Saudi Ambassador Essa Youssef Essa Al Duhailan said today that Aramco, the state-owned oil behemoth of Saudi Arabia, has shown interest in establishing an oil refinery in Bangladesh, which might have a major effect on the Bay of Bengal region.
“We are talking about Aramco, the biggest oil company in the world. They are willing to come to Bangladesh to build a refinery here,” he said.
The statement was made by the envoy at the foreign ministry’s publication of a paper titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-Term Growth Prospects.”
The ambassador stated that the proposed refinery is anticipated to bring about revolutionary changes in the energy landscape by satisfying Bangladesh’s increasing demand for petroleum products and catering to the larger regional market.
“If a maritime route is established between Chattogram and Jeddah or Dammam, it could bring transformative changes to Bangladesh and the region,” he said, adding that the refinery’s products could also be exported to China, India, and other neighboring countries.
“We have some success stories. Our international company, Red Sea Gateway Terminal, is operating the Patenga terminal and is interested in working at the Matarbari deep-sea port,” the envoy mentioned.
The ambassador recalled that Aramco with a high profile delegation visited Bangladesh thrice between the years 2016-2018, noting that nobody received them.
“But we will not talk about the past. We will talk about the future,” he said.
Foreign Secretary Md. Jashim Uddin chaired the launching ceremony, which was organized by the foreign ministry. Dr. Salehuddin Ahmed, adviser for finance and science and technology, spoke as the chief guest, while Md. Touhid Hossain, adviser for foreign affairs, came as a special guest.
Welcome remarks were given by Dr. Md. Nazrul Islam, secretary of the foreign ministry (East), and Masrur Riaz, chairman of Policy Exchange, presented the key findings of the report.
The Saudi ambassador described the relationship between Bangladesh and Saudi Arabia as multifaceted, stating that neither country has ever rejected the other and that no country has ever rejected the Kingdom of Saudi Arabia.
Highlighting the importance of deeper political and economic engagement, he said these two things should go together for greater cooperation and collaboration.
“We have unique relations…we have many success stories,” said the Saudi Ambassador, seeking greater collaboration in the areas trade, investment, culture, tourism and other areas.
He claimed that Bangladesh is a fertile ground for foreign and Saudi businesses to invest in.
The envoy emphasized the importance of cooperating to produce more positive outcomes in the relationship between Saudi Arabia and Bangladesh.
He stated they had “ACWA Power,” the largest renewable energy company in the world, and they are willing to invest about US$3.5 billion in Bangladesh.
The ambassador pointed out that this is a time of change for Bangladesh, with reform initiatives underway. “Reforming government procedures is the key to attracting investment,” he said.
He noted the challenges those were posed by bureaucratic delays, explaining that processes often require moving from the Prime Minister’s Office to the minister’s office, then to secretaries and civil servants, where they frequently get stuck.
“There are some people who are looking for their own interest, not the country’s interest,” he said, adding that it is a big challenge for any country.
The ambassador said they have a zero tolerance to corruption or any such barriers.
Examining the present situation as well as the prospects for future economic cooperation, the foreign ministry’s paper explored the many facets of the connection between Saudi Arabia and Bangladesh.
It looked at the potential for increasing Bangladesh’s exports to Saudi Arabia as well as the kind and extent of imports from the oil-rich nation that may help the country’s economy.
Further highlighting the potential for expansion in bilateral trade and investment flows, the report identified important industries in both nations that have great potential for mutual investment.
As with any economic partnership, challenges exist that could hinder the full realization of this potential, the study highlighted these obstacles and provided strategic recommendations to overcome them, aiming to elevate the economic partnership to new heights.
The report is expected to serves as a comprehensive guide for policymakers, businesses, and investors from both countries, offering insights into how the economic ties between Bangladesh and Saudi Arabia can be strengthened for mutual benefits.
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