After spending two days in Bangladesh, Emir of Qatar Sheikh Tamim bin Hamad Al Thani’s visit marked a historic milestone as the region’s first head of state from the Middle East to Bangladesh.
But this is not the first time an emir from Qatar has been to Bangladesh. In April 2005, Shaikh Hamad Bin Khalifa Al-Thani, the then Emir of Qatar and father of the present Emir, also travelled to Bangladesh. After 19 years, the most recent high-level visit is very significant in several areas, including trade, politics, economics, defence, and manpower. Five agreements and five memorandums of understanding (MoUs) were signed during the visit to Dhaka, which greatly increased mutual understanding and goodwill between the two nations.
Our bilateral relations have become stronger over time, and the signing of several new MOUs and agreements serves as further evidence of this. It is now good to see that both nations want to advance their bilateral relations by working together more extensively in the fields of commerce, investment, energy, and labour. Furthermore, both Bangladesh and Qatar see one another as crucial development partners in bringing their respective visions of 2030 and 2041 to reality.
Bangladesh’s government must get rid of any pointless bureaucratic obstacles to foreign investment, particularly because the nation hasn’t yet established itself as a secure, safe, and business-friendly one.
Following the Second OIC Summit in February 1974, Bangladesh was officially acknowledged as a sovereign state by the State of Qatar on March 4, 1974. Broadly speaking, reciprocal respect, shared ideals, a similar religion, shared culture, and shared traditions form the foundation of Bangladesh-Qatar bilateral ties. One of the main characteristics of our bilateral relations is their people-to-people interactions.
Over 400,000 Bangladeshis are employed in Qatar, and the majority of their Qatari hosts see Bangladeshi workers as honest and diligent. Important aspects of Qatar-Bangladesh relations include more recruitment of medical professionals, nurses, engineers, and technicians to Qatar, an increase in the current “quota of supply” of LNG to Bangladesh, the willingness of Bangladesh to directly contribute to Qatar’s food security by supplying food grains and agro-products, an improvement in bilateral trade and Qatari investment in SEZs and Hi-tech Parks of Bangladesh, and a long-term solution to the Rohingya crisis. Bangladesh’s increasing gas needs should be met by an extra supply of liquefied natural gas from the world’s largest LNG producer, Qatargas, totalling around one million tonnes per year (MTPA).
The government of Bangladesh established 100 Special Economic Zones for foreign companies to participate in, and there is the possibility of Qatari investment in a variety of industries, such as power and LNG. Recently, trade and economic relations between Qatar and Bangladesh have been enhanced. Businessmen and officials from Qatar have already shown interest in making investments in Bangladesh’s electricity, infrastructure, LPG storage terminals, and energy sectors. Nonetheless, both nations have had great connections and have supported one another in international fora, even under ordinary conditions.
Nevertheless, given the escalating tensions in the Middle East, the landmark visit by the Emir of Qatar occurred at a crucial moment. Bangladesh and Qatar may collaborate to find a solution to the Gaza-Palestine conflict since they share the same viewpoints.
Overall, the relationships imply that these two nations may become good business partners. Investment potential in the hydrocarbon and service industries is enormous in Qatar. Bangladesh is experiencing a demographic dividend, and both nations stand to gain from this unique chance.
With some optimism, Bangladesh’s economy is expected to transition into a middle-class segment. Government bond investments are appealing as long as the currency is stable. In the meantime, Bangladesh’s government must get rid of any pointless bureaucratic obstacles to foreign investment, particularly because the nation hasn’t yet established itself as a secure, safe, and business-friendly one.
Because Qatar consistently makes investments in promising foreign industries, the economic circumstances and tendencies of both partners are beneficial to fostering bilateral collaboration. Although Bangladesh wants to be developed by 2040, nations like Qatar may actively participate in and support Bangladesh’s economic growth.
The visit and signing of 10 agreements chart their future course of cooperative action, strengthen their partnership and foster economic exchange. Topics such as the cooperative business council, maritime transit, reciprocal investment promotion, legal cooperation, and avoiding double taxation will be the base of future cooperation.
The writer is a student of journalism based in Bangladesh.