Bangladesh can double remittance, triple exports to Saudi Arabia

The Saudi-Bangladesh Chamber of Commerce and Industry (SBCCI) president Ashraful Haq Chowdhury on Wednesday said Bangladesh has the potential to double its remittance earnings from Saudi Arabia and triple its exports-currently worth around $30 million-within the next three years.

“To seize this opportunity, we need proper policy support from both the government and private sectors, and swift action. Our chamber is ready to cooperate in this regard,” Ashraful said while addressing a press conference at the Pan Pacific Sonargaon Dhaka.

He explained that the chamber successfully organised the first-ever Saudi–Bangladesh Business Summit 2025 in Dhaka. “We received positive responses from both businesses and policymakers. Saudi investors are particularly keen to invest in Bangladesh’s infrastructure and other sectors,” Ashraful noted.

According to data from the Export Promotion Bureau (EPB), bilateral trade between Bangladesh and Saudi Arabia stood at US$1.98 billion in the 2023-24 fiscal year. Bangladesh exported goods worth $310.97 million and imported products valued at $1.67 billion.

Bangladesh’s major exports to Saudi Arabia include ready-made garments (RMG), manpower, and food items, while imports mainly consist of fertiliser, plastics, chemicals, and crude oil. Between 2001 and June 2024, Saudi investment in Bangladesh totalled just $34.09 million, according to Bangladesh Bank data.

Currently, around three million Bangladeshi workers are employed in Saudi Arabia, remitting an average of $6 billion annually to Bangladesh.

The SBCCI president said the chamber had built a strong bridge of connectivity between the two countries, adding that state-level negotiations were now crucial.

Speaking at the event, Dr Khalid M Alharbi, dean of the College of Business Administration at Taibah University, Saudi Arabia, said their government’s Vision 2030 aims to diversify and develop the economy. “We expect bilateral trade between Saudi Arabia and Bangladesh to grow in the coming days, as the summit has generated great interest,” he said.

Prof Asif Salam of King Abdulaziz University said there is enormous potential in bilateral trade between the two countries, stressing the need for stronger collaboration. “Bangladesh is a country of hidden potential, thanks to its population. Facilitation is vital to boost trade and investment, which will benefit both nations,” he added.

Political stability key to attracting FDI

Michael Sassen, co-founder and CEO of HelioPark, Saudi Arabia, said Bangladesh needs to ensure political stability, strengthen its financial capacity, and enhance workforce skills to attract more foreign direct investment (FDI).

“Renewable energy has a bright future, and investment is needed in this sector. Everyone knows about Bangladesh’s RMG industry, but few know it is the world’s second-largest freelancing hub,” he said.

Grow 400 CEO Mohammed Alabdulqader said his company plans to invest $1 million within this year. “Due to a lack of proper communication, investments have been limited. This is my first visit to Bangladesh, and I plan to return with my family. Our engagement with Bangladesh will strengthen in the future,” he added.

SBCCI Vice President Ahmed Yusuf Walid and Meghna Bank Chairperson Uzma Chowdhury, among others, also spoke at the event.