchange of frequent trade information/opportunities prevailing between the two countries may be ensured on a regular basis to facilitate our businessmen.

Investment prospects in Bangladesh: 

Bangladesh has prepared the ground for foreign investment with investment friendly policies as well business climate. It has put investment regulatory laws in place like- Private Investment (Promotion and Protection) Act-1980’ which ensures legal protection and non-discriminatory treatment for foreign investors.  Part of its liberal policy regime, Bangladesh offers various incentives like Tax Holiday, Tax Exemption, and waiver of Import Duties, Capital repatriation, Ease of profit, Investment opportunities in Stock-market for foreigners,and other preferential benefits. The Government has taken active steps to improve the business climate by enhancing connectivity through infrastructure buildup and improve the ranking of Ease of Doing Business and One-stop Service for foreign investors.

The Government has taken initiatives to establish 100 Economic Zones in addition to the existing Exclusive Economic Zones. Part of its digitalization process, several High-Tech Parks for IT industries are underway. It may be noted that over 800 IT companies are now thriving in the country with an exposure to the international market. We are ready to offer “Exclusive Economic Zone’’ and Hi-Tech Parks for Omani investors.   

I hope that Oman will exploit the opportunity to profit from our investment friendly environment. I would like to invite investment from Sovereign Wealth Fund (SWF) of Oman which has a portfolio of assets worth of USD 18 billion in Power-Energy, Infrastructure/ Logistics.

Investment in Hotel and Residential Projects in Bangladesh Hi-Tech Park:

Oman can invest in hotel, residence and shopping complex building projects in the hi-tech parks located across the country. Ready lands are available in Dhaka and Sylhet for investment.  Bangladesh is willing to provide dedicated land and space for Omani investors in the ICT sector in Bangladesh.

Blue Economy – Immense potential for Investment:

The ocean economy is a highly promising investment sector in Bangladesh. It contributes to 3% of the country’s GDP. Bangladesh has resolved its maritime boundary demarcation with neighboring counties; India and Myanmar and stands ready to harness the full potential of our maritime resources. We have identified 26 sectors to support the development of Blue Economy.  

Bangladesh’s blue economy presents a plethora of untapped opportunities, e.g., deep sea fishing, maritime transport, energy, tourism, etc. Bangladesh can access to deep sea fishing up to 660 km which is currently limited to 60 km. The actual fish catch in the sea is thus limited to less 9% of its true potential with 0.7 m. tons against 8 m. tons. We need collaboration with friendly countries, especially for access to quality technologies. In this context, Oman’s investors may consider investing in maritime sector with their technological advancement for our mutual benefits. 

Ship Building Industry: An Area for Robust Financial and technical Investment:

The ship-building industry is an incredible success story for Bangladesh.  Our Shipbuilding Industry specializes in the niche market of producing smaller vessels, below 12,000 dead-weight tons. Our commercial vessels are being exported to Germany, Denmark, Sweden, and many other countries. Several shipyards run by our Naval Forces are building various vessels for defense purposes like LPC (Large Patrol Craft), LCT (Landing Craft Tank), LCU (Landing Craft Utility), PC (Patrol Craft), tugs, survey vessels, high speed boats etc. It is a promising sector for investment. Oman may consider sourcing their required vessels for its naval force/coast guards from Bangladesh. 

Investment in Energy and Power sector: 

Ladies and gentlemen, Power and Energy sector is among the top priority areas for foreign investment in Bangladesh. We believe that relevant authorities from both sides should have opportunities for exploring areas of cooperation in this sector. We hope for more engagement of Oman in this sector.

Excellencies, I hope both sides have taken note of our today’s discussion. I Thank you all very much for your patient hearing.

Joy Bangla!
Joy Bangabandhu