Kingdom of Saudi Arabia Commerce Minister Majid bin Abdullah Al-Qasabi visited Dhaka on Saturday, where he signed cooperation agreements and established a joint business council.
On Friday, Al-Qasabi and a delegation of officials and business leaders from Bangladesh landed in the country’s capital city.
The Bangladeshi government and the Federation of Bangladesh Chambers of Commerce and Industry are holding the Bangladesh Business Summit 2023 in order to promote international trade and investment.
“We have explored a lot of areas of investment, especially in power, agriculture, and logistics,” Al-Qasabi told reporters at the summit’s venue.
“By meeting in person, we are able to share information and network together. The roughly $970 million in annual bilateral trade we enjoy falls far short of what both our people and our leaders envision. This journey’s goal is to further this aim.
Another agreement, allowing Saudi energy company ACWA Power to invest in Bangladesh, is nearing completion, according to the minister.
This transaction is worth close to $3 billion. Over 5,000 people will be working there. I think it’s a fantastic financial move.
Tipu Munshi, minister of commerce of Bangladesh, said that investment opportunities in his country were discussed with a Saudi delegation on Saturday.
“This will involve collaboration between business leaders in Bangladesh and Saudi Arabia. The market will come if we can make it appealing to them, he said.
“We have faith in going very far together. The majority of our top priorities are set at this point.
The Saudi and Bangladeshi chambers of commerce came together at the Bangladesh Business Summit to form a joint council to strengthen economic ties between the two countries.
FBCCI President Mohammed Jashim Uddin told Arab News that an agreement forming the Saudi-Bangladesh Business Council had been signed on the sidelines of the summit.
A list of Bangladeshi participants will be forwarded within the next few days. In the same vein, they will act similarly. Now that it’s up and running, we can officially say that.
In addition to a cooperation agreement between the operator of the new flagship container terminal in Jeddah, the Red Sea Gateway Terminal, and Chattogram Port, the primary seaport of Bangladesh, the Saudi delegation signed agreements with Bangladeshi authorities to establish a fertilizer factory and an agro-processing plant.
“A framework for cooperative development, logistics, and operational management has been signed. According to Arab News, Mohammed Rafiqul Islam Khan, joint secretary at the Ministry of Shipping, RSGT will supply equipment, human resources, and an information technology system for the port’s operation.
As of right now, “both parties will try to reach a definitive agreement by June.”