The Upcoming Qatar Economic Forum 2023: Exploring Opportunities for Bangladesh

292

The Qatar Economic Forum functions as a platform that encompasses a varied agenda, aimed at convening international business leaders to devise practical measures for realising economic expansion. The Forum has consistently accomplished this objective in every iteration and has emerged as a haven for discourse and interchange of perspectives.

The upcoming Qatar Economic Forum, scheduled to take place from May 23 to 25 in Doha, aims to bolster the strategic significance of the event. This will mark the third iteration of the forum. The ongoing conflict in Ukraine has resulted in an unforeseen and severe economic crisis that has impacted the global economy. The imperative for the contemporary developing world is to eschew mutual strife and instead pursue a collective economic revitalisation endeavour aimed at mitigating the deleterious effects of the global economy.

Equally, Doha has emerged as a prosperous hub for finance and commerce, spearheading discussions and facilitating the exchange of perspectives to foster collaboration among key stakeholders in the worldwide economic landscape. From this standpoint, the economic forum assumed a crucial function in facilitating the linkage of attendees with the burgeoning economies of the Middle East.

Also, the forthcoming 2023 iteration of the Doha Economic Forum is geared towards enhancing worldwide economic expansion and devising a fresh strategy for global growth amidst the current arduous economic milieu. The global ramifications of any event or disturbance that transpires in a particular region of the world are significant. Conducting a discourse within the Middle Eastern region provides an opportunity for the platform to establish connections between intellectuals and policymakers from diverse communities, with the aim of devising solutions that have global relevance, and that promote a future that is both secure and sustainable for all.

It is anticipated that the Prime Minister of Bangladesh, Shiekh Hasina, will participate in the 2023 Doha economic forum with the aim of drawing the attention of prominent business leaders, scholars, and government officials towards essential advancements required for the progression of the global economy. Therefore, the upcoming Doha economic forum holds great significance for Bangladesh, as it will assemble approximately 1,000 participants, including CEOs, entrepreneurs, business leaders, and other notable figures.

Exploring Opportunities for Bangladesh in the Doha Economic Forum

The upcoming Doha Economic Forum is prioritising the Gulf-India-South-East Asia Economic Nexus as a key focus area. The Gulf, South Asia, and Southeast Asia are anticipated to become significant global economic hubs in the near future. Therefore, it is imperative to establish a collaborative framework among these regions and establish linkages that will facilitate a more resilient cooperative environment in the long run. Bangladesh, already positioned as a connectivity hub between the East and the West, boasts exceptional platforms for business investments and cooperation. Thus, the forum presents a perfect opportunity for Bangladesh to establish connectivity with the Gulf states, paving the way for its future development.

Another significant focus of the forum will be global inflation, which has become a pressing issue over the past year. The impacts of inflation are felt across both developed and developing economies worldwide, and Bangladesh is no exception. Consequently, the forum aims to discuss strategies for managing inflation and finding ways to enhance long-term productivity, economic growth, and worker salaries without triggering a deep and prolonged recession. Bangladesh, too, can align itself with the vision of the forum to ensure a better future and address its own inflationary challenges.

Furthermore, the forum will serve as a platform for Bangladesh to attract more investments. With hundreds of investors participating in the event, Bangladesh can leverage this opportunity to engage with potential investors simultaneously. The country is actively seeking investments in various sectors to foster economic growth and development. The forum is expected to serve as a catalyst for establishing connections between Bangladesh and potential investors, as well as facilitating discussions on investment opportunities.

The future of globalisation appears uncertain for many countries, and Bangladesh is no exception. In light of the increasing difficulties encountered by global trade, the Doha Economic Forum presents an exceptional opportunity for attendees to collaborate and examine strategies for effectively navigating this ambiguous landscape. By engaging in discussions and negotiations, the participants can collectively strive to ensure that everything possible is done to secure the future of global trade.

The developing world has encountered notable difficulties due to the emergence of altered cross-border trade patterns and shifting geopolitical interests. Within the current global landscape characterised by increasingly assertive economic statecraft, the notion of south-to-south direct trade has emerged as a dynamic concept. Bangladesh, being a significant player in the developing world, has the potential to establish more robust connections with other actors in the global south. The upcoming Doha Economic Forum is expected to offer Bangladesh a favourable setting to establish strong partnerships and investigate opportunities for mutually advantageous collaborations.

Moreover, the forum will devote attention to green global energy transmission and the exploration of new domains of energy collaboration. This presents an opportunity for Bangladesh to enhance its efforts to tackle climate change challenges. Through active participation in the forum, Bangladesh can pursue collaboration with other stakeholders to facilitate the advancement and implementation of sustainable energy alternatives, thereby supporting its objective of mitigating climate-induced disasters.

Lastly, the forum holds significant importance for Bangladesh in its pursuit of creating a robust domain in the field of artificial intelligence (AI). As the future of trade unfolds, AI is poised to be a game-changer, and Bangladesh’s vision of a smart Bangladesh is closely intertwined with this concept. The Doha Economic Forum is a crucial platform for Bangladesh to exhibit its initiatives and participate in dialogues with international stakeholders in the field of artificial intelligence.

In conclusion, the Doha Economic Forum provides a range of opportunities for Bangladesh to explore and leverage. Bangladesh can leverage this forum as a platform for progress on a range of issues, including but not limited to enhancing connectivity with the Gulf states, mitigating inflationary pressures, attracting foreign investments, navigating the evolving landscape of globalisation, strengthening ties with the global south, addressing the pressing issue of climate change, and promoting the development of artificial intelligence. Through active participation in forums and engaging in productive discussions, Bangladesh can strategically position itself for future growth and prosperity within the dynamic global economic landscape.

– S. M. Saifee Islam is a Research Associate at the KRF Center for Bangladesh and Global Affairs (CBGA).

Read Full Briefs as a Pdf [Link]