Saudi businesses interested to invest in Bangladesh

Saudi Arabian companies are keen to invest in Bangladesh as a prominent delegation from the country, lead by Crown Prince Muhammad bin Salman Al-Saud, will attend the Bangladesh Business Summit in March of next year.

This was said by Issa bin Youssef Al-Dahilan, the Saudi ambassador to Bangladesh, when they met the minister at his secretariat office today.

  Learn about the COVID-19 pandemic from News Hour  

The Bangladesh Business Summit 2023 will be held in March and organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

The Saudi ambassador described Saudi Arabia as a friendly country toward Bangladesh and stated that his country places a higher importance on trade and investment relations with Bangladesh.

The Saudi group, according to Youssef, would attend the Bangladesh Business Summit in order to make investments.

The Commerce Minister responded by stating that Saudi Arabia is a significant and long-standing partner in Bangladesh’s growth and that RMG, bakery items, vegetables, juice, and jute-made goods are exported from Bangladesh to Saudi Arabia.

In addition, he claimed that Bangladesh imports goods from the Kingdom, including fertilizer, dates, and petroleum oil and gas.

According to Tipu, Saudi Arabia purchased commodities from Bangladesh worth $290.64 million in the most recent fiscal year (FY22), while Bangladesh imported items worth $1,693.26 million.

He mentioned that 100 special economic zones are being established in the nation as a result of Prime Minister Sheikh Hasina’s orders, and he claimed that Saudi businessmen would profit from investing in such economic zones.

While in town, Dr. Mamadou Tangara, the visiting foreign minister of the Gambia, met with the minister of commerce at his secretariat office to discuss a range of topics of interest, including trade, commerce, and investment.

In addition, the Commerce Minister was greeted by a Canadian delegation at his official residence, led by Lilly Nicholls, Canada’s High Commissioner to Bangladesh.

They brought up the idea of sending edible oil and seed from Kelowna to Bangladesh on a G-to-G basis during the discussion. The commerce minister responded by promising to take their concerns into consideration.

Additionally, Tipu advised the Canadian investors to make investments in Bangladesh.

Follow News Hour

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments