Staff Correspondent

The Kingdom of Saudi Arabia (KSA) has vowed to strengthen business in several areas, including food, energy, logistics and manufacturing with Bangladesh.

Saudi entrepreneurs expressed their keen interest to this end during a meeting on Saudi Bangladesh Business Council hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the hotel Le Meridian in Dhaka on Wednesday (6 December).

Investment Minister of the KSA Engr. Khalid A. Al-Falih joined the meeting as the chief guest.

In his remark, the Saudi investment minister said Bangladesh is one of the closest friends of Saudi Arabia and both the countries - KSA and Bangladesh- enjoy an excellent bilateral friendship.

“The trade relation between Saudi Arabia and Bangladesh existed in few areas. But now is the time to look for ways on how we can facilitate trade for the mutual benefit of both of the countries. Saudi Arabia’s support to Bangladesh will continue in the future,” he added.

Prime Minister’s Private Industry and Investment Advisor Salman F. Rahman urged Saudi Arabian businessmen to invest in Bangladesh.

Pointing out the trade potentials between Saudi Arabia and Bangladesh, he said that Bangladesh government will provide all-out support to the businessmen of the two countries to exploit these potentials.

Salman F. Rahman further urged for continued export of skilled human resources from Bangladesh in the future.

FBCCI President Mahbubul Alam said Bangladesh enjoys excellent bilateral relations with Saudi Arabia.

The ties between Bangladesh and Saudi Arabia are mostly based on common Islamic traditions, culture and mutual respect, he added.

“In the last 50 years, Bangladesh has emerged as a role model for developing countries and has become one of the fastest growing economies with consistent GDP growth of 6.03% in 2023. We have had a competitive manufacturing sector and resilient socio-economic progress. By 2040, Bangladesh is estimated to be a trillion-dollar economy, driven by consumer optimism, innovation and a young engaged workforce,” the FBCCI president said.

“To attract FDI, we have one of the most liberal and flexible investment regimes in South Asia with a set of incentives/facilities, including Ease of Doing Business and One Stop Service,” he said.

The FBCCI president also said, “There is a high demand for skilled labour in Saudi Arabia at the moment, as a part of the country’s Vision 2030. I urge the Saudi government to utilise our competent young workforce and their skills by providing them with job opportunities in the KSA.”

By inviting the Saudi investors to invest in special economic zones, Mahbubul Alam said, “Bangladesh government has allocated 300 acres of land in Bangabandhu Sheikh Mujib Shilpa Nagar to establish the Saudi Arabia SEZ. We urge you to take necessary initiative for the rapid implementation of this proposed SEZ. You can also invest in other SEZs in different districts as well.”

Deputy Minister for Investors Outreach of KSA Badr I. AlBadr said, “Saudi Arabia is looking forward to boost bilateral trade with Bangladesh. We want to diversify our investment in Bangladesh. We are looking forward to starting with a few selected sectors, but in the future Saudi is going to collaborate in many areas with Bangladesh. KSA and Bangladesh will work together to resolve the existing challenges in the future.”

Earlier, FBCCI hosted a welcome dinner in honour of the visiting delegation of Saudi Arabia on Tuesday Night (5 December) at the same hotel.

Among others, Chairman of the Saudi Bangladesh Business Council Ayad Al Amri, Ambassador of KSA in Bangladesh Essa bin Yousef Al Duhailan, FBCCI Vice President Khairul Huda Chopol, Dr. Joshoda Jibon Deb Nath, Md. Munir Hossain, Directors, and Business Dignitaries from Bangladesh and Saudi Arabia were present at the business council meeting.