21st March 2019
EP Report

 

 

The $35 billion investment proposal submitted by Dhaka to Riyadh will be reviewed by a joint working committee headed by a senior minister of Saudi Arabia.

 

The decision came at a meeting on Saudi-Bangladesh investment cooperation in a city hotel recently.

 

Majed Bin Abdullah Al-Qasabi, the Saudi commerce and investment minister, Mohammed bin Mezyed Altwaijri, the Saudi economy and planning minister, AHM Mustafa Kamal, finance minister of Bangladesh, and Salman F Rahman, prime minister's private industry and investment adviser, were present at the meeting.

 

Earlier, Bangladesh signed two agreements and four memoranda of understanding (MoUs) with Saudi Arabia at the Prime Minister's Office in the presence of Prime Minister Sheikh Hasina.

 

The deals included a $ 100 million agreement between Alfanar Company and Electricity Generation Company of Bangladesh Limited for 100MW Solar IPP and a $35 million agreement between General Electric Manufacturing Company Limited and Engineering Dimension on manufacturing transformers and electricity devices.

 

The MoUs included one signed between Bangladesh Chemical Industries Corporation and Yousuf Al Rajhi Const Est on urea formaldehyde plant; one between Al Maml Trading Est and BMET; an MoU between Bangladesh Sugar and Food Industries Corporation and Al-Afaliq Group on Saudi-Bangladesh institute of bio-medical engineering and technology; and one between Bangladesh Steel and Engineering Corporation and Riyadh Cables Group of Companies on manufacturing cables.

 

Briefing reporters after the meeting, Kamal said, “The project proposals that we have placed to them [Saudi delegates] do not cost less than $35 billion.”

 

The Saudi delegation asked the Bangladeshi side to form a joint working committee headed by Mohammed bin Mezyed Altwaijri in response to the proposals, he added.

 

Kamal said other ministers from Bangladesh and Saudi Arabia would be included in the committee.

 

“The Saudi authorities will conduct studies on the proposed projects and then they will inform us about the decision on investment very soon.”

 

He added he was hopeful of getting a green signal as the committee included the planning minister of Saudi Arabia who was authorized to make the decision.

 

However, Kamal said the real investment figure would be finalized after the studies were conducted.

 

A 34-member Saudi delegation arrived in Dhaka to join the meeting, with the Saudi commerce and planning ministers having arrived earlier.

 

“I want to assure you this is a new chapter of Saudi-Bangladesh relationship,” Saudi Commerce Minister Qasabi said during an introductory session.

 

Terming Bangladesh an “Asian Tiger,” he said his country was “serious” in seeking out and enhancing businesses in Bangladesh.

 

“We are here to [offer] support. We are here to work, identify scopes, listen and open the highway of dialogue between the two countries.”

 

He also expressed interest in forming a Saudi-Bangladesh business council to enhance bilateral trade and invite Bangladeshi businesses to Riyadh.

 

Finance Minister Kamal said when the PM had urged the Saudi king and crown prince in October 2018 to send a business delegation to Bangladesh to get first-hand experience of the prospects of business in Bangladesh.

 

On her request, the Saudi government sent the high-level team, comprised of two senior ministers, two deputy ministers and business tycoons.

 

Bangladesh placed 17 projects for Saudi investment, including a rail link from Bhanga to Pyara port, high speed railway linking Dhaka-Chattogram, establishment of oil-refinery and petro-chemical complex, storage, establishment of aircraft maintenance facility in Lalmonirhat, a manufacturing unit for high-voltage cables and construction of hotels and tourism facilities, along with a Saudi special economic zone in Mirsarai, a urea-ammonia plant and upgrading service of state-owned mobile operator Teletalk to 4G.

  


comments
leave a comment

Create Account



If you have already registered , please log in

Log In Your Account



Download The Anniversay 2018



Share