Doors may open to labour migration, foreign investment in Middle East

Sadman Safi Pratik

Prime Minister Mr. Tarique Rahman is returning home after completing a historic and productive visit following his participation in the UN General Assembly’s 81st session. During this trip, he not only presented Bangladesh’s new economic and diplomatic outlook on the world stage but also opened the door to several important agreements and opportunities through a series of high level bilateral meetings.

His engagement with top Wall Street investors, Middle Eastern leaders, and international financial institutions has opened a new chapter for attracting foreign investment to Bangladesh and rebuilding the country’s position in the Middle East labor market. Even before returning home, he has already secured several achievements expected to significantly boost the country’s economic growth and diplomatic strength in the coming days.

At a high level business roundtable held at JPMorgan’s headquarters at 270 Park Avenue in Manhattan, Prime Minister Mr. Tarique Rahman gave a clear message to global investors, declaring that Bangladesh is fully open for business. He assured Wall Street investors that the government remains committed to creating a stable and secure environment to boost both domestic and foreign investment.

He announced plans to transform Bangladesh into a one trillion dollar economy by 2034 and build it into a major manufacturing, investment, and services hub in South Asia. He made specific commitments on protecting foreign capital and reducing bureaucratic complexity.

He said the government would provide legal and policy guarantees ensuring investors can easily repatriate their capital and earned profits. He added that all government economic policies and regulations would remain transparent and predictable.

He said building trust through policy, and more importantly through effective implementation, is the government’s responsibility. He said the government seeks long term partnerships that create value for both sides, not short term transactions. He invited Wall Street institutions to invest in Bangladesh, saying the government wants to turn the country into a strong platform from which investors can access the wider regional market.

Finance Minister Mr. Amir Khosru Mahmud Chowdhury and Special Assistant on Investment and Capital Markets Mr. Tanvir Gani played important roles at this meeting, and both are expected to work closely with investors going forward.

On the sidelines of the session, Prime Minister Mr. Tarique Rahman held a bilateral meeting with Kuwait’s Crown Prince Sheikh Mr. Sabah Khaled Al Hamad Al Sabah at Kuwait’s Permanent Mission in New York. They discussed ways to further strengthen the historic and friendly relationship between the two countries, including expanding labor migration, trade, investment, and economic cooperation.

In a meeting with Saudi Arabia’s Foreign Minister Prince Mr. Faisal bin Farhan bin Abdullah Al Saud, held at the UN bilateral booth at UN headquarters, the Prime Minister emphasized deepening and diversifying the existing friendly relationship between the two countries. They discussed bilateral cooperation, trade and investment, manpower, development cooperation, and regional and international issues of mutual interest. The Saudi Foreign Minister expressed his country’s interest in further advancing Dhaka Riyadh relations.

In a meeting with UAE Deputy Prime Minister and Foreign Minister Sheikh Mr. Abdullah bin Zayed Al Nahyan, the Prime Minister emphasized expanding and strengthening the existing relationship between the two countries. The UAE side expressed interest in making its friendly relationship with Bangladesh more effective and investment focused, and reaffirmed its positive stance on the welfare of Bangladeshi expatriates working in the UAE.

In a meeting with Iranian President Mr. Masoud Pezeshkian, both sides emphasized dialogue to ease ongoing tensions in the Middle East. Bangladesh sought Iran’s cooperation in ensuring the safe passage of its cargo ships and containers through the Strait of Hormuz, and Iran reaffirmed its commitment to maintaining bilateral cooperation.

When Prime Minister Mr. Tarique Rahman reaffirmed Bangladesh’s firm support for an independent Palestinian state and Palestinian self-determination in his address to the UN General Assembly, it drew a strongly positive response from the Muslim world and Middle Eastern leaders. This diplomatic momentum has created fresh opportunities for Bangladesh to rebuild its position in the Middle East labor market.

Notably, under the interim government led by Dr. Muhammad Yunus, no visible progress had been made in attracting investment or recovering Bangladesh’s lost position in the Middle East labor market. As a result, Bangladesh had fallen behind competitor countries in Middle Eastern markets, and new investment had dropped close to zero. This visit by Prime Minister Mr. Tarique Rahman has laid the groundwork to reverse that setback.

The visit’s success has drawn wide praise from political and economic analysts. Professor Mr. Mezbah ul Azam Saodagor of Jagannath University’s Department of Political Science called the trip highly timely for the country. He said the Prime Minister’s presence at the UN following Bangladesh’s post July democratic transition carries great significance, and that his bilateral meetings with Middle Eastern leaders will play a powerful role in advancing Bangladesh’s changed and independent foreign policy.

The Prime Minister’s political assistant Mr. Rashed Khan described the visit and its diplomatic activity as comprehensive. He said the Prime Minister put his own country first while presenting Bangladesh’s interests and vision to world leaders and Middle Eastern leaders alike.

International relations analysts noted that combining a call for a fair resolution to the Palestinian crisis on the world stage with bilateral meetings with key Middle Eastern partners was a timely and productive step for Bangladesh’s economic and diplomatic interests.

Former Election Commissioner and security analyst Dr. Mr. M. Sakhawat Hossain said the Prime Minister’s strong stance in support of Palestinian statehood reaffirms Bangladesh’s long standing commitment to the Muslim Ummah and to global peace. He added that strengthening ties with Middle Eastern countries has created new opportunities to boost Bangladesh’s labor market, remittance sector, and energy security.