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Saudi Arabia Vows to enhance trade with Bangladesh

Messenger Online

Published: 09:49, 6 December 2023

Saudi Arabia Vows to enhance trade with Bangladesh

Photo: Messenger

The Kingdom of Saudi Arabia (KSA) vows to strengthen business in several areas including Food, Energy, Logistics and Manufacturing with Bangladesh. Saudi entrepreneurs expressed their keen interest regarding this during a meeting on Saudi Bangladesh Business Council hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Wednesday (6 December) at the hotel Le Meridian in the Capital.

The Investment Minister of the Kingdom of Saudi Arabia (KSA) H.E Engr. Khalid A. Al-Falih joined the meeting as the chief guest. While speaking, Saudi Investment Minister said, Bangladesh is one of the closest friends of Saudi Arabia. Both the countries enjoy an excellent bilateral friendship.

The Saudi Minister said, the trade relation between Bangladesh and Saudi Arabia existed in few areas. But now is the time we look for ways on how we can facilitate trade for the mutual benefit for both of the countries. Saudi Arabia’s support to Bangladesh will continue in the future, he added.

Prime Minister’s Private Industry and Investment Advisor Salman F. Rahman urged Saudi Arabian businessmen to invest in Bangladesh. Pointing out the trade potential between Saudi Arabia and Bangladesh he said that Bangladesh government will provide full support to the businessmen of both countries to exploit these potentials.

Salman F. Rahman further urged for continued export of skilled human resources from Bangladesh in the future.

While delivering his speech, FBCCI President Mahbubul Alam said, Bangladesh enjoys excellent bilateral relations with Saudi Arabia. The ties between Bangladesh and Saudi Arabia are mostly based on common Islamic traditions, culture and mutual respect, he added.

FBCCI President said, ‘In the last 50 years, Bangladesh has emerged as a role model for developing countries and has become one of the fastest growing economies with consistent GDP growth of 6.03% in 2023. We have had a competitive manufacturing sector and resilient socio-economic progress. By 2040, Bangladesh is estimated to be a trillion-dollar economy, driven by consumer optimism, innovation and a young engaged workforce.’

To attract FDI, we have one of the most liberal & flexible investment regimes in South Asia with a set of incentives/facilities, Ease of Doing business and One Stop Service, he added.

By Inviting the Saudi investors to invest in Special Economic Zones, Mahbubul Alam said, ‘Bangladesh Govt. has allocated 300 acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar’s to establish the Saudi Arabia SEZ. We urge you to take necessary initiatives for the rapid implementation of this proposed SEZ. You can also invest in other SEZs in different districts as well.’

FBCCI President said, there is a high demand for skilled labor in Saudi Arabia at this moment, as a part of the country’s Vision 2030. I urge the Saudi government to utilize our competent young workforce and their skills by providing them job opportunities in KSA.

Deputy Minister for Investors Outreach of KSA H.E. Badr I. AlBadr said, Saudi Arabia is looking forward to boost bilateral trade with Bangladesh. We want to diversify our investment in Bangladesh. We’re looking forward to starting with a few selected sectors, but in the future Saudi is going to collaborate in many areas with Bangladesh. KSA and Bangladesh will work together to resolve challenges in the future.

Earlier, FBCCI hosted a welcome dinner in honour of the visiting delegation of Saudi Arabia on Tuesday (5 December) Night at the same hotel.

Among others, Chairman of the Saudi Bangladesh Business Council Ayad Al Amri, Ambassador of KSA in Bangladesh H.E. Essa bin Yousef Al Duhailan, FBCCI Vice President Khairul Huda Chopol, Dr. Joshoda Jibon Deb Nath, Md. Munir Hossain, Directors, and Business Dignitaries from Bangladesh and Saudi Arabia were present at the business council meeting.

Messenger/Sun Yath