Dhaka Chamber of Commerce & Industry (DCCI) president Barrister Sameer Sattar said the five-decade-long diplomatic relationship between Saudi Arabia and Bangladesh has consistently upheld a longstanding economic and development tie.

He said these two friendly nations have nurtured robust diplomatic ties marked by mutual understanding and deep fraternity.

The DCCI president, who recently returned from a visit to Saudi Arabia, made the remarks on Thursday.

“Throughout this journey, our bilateral trade has thrived, reaching approximately $2 billion in FY2022. As Bangladesh transitions from its Least Developed Country (LDC) status by 2026 and elevates to a developed economy by 2041, it faces the crucial task of diversifying its export portfolio and seeking new markets,” he said.

Sameer Sattar said, “In this context, Saudi Arabia emerges as a potentially game-changing market with immense potential for both trade and investment.”

The recent visit of Saudi Minister of Investment Khaled Al-Faleh to Bangladesh marked a significant milestone in deepening the relationship of trade and investment of both countries.

Saudi Arabia has affirmed its commitment to strengthen business ties with Bangladesh in various sectors, including food, energy, logistics and manufacturing.

DCCI president emphasised that Bangladesh needs to attract Saudi investments in diverse sectors like infrastructure, energy, and manufacturing to fully leverage this opportunity.

The double taxation agreement between the two nations is a positive step, encouraging Saudi investors to explore the potential investment in economic zones and hi-tech parks in Bangladesh, he said.

Additionally, collaboration in technology, renewable energy, and healthcare can foster innovation and competitiveness in both countries, DCCI chief said.

Saudi Arabia plays a pivotal role as the largest and most significant destination for Bangladeshi migrant workers, contributing significantly to the development of both nations through their active participation in economic activities in Saudi Arabia and remittance transfer to Bangladesh.

It is worth mentioning that the Non-Resident Bangladeshis (NRBs) in Saudi Arabia contribute around 30% of the total remittance inflow to Bangladesh.

The emerging economy of Saudi Arabia has created a demand for skilled professionals in various sectors, including engineering, IT services, education and healthcare.

Barrister Sattar urged the Saudi government to recruit more professionals as Bangladesh has a large pool of talented individuals in these fields, who can contribute to Saudi Arabia's development while simultaneously promoting skilled labour migration and increasing foreign currency inflow.

Beyond trade and investment, he believes that strengthening cooperation in education, culture, and tourism can play a vital role in expanding the long-term economic partnership.

In addition, establishing efficient communication between chambers of commerce and facilitating frequent business delegations can pave the way for new business opportunities, he said.

Barrister Sattar led the largest business delegation ever to Saudi Arabia to explore more business opportunities during his recent visit.

Bangladesh's graduation from LDC status is going to unveil a new chapter in its economic journey ahead, he said.

“In this regard, Saudi Arabia with its vast resources and growing economy, stands as a strategic partner with immense potential to propel smooth economic transformation of Bangladesh as well as steer our thriving economic partnership,” DCCI chief added.