Bangladeshi Foreign Minister AK Abdul Momen’s four-day visit to the United Arab Emirates (UAE) concludes today.
Momen’s visit included meetings with UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and the director-general of the International Renewable Energy Agency.
Since 1978, Bangladesh and the UAE have maintained strong trade and investment ties, leading to continued economic growth and mutual development. In 2021, bilateral trade grew by 15%, totaling $1.2 billion. The UAE also remains one of Bangladesh’s strongest foreign investors, having put roughly $7 billion into the country’s energy and power infrastructure. 700,000 Bangladeshi workers also reside in the UAE, serving as Bangladesh’s second-largest source of remittances.
Expect Momen’s meetings to signal strong increases in the UAE’s investment in Bangladesh’s sustainable energy capabilities. The meeting with the UAE’s foreign minister, via the Joint Trade Commission, likely also included talks regarding stimulating Bangladesh’s labor market to improve the country’s exports as global demand begins to increase amid the subsiding COVID-19-induced recession.
In the medium- to long-term, expect continued UAE investment in Bangladesh’s renewable energy sector and the promotion of the bilateral trade and visa benefits that contributed to the relative resilience of both economies during the pandemic.
Alex is an Analyst focusing on political events in the post-Soviet space. With a background in international law and diplomacy, his expertise lies in the geopolitical, economic and energy security dynamics of the South Caucasus.