According to the MoU between Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Qatar Chamber of Commerce and Industry (QCCI), the chambers will exchange business delegation, share information, identify areas of cooperation, facilitate holding of trade fairs and solve trade disputes to promote trade and investment.

The MoU was signed on the sidelines of a two-day visit of Qatar Emir Sheikh Hamad Bin-Khalifah Al Thani to Bangladesh.

Under the MoU, to be valid for two years with option for extensions, the chambers will facilitate and encourage contacts among commercial organisations and private companies of the two countries. The chamber leaders will meet in Dhaka and Doha in a mutually agreed time to see the progress of cooperation.

FBCCI President Abdul Awal Mintoo and QCCI Chairman Mohammed Bin Khalid M Al-Mana signed the MoU at a function in Dhaka.

Speaking at the function, Qatar Minister for Economy and Commerce Shaikh Mohammed Bin Ahmed Al-Thani said, "We appreciate easy capital repatriation and 100 percent foreign ownership facilities, which will encourage businessmen from Qatar to invest in Bangladesh."

A business delegation from Qatar will soon visit Bangladesh to identify the areas where they can invest, he added pointing at cement and ceramics as two possible areas for investment.

He lauded the Bangladeshi workers for their contribution to the development of Qatar. More than 60,000 Bangladeshis are currently working in Qatar.

Speaking at the function, Commerce Minister Altaf Hossain Choudhury said the two countries have huge opportunities to expand cooperation in trade and investment. Referring to the meeting with his Qatar counterpart, the minister said the Gulf country is keen to strengthen trade relations with Bangladesh.

Replying to the queries of local businesspeople, the QCCI chairman said as a construction boom is going on, Qatar needs huge cement, tiles and other ceramics items and Bangladesh can tap these trade opportunities.

FBCCI president urged Qatar businessmen to set up pharmaceutical plants to take advantage of a WTO rule, which allows Bangladesh to produce essential drugs without patent until 2016.

He said the two-way trade currently amounts to only $10 million, which can be enhanced to a great extent if the governments and the private sectors take moves to increase cooperation and maintain close contact.

Foreign Secretary Hemayet Uddin, Commerce Secretary Siddiqur Rahman Chowdhury and a number of local business leaders attended the signing ceremony.