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Saudi Arabia keen to invest more in Bangladesh

Salman F Rahman meets Saudi investment, transport ministers in Riyadh
Staff Reporter, Dhaka
Saudi Arabia keen to invest more in Bangladesh

Noting that Bangladesh has an investment-friendly climate, the Saudi investment minister said there is a potential for more Saudi investment in Bangladesh. 

Saudi Investment Minister Khalid Al-Falih expressed the hope during a meeting with Salman F Rahman, the visiting Private Industry and Investment Adviser to the Prime Minister, in Riyadh on Sunday, according to a message received in Dhaka. 

During the meeting, Salman F Rahman apprised the Saudi minister the steps undertaken by the current government to attract foreign investment. 

Salman F Rahman also proposed setting up a special economic zone for Saudi investors as committed by Prime Minister Sheikh Hasina. The Saudi investment minister welcomed Bangladesh's proposal. 

Salman F Rahman also made a request to the minister to finalize the draft memorandum of understanding (MOU) aimed at creating opportunities for Saudi investment in the public-private partnership arrangement.

If the MoU is signed, the opportunities for Saudi investment in various sectors including different infrastructures of Bangladesh would be widened, the adviser added. 
Al-Falih informed the adviser the draft MoU is in its final phase and it will be signed soon. 

During the talk, the Saudi minister stressed the importance of signing cooperation agreements or memoranda of understanding on specialized economic zone-based investments.

Attaching high importance on exchanging business delegations between the two countries, Adviser Rahman invited the Saudi minister to attend the international investment summit to be held in Bangladesh on November 28 and 29, which was cordially accepted by the minister.

Earlier on Monday, Adviser Rahman called on Saudi Transport Minister Saleh Al-Jasser.

At the meeting, he appealed for Saudi investment in the construction of the rail track from Dhaka to Payra seaport. 

A MoU could be signed between Bangladesh and Saudi Arabia to increase cooperation in the transport sector, Salman F Rahman added. 

Potential areas such as skills exchange, training and cooperation could be explored under this MoU, the adviser said. The Saudi transport minister assured him of all possible cooperation from his ministry.

No description available.

Salman F Rahman also held a meeting with the delegation of Riyadh Chamber of Commerce on Sunday. 

Saudi-Bangladesh relations have reached a new height after Prime Minister Sheikh Hasina's official visit to Saudi Arabia from 2016 to 2019, Salman F Rahman said. 
The advisor mentioned there is immense scope for increasing bilateral trade between Saudi Arabia and Bangladesh and investment in Bangladesh. Bangladesh currently has a trade volume of $1.3 billion with Saudi Arabia and he further put emphasis on increasing the trade relations.

Noting that Bangladesh has a huge domestic market, Salman F Rahman said Bangladesh is still enjoying the GSP privilege in the European market, which is allowing Bangladesh to have an edge in export earnings.

The adviser emphasized the importance of bilateral visits and meetings between the two countries' chamber officials to enhance mutual cooperation. He requested Saudi Arabia to increase collaboration with small and medium enterprises in Bangladesh.

Moreover, the Saudi Federation of Chambers expressed its interest in the adviser’s proposal for amending the Memorandum of Understanding signed between the two countries' chambers of commerce in 2005 to make it more convenient. 

Saudi companies present at the meeting, who have investments in Bangladesh, expressed their satisfaction with the investment climate in Bangladesh.
Bangladesh ambassador to Saudi Arabia Mohammad Jabed Patwari was present at the meetings.

Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority, Shaikh Yusuf Harun, executive chairman of Bangladesh Economic Zones Authority, and Sultana Afroza, chief executive officer (secretary) of Public Private Partnership Authority Bangladesh, among others, were present at the meetings. 
Business representatives from Bangladesh also attended the meeting with the Saudi Chamber of Commerce.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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