Bangladesh-Oman economic ties poised for growth with $240M trade

Economic ties between Bangladesh and Oman are set to grow in the coming days. In 2023, two-way trade between the two countries amounted to approximately $240 million, while Bangladeshi expatriates in Oman remitted $923.75 million to their homeland.

Law, Justice and Parliamentary Affairs and Expatriates' Welfare and Overseas Employment Adviser Dr Asif Nazrul said this while speaking as the chief guest at a reception marking the 54th National Day of the Sultanate of Oman at a city hotel recently.

Dr Asif Nazrul in his speech said “In recent years, our bilateral cooperation has expanded beyond traditional sectors such as manpower and trade. The two-way trade stood at approximately $240 million in 2023, with Bangladesh exporting around $55 million worth of goods to Oman, while Omani exports to Bangladesh accounted for about $185 million. Both nations identified strategic collaboration opportunities for joint ventures in emerging sectors, including agriculture, climate change, renewable energy, and small-to-medium enterprise (SME) entrepreneurship.”

“We have also prioritized investment in information technology and food security, recognizing the potential for mutual growth,” he added.

Asif Nazrul said that Bangladesh and Oman have been enjoying the excellent bilateral cooperation since the inception of diplomatic ties in 1974.

Rooted in fraternity, shared values, and mutual cooperation, our relations continue to flourish and strengthen each year. With a foundation of mutual respect, our nations collaborate closely in various international forums, including the UN, OIC, and NAM, to pursue shared objectives and tackle global challenges.

He also said Bangladesh and Oman share common values on issues of humanitarian support, particularly in the context of regional crises. Both countries have consistently voiced their solidarity with Palestine and have condemned the humanitarian crisis in Gaza. Such shared stances on regional and global issues have brought the two nations closer, fostering collaboration in international forums like the United Nations and the Organization of Islamic Cooperation (OIC).

Ambassador of the Sultanate of Oman to Bangladesh Abdul Ghaffar Al Balushi said that the Sultanate of Oman reiterates its call for an immediate ceasefire in the Gaza Strip, the lifting of the siege imposed on the innocent population, and the creation of safe passages for the delivery of humanitarian aid.

Abdul Ghaffar Al Balushi said that the Sultanate of Oman foreign policy is clear, consistent and transparent. It is guided by the principles of non-interference in the internal affairs of other states and the pursuit of mediation and dialogue in resolving disputes and conflicts. We seek to promote the values of peace and harmony among nations.

He also said “Oman and Bangladesh enjoy firm political, economic and cultural common bonds. We are two nations who strive to live in peace with their neighbours, we highly value harmony and tolerance internally, and we both seek to generate economic growth to ensure the wellbeing of our people. In such a spirit and context, both sides have worked hard to find synergies between our countries to further the common bonds we enjoy.”

The diplomat further added that as a country that hosts a community of 700 thousand Bangladeshi workers that remit approximately one billion dollars a year, and a country who has signed two long-term agreements to supply Bangladesh with LNG. Oman likes to see peace, stability and economic prosperity in Bangladesh.
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