Bangladesh businesses see possibilities of ‘huge Saudi investment’

A Saudi delegation led by Minister of Investment Khalid A Al-Falih meets Bangladeshi businesspeople in Dhaka

Published : 6 Dec 2023, 05:04 PM
Updated : 6 Dec 2023, 05:04 PM

Top business leaders from Saudi Arabia have shown interest in investing in the food, fuel, production and services sectors in Bangladesh to bolster the trade ties.

The Saudi Investment Minister Khalid A Al-Falih led a 40-member team comprising businessmen in a meeting in Dhaka on Wednesday.

The Saudi business representatives came to Dhaka for the signing of an agreement between Bangladesh and Saudi Arabian investment agency Redsea Gateway Terminal International, who partially funded the construction of Patenga Container Terminal.

The RSGTI will operate the newly-built Patenga terminal for the next 22 years, setting off Saudi partnerships in delivering services and logistics through the project.

Salman F Rahman, the prime minister’s advisor on private industry and investment, called upon the Saudi delegation to invest in Bangladesh in a meeting at Le Méridien Dhaka.

He said the trade ties between Bangladesh and Saudi Arabia were full of potential and would assist businessmen of both countries.

The Saudi minister Al-Falih described Bangladesh as a “close friend”.

“It is time that both countries find ways to ease trade between them for mutual benefit,” he added.

Badr Albadr, the Saudi deputy minister of investment, said their team held numerous meetings with businessmen and entrepreneurs from different sectors during the visit.

Many Saudi companies are interested in investing in priority sectors in Bangladesh, he said.

He said a special team was formed to invest in Bangladesh and Saudi businessmen were keen to invest in fuel, logistics, textiles and hospitality-healthcare sectors in Bangladesh.

Mahbubul Alam, the president of Federation of Bangladesh Chambers of Commerce and Industries, said representatives of 40 large Saudi companies, including Aramco, were scoping out investment opportunities in Bangladesh.

“We want them to start investing in two to three sectors. As far as investment is concerned, money is not an issue for them. They have the capacity to invest from $50 billion to $100 billion. But the key question is how much to invest in which sector.”