Saudi Arabia keen to invest in Bangladesh: Salman

The Kingdom of Saudi Arabia is considering offering duty-free facilities for 137 Bangladeshi export goods, said Salman F Rahman, private industry and investment affairs adviser to the prime minister.

The kingdom is also keen to make huge investments in Bangladesh's infrastructure and communication system development, he told reporters on Saturday after returning from an eight-day state visit to the Western Asian country.

During his visit, Salman held high-level discussions with multiple Saudi ministers who expressed a keen interest in signing investment-related agreements, including one on a specialised economic zone for Saudi investors.

In a meeting with Saudi Commerce Minister Dr Majid Bin Abdullah Al-Qasabi, Salman proposed for 137 Bangladeshi exports to be given duty-free facilities. The Saudi minister in response said they will consider the proposal.

Salman also called on Dr Majid to expedite the implementation of various MoUs (memorandum of understandings) regarding the strengthening of bilateral trade between the two countries, signed during the latter's 2016 visit to Bangladesh. In addition, he proposed forming a working committee in this regard.

Moreover, the Saudi commerce minister further promised to take immediate action on signing a proposed MoU between the countries on Public-Private Partnership (PPP).

Dr Majid also responded positively to a proposal regarding investment under Saudi Public Investment Fund.

Salman sought Saudi investment in the construction of railways from Dhaka to Payra Port in Bangladesh, and the development of Cox's Bazar as an international standard tourist destination under the fund.

He made a similar proposal to Saudi Transport Minister Saleh Al Jasser in an earlier meeting, which also received assurance of maximum cooperation from the Saudi minister.

The Prime minister's investment affairs adviser also held a meeting with Saudi Investment Minister Khalid Al Falih, where he proposed a specialised economic zone in Bangladesh for Saudi investors per the prime minister's commitment. Khalid welcomed the proposal.

Salman also proposed finalising a draft MoU regarding Saudi investment in Bangladesh under PPP during the meeting.

"Signing the MoU will expand Saudi investment opportunities in various sectors, including infrastructures in Bangladesh," he said.

Khalid informed the adviser that the MoU is in its final stage and he hopes it will soon be signed.

He also accepted an invitation from Salman to attend the International Investment Summit due to be held in Bangladesh from 28 to 29 November.

Bangladesh currently has a trading volume of $1.3 billion with Saudi Arabia, Salman said at the meeting, adding that there is massive potential for the volume to increase in the future.