BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

BANGLADESH-GULF ECONOMIC RELATIONS: FOCUS ON REMITTANCES, OVERSEAS EMPLOYMENT AND TRADE

Author: Ishtiaque Selim, Mohammad Jasim Uddin

DOI Link: https://www.doi.org/10.56888/BIISSj2008v29n1a4

ABSTRACT

The economic relations between Bangladesh and the oil rich Gulf Cooperation Council (GCC) countries are important for a developing nation like Bangladesh for a number of reasons. The countries of the Gulf, which are considered as one of the fastest growing economic blocs, remain the important sources of crude oil, remittances and overseas employment opportunities for Bangladesh and thus contribute significantly towards its economic development. Also, theGulf nations have been assisting Bangladesh generously in various activitieswith aid and grants.In this backdrop, the current article will make an effort to assess Bangladesh’s economic relations with the GCC countries. In the process of analysis, the article will look into trends and levels of remittances earned by Bangladesh from the Gulf nations. It will also focus on the current status of Bangladesh-GCC trade relations. Finally, this article will identify some challenges and prospects involved with the Bangladesh-GCC economic relationship.