ICT to bolster Qatar-Bangladesh business ties, says QFC official

Information and Communications Technology (ICT) is among the several sectors that could strengthen economic relations between Qatar and Bangladesh, which witnessed a 900% growth in trade volume in the last five years, an official of the Qatar Financial Centre (QFC) has said."Qatar and Bangladesh have already established solid economic ties, but it is yet to see its full potential. There is a vast room for these countries’ economic relationship to expand further,” according to QFC CEO Yousuf Mohamed al-Jaida.Al-Jaida made the statement as special guest of the Bangladesh Investment Summit titled ‘The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh’ held in Doha recently."One example where Bangladesh and Qatar can further strengthen their already flourishing economic and business ties is in ICT. The two countries have exemplary experience on how ICT can accelerate economic growth, create lucrative opportunities, and support talented entrepreneurs and start-ups."With expanding ICT sectors, there is a vast opportunity for knowledge and technology exchange between Qatar and Bangladesh that cater to various industries, such as healthcare and e-commerce applications,” al-Jaida explained.Aside from ICT, energy, and human capital, al-Jaida pointed out that agriculture, technology education, tourism, culture, and sports, are among the numerous other areas where Qatar and Bangladesh can expand mutually-beneficial investments and partnerships.Other "promising areas with great investment potential” include fintech, logistics, and digital innovation, where both countries "are exhibiting growing strength,” al-Jaida also explained.Al-Jaida also emphasised that Bangladesh and Qatar have been enjoying "a healthy economic relationship” for over four decades, which has significantly grown over the years."This is evidenced in the exponential growth in the trade volume between the two nations, increasing by over 900% in the last five years from QR948mn in 2017 to more than QR10bn in 2022."One significant example of trade between Qatar and Bangladesh is the agreement for Qatar to supply 2.5mn tonnes of LNG per annum to Bangladesh for 15 years, signed in 2017,” al-Jaida said.According to al-Jaida, Qatar is also "one of the biggest destinations” of manpower from Bangladesh, providing invaluable support to Qatar’s infrastructure development. Currently, about 420,000 Bangladeshi citizens are estimated to work in the government, semi-government, and private sectors of Qatar, he said."As one of the fastest growing economies today, with a total export of goods and services worldwide worth about $39bn, Bangladesh can also consider Qatar as a lucrative investment destination to expand business in the rich Middle East market."Qatar has attractive market conditions and benefits that will allow Bangladeshi businesses to maximise their investments, starting from business ownership of up to 100%. Moreover, investing in Qatar means investing in one of the fastest-growing economies in the world with a GDP estimated to reach $228.8bn by 2024,” al-Jaida stressed.Al-Jaida added: "You will also be investing in the most network-ready, peaceful, and open country in the Middle East. To attract more foreign investments, the state has also approved a public-private partnership law to accelerate the country’s infrastructure development and support the private sector and foreign investors by offering opportunities to participate in the implementation, construction, financing, and operation of Qatar’s various projects.”