Saudi businesses urged to invest in any EZ of Bangladesh

Staff Correspondent | Published: 23:09, Dec 06,2017 | Updated: 23:14, Dec 06,2017

 
 

Commerce minister Tofail Ahmed speaks at a Bangladesh-Saudi Arabia business meeting organised by the Federation of Bangladesh Chambers of Commerce and Industry in Dhaka on Wednesday. International Marketing Investment Company Group president Moshabab Abdulla Alkahtani, Bangladesh ambassador to Saudi Arabia Golam Moshi, Bangladesh Investment Development Authority executive chairman Kazi M Aminul Islam, FBCCI first vice-president Sheikh Fazle Fahim and vice-president Md Muntakim Ashraf were present. — New Age photo

Bangladesh’s businesses on Wednesday urged Saudi businesspeople to invest in the country’s potential sectors in economic zones where a range of facilities are available for the overseas investors.
They made the call while speaking at a Bangladesh-Saudi Arabia business meeting organised by the Federation of Bangladesh Chambers of Commerce and Industry in Dhaka.
A 21-member Saudi business delegation led by International Marketing Investment Company Group president Moshabab Abdulla Alkahtani was present in the meeting.
Bangladesh ambassador to Saudi Arabia Golam Moshi, Bangladesh Investment Development Authority executive chairman Kazi M Aminul Islam, FBCCI first vice-president Sheikh Fazle Fahim and vice-president Md Muntakim Ashraf spoke, among others, at the discussion.
Commerce minister Tofail Ahmed said that investors could set up ‘special economic zone’ in the EZs in Bangladesh taking the lucrative offers provided by the government.
He said, ‘We can reduce the trade gap with Saudi Arabia by diversifying our export basket and increasing the quantity of export.’
In the fiscal year 2016-17, Bangladesh exported products worth $185.21 million to Saudi Arabia against import of $605.40 million from the country.
FBCCI president Md Shafiul Islam Mohiuddin said Saudi Arabia is one of the leading development partners of Bangladesh, particularly through generous hosting of a significant number of Bangladeshi expatriates.
He said Saudi Arabia has become a major source of financing and economic aid for Bangladesh, and the country has also become an important trade and investment partner.
He said in last one decade trade between Bangladesh and Saudi Arabia has been gradually increasing and now total trade between the countries stands at $790 million.
‘So far, Saudi Arabia has invested in the banking and finance sector of Bangladesh, which could be expanded to other potential sectors,’ Mohiuddin said.
After the inaugural session, business entrepreneurs from both the countries met at ‘Business 2 Business’ meeting to discuss issues of their interest.
A memorandum of understanding was signed at the meeting between the FBCCI and Alfanar Energy, a leading manufacturer and construction company of Saudi Arabia, for establishment of a 40 to 100 MW solar power plant in Bangladesh.

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