Bangladesh-Kuwait two-way trade revenue to exceed $1b annually

Kuwait envoy says in National Day message

Published : 17 Feb 2024 09:07 PM

Bangladeshi exporters should mull over  exploring the market of Kuwait as part of the diversification process as the oil-rich Gulf country has emerged as an important destination for finished products like RMG, newsprints, Pharmaceuticals, and Ceramic products. 

Ambassador of the State of Kuwait to Bangladesh Faisal Mutlaq H Al Adwani has expressed this view in a message marking  the 63rd National Day and the 33rd Liberation Day of the State of Kuwait.

Bangladeshi exporters can use Kuwait as the hub of the emerging market in the gulf region. Growing interactions between the Business Chambers and enterprising entrepreneurs of our two countries as well as diversification of the export basket could enhance our two country’s two-way trade revenue to exceed US $ 1 billion annually, said  Faisal Mutlaq H Al Adwani

Bangladesh's total export to Kuwait during July-December period was 21594894.13 US dollar (21 million US dollars) and during July-June was 40814956.82  US dollars (40 million US dollars).

 “As we celebrate the 63rd anniversary of the State of Kuwait’s Independence and the 33rd anniversary of its Liberation Day, it is my great pleasure to congratulate Prime Minister of Bangladesh and Amir of the State of Kuwait and  Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, “ he said. “As we reflect on our over five decades of cooperative relations between the State of Kuwait and the People’s Republic of Bangladesh, it is a matter of great satisfaction and pride to see that the relationship between the two countries have gradually evolved into a special relationship based on principles of respect, trust, fairness and equality.

He also said “Our fruitful and multi-dimensional relations is the manifestation of the time-tested collaborative relations that our two friendly countries enjoy.”

In this aspect, Kuwait recalls with profound appreciation the principled stand of Bangladesh in favor of truth and justice during the 1990 existential threat against Kuwait. Kuwait recalls with gratitude the continued positive contributions of the Bangladeshi diaspora in Kuwait’s development strides.

 “We have a number of agreements that cover trade and economy, Air Traffic, Technical Cooperation on Manpower, Avoidance of Double Taxation and Defence Cooperation,” he said.

They have set up schools and orphanages where under privileged children are accommodated and provided state of the art education. They have built hundreds of dwellings for the homeless. They install tubewells to provide safe drinking water. They have also built hundreds of mosques throughout Bangladesh.

The Kuwait government looks  forward to the further strengthening of relations between the two countries. Bangladesh exported a total of  36,548 workers (2.80%) to Kuwait in 2023 calendar year. During the same period, Bangladesh exported a total of 1305, 453 workers to different countries in just concluded year 2023 posing some 15 per cent growth over the previous year/