DHAKA: The apex commerce body of Bangladesh told Arab News on Thursday that the country would be welcoming a high-level Saudi delegation to the Bangladesh Business Summit this coming weekend as part of efforts to establish a joint business council.
The Federation of Bangladesh Chambers of Commerce and Industries will host an international trade and investment promotion event in 2023 called the Bangladesh Business Summit.
On March 11-13, 2019, 200 delegates from around the world will gather in Dhaka for a conference that will be opened by Bangladeshi Prime Minister Sheikh Hasina. There will be seven foreign ministers present, with Saudi Arabia’s Minister of Commerce, Majid bin Abdullah Al-Qasabi, among the special guests.
Saudi Arabia is keen on investing in Bangladesh, particularly in the country’s energy and transportation infrastructure. FBCCI President Mohammed Jashim Uddin told Arab News on the sidelines of a press conference announcing the event that the Saudi commerce minister, along with 23 other government officials, would be attending the summit.
More than thirty-five Saudi businessmen representing a wide range of industries will be attending the summit as part of the Saudi delegation.
Uddin stated that a number of memoranda, including the establishment of a bilateral business council and collaboration between the operator of the Kingdom’s new flagship container terminal in Jeddah and Chattogram Port, the primary seaport of Bangladesh, are expected to be signed during the summit with the Saudi side.
They are eager to set up shop in Bangladesh. MoUs will be signed with them. During this summit, the Saudi minister will be present to announce the establishment of the Bangladesh-Saudi Business Council. Uddin clarified that the side event would feature a session with the Saudi business delegation in addition to plenary and parallel sessions.
Red Sea Gateway Terminal and our Chattogram Port authorities will sign a memorandum of understanding to develop that area. Also, they want to put money into the solar industry in Bangladesh.
By 2035, Bangladesh is projected to have the world’s 25th largest economy, making it one of the fastest-growing nations. The country’s GDP doubled in size over the last decade, from $100 billion to $470 billion.
The South Asian nation has outlined ambitious plans to become a developed country by 2041, and in the meantime it is working to grow its formal sector through increased trade and investment.
“Roughly 70% of our population is of working age. We plan to invest heavily in this population as a whole. Investment and industrialization are required for this to happen. Uddin argued that both domestic and international investment were necessary to construct a “smart” Bangladesh.
HSBC predicts that Bangladesh will overtake Turkey as the ninth largest consumer market in the world. Foreign investors stand to gain a lot from penetrating this market of 170 million people.