Bangladesh, Kuwait see strong potential for joint investment in multiple sectors

The prospects were discussed at a virtual meeting between a Bangladeshi business delegation and the Kuwait Chamber of Commerce and Industry, organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Wednesday.

The meeting was chaired by FBCCI Administrator Md Fazlul Hoque and attended by representatives of the Kuwait Chamber, FBCCI officials, diplomats and leading industrial entrepreneurs from Bangladesh.

Fazlul highlighted the longstanding friendly relations between the two countries and invited Kuwaiti entrepreneurs to invest in Bangladesh.

Highlighting Bangladesh's strong capabilities in leather, plastics, ceramics, processed food, readymade garments and ICT, he stressed the need for joint ventures to capitalise on emerging economic opportunities.

Bangladesh's Counsellor (Political and AIOC) in Kuwait, Mohammad Moniruzzaman, said Bangladesh has significant export potential in Kuwait, particularly in readymade garments, leather and leather goods, ICT and plastics, given the country's strong purchasing power and market opportunities.

He said the Bangladesh Embassy in Kuwait was working actively to strengthen communication and partnerships between businesspeople and investors from the two countries.

During the open discussion, Bangladesh Plastic Goods Manufacturers and Exporters Association President Md Shamim Ahmed invited Kuwaiti entrepreneurs to invest in Bangladesh's petrochemical industry.

Ahsan Khan Chowdhury, chairman and chief executive officer of PRAN-RFL Group, said Bangladesh imports a substantial volume of petrochemical and petroleum products from Kuwait, creating significant opportunities for joint investment in the sector.

He also called for resolving visa-related complications to facilitate business activities and movement between the two countries.

Bangladesh Ceramic Manufacturers and Exporters Association President Mainul Islam invited Kuwaiti investors to explore opportunities in Bangladesh's ceramics sector.

Considering the country's existing constraints in electricity and gas supplies, he also highlighted the potential for joint ventures to establish tableware ceramic factories in Kuwait.

In response, Abdul Aziz, a representative of the Kuwait Chamber, highlighted the export potential of Bangladeshi ceramic finishing products for Kuwait's housing and construction industry.

Kuwait Chamber of Commerce and Industry Deputy Director General Imad Al-Zayed assured that the organisation would play an active role in facilitating information exchange and strengthening business connections between entrepreneurs from Bangladesh and Kuwait.

FBCCI Secretary General Md Alamgir, business leaders and representatives of the Bangladesh Embassy in Kuwait also joined the virtual meeting, reports UNB.