Home Diplomatic Bangladesh invites Kuwaiti entrepreneurs to invest in economic zones
Diplomatic - April 26, 2024

Bangladesh invites Kuwaiti entrepreneurs to invest in economic zones

Staff Correspondent: Bangladesh has invited Kuwaiti entrepreneurs to invest in its special economic zones, with the Bangladesh Economic Zones Authority (BEZA) aiming to establish 100 zones by 2030 to attract foreign direct investment (FDI). The Bangladesh

Ambassador to Kuwait, Major General (retd.) Md Ashikuzzaman extended this invitation during a reception celebrating the 50th anniversary of Bangladesh-Kuwait relations and the 54th Independence Day and National Day of Bangladesh in Kuwait City.

The planned economic zones, which will cover approximately 30,000 hectares of land across the country, are expected to create 10 million jobs and generate an additional $40 billion in export earnings. Ambassador Ashikuzzaman highlighted the potential for Kuwaiti entrepreneurs to take advantage of these opportunities to foster business growth and strengthen economic ties between the two countries.

Additionally, he encouraged Kuwaiti entrepreneurs to consider investing in Bangladesh’s burgeoning tourism sector, citing the development of three special tourism parks in Cox’s Bazar district: Sabrang Tourism Park, Naf Tourism Park (Jaliardwip), and Sonadia Eco Tourism Park. BEZA believes that these projects will significantly enhance Bangladesh’s Travel and Tourism Competitiveness ranking, which currently stands at 127th place, according to the 2015 index. The completion of these tourism parks is projected to create 200,000 jobs within eight years and generate more than $2.5 billion in annual revenue.

Ambassador Ashikuzzaman also highlighted the Middle Eastern countries as significant destinations for Bangladeshi workers and urged Kuwait to increase its recruitment of Bangladeshi manpower. During the January-March period of this year, Bangladesh sent 7,197 workers to Kuwait, contributing to a total of 236,837 workers exported globally during the same period. Between 2004 and 2024, Bangladesh exported 334,394 workers to Kuwait, representing 2.70% of the total manpower export. In 2023 alone, Bangladesh sent 36,548 workers to Kuwait.

At the reception, over 400 guests attended, including members of the diplomatic corps in Kuwait, high-ranking civil and military officials, business leaders, dignitaries, media personalities, and members of the Bangladeshi community in Kuwait. Ambassador Ashikuzzaman acknowledged Kuwait as the first Gulf country to recognize Bangladesh after its independence, noting the strong bilateral cooperation that has developed since the establishment of diplomatic relations in 1973. This cooperation spans a wide range of sectors, including political, economic, trade, manpower, agriculture, education, tourism, and defense.

In his concluding remarks, the Ambassador encouraged Bangladeshi expatriates in Kuwait to contribute to the realization of “Sonar Bangla” (Golden Bengal), a vision of prosperity and success inspired by the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman. The chief guest at the reception was Sheikh Firas Saud Al Malik Al Sabah, Minister for Social Affairs, Family and Childhood Affairs, and Acting Minister of State for Cabinet Affairs of Kuwait. The Ambassador expressed gratitude to Sheikh Firas Saud Al Malik Al Sabah, the Amir of Kuwait, and the Kuwaiti government for their ongoing support for Bangladeshi nationals residing in Kuwait.

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