The United Arab Emirates-based Abu Dhabi Group signed a memorandum on Thursday aimed at investing $1 billion in Bangladesh in the telecoms, infrastructure, tourism and pharmaceutical sectors, officials said.
Sheikh Nahayan Mubarak Al Nahayan, the head of the group and Bangladesh Foreign Minister M. Morshed Khan witnessed the signing of the memorandum of understanding (MOU) with the state-run Board of Investment (BOI), Bangladesh.
"The group ... agrees to invest in diversified business sectors including, but not limited to telecom, hospitality, pharmaceuticals and infrastructure with an estimated investment of about $1 billion.
"Abu Dhabi Group will prepare detailed investment proposal documents with respect to proposed projects with a period of 90 days after signing of this MOU," a statement released after the signing said.
The proposal follows plans announced earlier this year for India's Tata Group to invest $2.5 billion in Bangladesh and comes in the wake of a series of bomb attacks in the country last month that raised concerns about how investors might react.
"By investing in Bangladesh we want to be a partner in the country's development efforts," Mubarak said.
Foreign Minister, Khan said: "Bangladesh has huge investment opportunities and it can be assured that not only the investors but also the country (Bangladesh) will win from these investments."
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