Bangladesh has a huge number of expats living in states like saudi arabia, malaysia who does not recognise isreal. These expats of bangladesh send back a great amount of money to bangladesh to make our economy run. If we suddenly recognise isreal, it may not go well with these countries. They may lay off our expat workers or not hire people from bangladesh anymore. This will cause major hinderance in our development.
I understand isreal may be able to help us in developing our technology and our value added sectors of our economy. However, this can only be done after we have acheived a better level of development and stop relying too much on our expats to help run our economy.