PM seeks larger investment from Saudi Arabia

Prime Minister Sheikh Hasina has sought larger investment from Saudi Arabia, particularly in the special economic zones, which her government is establishing across the country.

"I welcome Saudi Arabia's investment in Bangladesh," she told visiting Saudi Foreign Minister Faisal bin Farhan al Saud when he called on her at Ganabhaban on Wednesday.

Saudi Foreign Minister Prince Faisal said many Saudi companies are keen to make investments in the energy sector of Bangladesh, particularly in renewable energy.

Prime minister's Press Secretary Ihsanul Karim briefed reporters after the meeting.

"The bilateral cooperation has extended and consolidated in many areas that include economy, trade, commerce, investment, energy, education, culture and defence," the prime minister's Press Secretary Ihsanul Karim quoted her as saying after the meeting while briefing the media.

Prince Faisal Bin Farhan Al Saud said, they are extremely optimistic about the future of Bangladesh and the two countries will work together to expand their cooperation.

"I think there is a lot to be done," he told reporters after his meeting with Foreign Minister AK Abdul Momen at a Dhaka hotel, noting that the two countries have a clear target to work together to that end.

Despite the recent disruption of the oil market caused by the war in Ukraine, Saudi Arabia will ensure the supply of oil to Bangladesh remains stable, Prince Faisal assured.

"We are committed to a stable oil market," Prince Faisal said in response to a question from a reporter following the meeting.

"There is no concern regarding the supply of oil," he added.

Saudi Arabia, the second largest oil producer in the world, produces some 11 million barrels of crude oil per day – about 11% of the world's total production.

The Bangladesh Petroleum Corporation imports about 7 lakh tonnes of light crude from Saudi Arabian state company Aramco every year.

Prince Faisal said that they are very optimistic about the future of the bilateral ties between the countries

"We just had an excellent political consultation," he said, adding, "We're committed to building up on this strong foundation to a much broader partnership."

Foreign Minister Momen said some 20 Saudi companies have expressed interest to invest in Bangladesh.

"We assured them of providing required facilities in the economic zones," he said.

He further said that the Saudi side assured 100% visas will be issued to Bangladeshis for Hajj this time and all visa formalities will be completed in the country.

The Saudi Foreign Minister said, some 2.5 million Bangladeshis already live, work and contribute to the developmental journey of Saudi Arabia while Saudi companies operating in Bangladesh have contributed several billion dollars of direct investment.

The two sides also spoke on a number of issues including food security and military support during the meeting.

The two foreign ministers met one-on-one at the same location before a joint consultation with larger delegations.

The Saudi foreign minister arrived in Dhaka on a brief official visit on Tuesday evening.

An agreement and MoU signed

At the end of the bilateral meeting between the foreign ministers, both the leaders signed two instruments – an agreement on Cooperation and Mutual Assistance in Customs Matters and an MoU on Cooperation between the Foreign Service Academy of Bangladesh and the King Faisal Institute.

Besides, the Foreign Minister of Saudi Arabia laid the foundation stone for the construction of a language institute at the Islamic Arabic University in Keraniganj.

The Saudi FM left Dhaka on Wednesday afternoon after wrapping up his visit.