Bangladesh expects huge Saudi investment

Staff Correspondent | Published: 00:00, Mar 07,2019

 
 

Bangladesh expects huge foreign direct investment from the Kingdom of Saudi Arabia as both the countries are set to start negotiations on investment over $15-20 billion in at least 16 projects in Bangladesh.
‘The investment deals are expected to be finalised on Thursday during a meeting with the visiting high-level Saudi delegation,’ Bangladesh Investment Development Authority executive chairman Kazi Aminul Islam said on Wednesday.
He expressed the hope at a briefing at the authority office in Dhaka on occasion of the visit of 35-member Saudi delegation consisted of public and private sectors representatives.
Bangladesh ambassador to Saudi Arabia Golam Moshi was also present at the briefing.
Bangladesh will made proposals for the investment in various projects, including setting up an oil refinery, to the delegation led by commerce and investment minister Majid bin Abdullah Al-Qassabi and economy and planning minister Mohammed bin Mezyed Al-Tuwaijri.
Ministers of foreign, finance, planning, commerce, industries, and power and energy, and prime minister’s adviser on private industry and investment will take part at the dialogue on investment and trade cooperation at the Inter Continental Hotel in Dhaka where high officials of the Prime Minister’s Office and the investment development authority will also attend.
Aminul said that both sides would sign financing agreements on some finalised projects, out of 16 projects, while memorandum of understanding will be signed for some others.
They will also discuss for investment in some other projects, he said.
The investment may come from Public Investment Fund of Saudi Arabia. The fund worth $250 billion is headed by crown prince Mohammed bin Salman.
Bangladesh Petroleum Corporation and Saudi ARAMCO, the largest oil company in the world, will implement a project to set up an oil refinery, petro chemical complex and storage with an estimated cost of $7-15 billion.
A team of ARAMCO has already visited Bangladesh and held meeting with the petroleum corporation on implementation of the project.
Aminul said that an agreement might be signed on setting up an aircraft repair and maintenance facility in Lalmonirhat at a cost of $1 billion.
It is a priority project of prime minister Sheikh Hasina as she wanted to establish aircraft repair and maintenance facility in the country to avoid sending national flag carrier abroad for servicing, he said.
Bangladesh will also seek Saudi investment in state-owned mobile operator Teletalk to improve its services.
Both sides would also discuss investment for setting up solar power projects and cement factory and in tourism sector.
Moshi said that this would be the biggest ever delegation of Saudi Arabia in the history of Bangladesh and the visit would take the relationship to a new height.

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