Saudi Arabian businesses on Tuesday expressed their keen interest in making invest in Bangladesh in several areas including energy and fertilizer sectors.
‘Bangladesh is very promising for trade and investment and Saudi companies are going to sign Memorandum of Understanding with Bangladesh Chemical Industries Corporation and private sector companies to invest in the country,’ Moshabab Abdulla Alkahtani, head of the Saudi business delegation said in a meeting with finance minister AMA Muhith and commerce minister Tofail Ahmed.
Abdulla, also the executive president of International Marketing Investment Company Group, said that one of the Saudi companies had already signed MoU with BCIC and it will submit its project proposal by the end of this month.
Mohammad Irfan, business development manager of Alfanar Energy, said that his company wanted to invest in renewable energy in Bangladesh and signed MoU for setting up a solar plant.
‘We will be able to show some progress in setting up the plant by the end of this year and we seek support from the government of Bangladesh, especially from the finance minister and commerce minister,’ he said.
Members of the Saudi business delegation suggested Bangladesh to take initiative to introduce the products of the country to the middle-east market including Kingdom of Saudi Arabia.
‘Many other countries including Thailand, Cambodia and Malaysia are trying to introduce their products in KSA and I think Bangladesh should do the same thing to increase the trade volume between the two countries,’ said Mohammad Ahmad Fouji, senior consultant of Saudi Salwa Company.
‘Bangladesh is a growing market and in last nine years we have substantially generated domestic demand,’ finance minister AMA Muhit said.
In Bangladesh, 60 per cent of people have effective demand while it was 14 per cent 15 years ago, he said.
‘We invite foreign investment as Bangladesh is now able to generate domestic demand and infrastructure has been built,’ Muhith said.
The finance minister said that Bangladesh has sufficient power for new industries while Liquefied Natural Gas would be available by September next year.
Commerce minister Tofail Ahmed said that Saudi Arabian investment was already in Bangladesh and the government is inviting more investment to increase trade volume and to reduce trade gap between the two countries.
If Saudi companies make investment in Bangladesh and export their products, the investor would get duty-free and quota-free market access in many countries including European Union, he pointed out.
According to the commerce ministry data, Bangladesh’s export to KSA in the financial year 2016-17 was worth $185.21 million while import amounted to $605.40 million.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Miscellany