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Saudi minister keen to invest more in Bangladesh

PM Adviser on Private Industry and Investment Salman F Rahman held meetings with Saudi officials and business chambers

  • Staff Correspondent
  • 21 September, 2021 12:00 AM
  • Print news

Saudi investment minister Khalid A Al-Falih said Bangladesh has an investment-friendly environment and hoped that the country will get more investment from the Gulf State.

The minister expressed his optimism during a meeting with Salman F Rahman, the visiting adviser of Bangladesh’s Prime Minister on Private Industry and Investment, on Sunday.

During the meeting, Salman F Rahman described the steps taken by the present government to attract foreign investment in Bangladesh.

He also proposed to set up a special economic zone for Saudi investors as promised by the Prime Minister.

The Saudi investment minister welcomed Bangladesh’s proposal.

The PM Adviser requested him to finalise the draft Memorandum of Understanding (MoU) for creating opportunities for Saudi investment in the public-private partnership system.

The adviser said, “If the MoU is signed, the opportunities for Saudi investment in various sectors including infrastructure of Bangladesh will be expanded.”

In response, the Saudi investment minister said the MoU was in its final stages and hoped it would be signed soon.

During the talks, the Saudi minister emphasised the importance of signing cooperation agreements or memorandum of understanding on specialised economic zone for sector-based investments.

Adviser Salman F Rahman emphasised the importance of exchanging delegations between businessmen of the two countries.

He requested the Saudi minister to attend the International Investment Summit to be held in Bangladesh on November 28 and 29.

Earlier on the day, Salman F Rahman met with Saudi Transport Minister Saleh bin Nasser Al-Jasser.

He also welcomed the investment proposal of Saudi Arabia’s Red Sea Gateway Terminal Company at the

container terminal under construction at Patenga in Chattogram.

He also hoped for Saudi investment in the construction of a railway line from Dhaka to Payra Port.

He added that a MoU could be signed between Bangladesh and Saudi Arabia to increase cooperation in the transport sector.

Under the MoU, potential areas for skills exchange, training and cooperation can be explored.

The Saudi minister of transport assured of all possible cooperation from his ministry.

Salman F Rahman also met the leaders of the Riyadh Chamber of Commerce. He said Saudi-Bangladesh relations have reached new heights through Prime Minister Sheikh Hasina’s five official visits to the oil-rich state from 2016 to 2019. He said, “There is immense potentials for increasing bilateral trade and investment between Saudi Arabia and Bangladesh.”

Bangladesh currently has a trade volume of $1.3 billion with Saudi Arabia, which should be increased.”

Mentioning that Bangladesh has a huge domestic market, the PM Adviser said, “Bangladesh’s GSP facility in the European market is still continuing, which is giving the country an export advantage.”

He emphasized the importance of bilateral visits and meetings between the two countries’ chamber officials to enhance mutual cooperation.

He requested Saudi Arabia to increase cooperation with small and medium enterprises in Bangladesh.

The Saudi Federation of Chambers expressed their interest to the proposal of amending and updating the MoU signed between the two countries’ chambers of commerce in 2005.