Saudi Arabia promises to be a big investor
Saudi Arabia will soon come bearing big investments as its relations with Bangladesh hasn't been better, said officials of both countries.
It is an encouraging development for the united states that is earnestly seeking to boost its modest degrees of foreign direct investment. Last fiscal year, $3.88 billion of foreign direct investment flew in, according to data from the central bank.
The kingdom nation is the greatest trading partner of Bangladesh in the centre East, with total annual trade volume coming to about $1.5 billion. Also, the oil-rich country houses some 15 lakh Bangladeshi migrants who sent home about $3.6 billion this past year.
"Our relationship has reached a new height during the last few years, especially following the visit of Prime Minister [in 2018]," said Monowar Ahmed, secretary of the Economic Relations Division (ERD), in a joint press briefing towards the end of the 13th session of the two-day Bangladesh-Saudi Arabia Joint Commission meeting yesterday.
Ahmed led the Bangladesh team, while Mahir Abdul Rahman Gassim, Saudi deputy minister for international affairs of the labour and social development ministry, led the 40-member delegation from the kingdom nation in the talks.
Saudi companies -- ACWA Power, ARAMCO, Al-Bawany, Al Jomiah, Engineering Dimension, Red Sea GATEWAY Terminal, Honey and Health -- under Council of Saudi Chambers discussed different issues linked to investment in Bangladesh. Gassim appreciated the hospitality provided to the Saudi delegation and constructive and friendly discussion between your two sides.
"We have discussed a number of projects. We will hold meetings frequently and sort out all the issues for our mutual interests," Ahmed said.
Among the projects discussed pertains to a $1 billion investment by Saudi company Al-Jomiah Group for improving Teletalk's 4G and 5G network capabilities.
Another project was for making 180 MW solar powered energy by Bangladesh Sugar and Food Industries Corporation (BSFIC) Saudi ACWA Power. A letter of intent was signed by both parties, with the logistics of the project to be hammered out soon.
Saudi company Engineering Dimension and Bangladesh Forest Industries Development Corporation (BFIDC) has also agreed to create a 100 % export-oriented furniture and wood processing plant in Bangladesh under a strategic partnership.
The allotment of a 1,000-acre land by Bangladesh Economic Zones Authority on a lease to Al-Bawani was also discussed.
The Saudi company would conduct a feasibility study to examine the suitability of the potential site, which will be among the 100 planned by the government to improve industrialisation in the country gunning to become middle-income nation.
Bangladesh assured all-out support to Saudi investors, including extending maximum facilities under the country's Foreign Investment Policy, and sharing the available information of Bangladesh Investment Development Authority on new investment opportunities and possible future projects.
The Saudi team expressed their willingness to strengthen investment cooperation between your Saudi Fund for Development and the Bangladesh Bank.
They agreed to follow the rules and regulations of customs authorities of both countries and stressed the necessity for boosting tourism and exchange of tourism experts between your two nations.
From now on, the overall Authority of Civil Aviation, the civil aviation regulator of the Saudi Arabia, will give equal treatment to the state-owned airlines of both countries -- Bangladesh Biman and Saudia.
Saudi Arabia also showed interest to recruit Bangladeshi medical staff, including consultants, nurses and midwives, according to the classification of Saudi Commission for Health Specialties.
They would work on expediting the issuance of passports, work visa and other relevant travel documents.
"Sometimes, there have been delays in issuance of immigration clearance to jobseekers who curently have Saudi visas. In such instances, visas expire and the jobseekers run into trouble," Gassim said. Promises received with respect to Bangladesh's expatriates' welfare ministry to handle the issue.
The Saudi Arabia will now quicken the procedure of paying compensation to the relatives of the migrants in the case of deaths or accidents.
The kingdom also wished to learn about Bangladesh's experience in microfinance.
On the abuse of Bangladeshi female employees in Saudi Arabia, the ERD secretary said every specific allegation will be dealt according to the law.
The next Bangladesh-Saudi Arabia Joint Commission will be held in Riyadh in 2022.
