Saudis to discuss multi-billion dollar investment

A large Saudi delegation, including two senior ministers, will arrive in Dhaka tomorrow to hold discussions on multi-billion dollar investment proposals in Bangladesh.

"Some agreements and MoUs will be signed between the countries during the visit," Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA), told The Daily Star.

In the first phase of the meeting, Saudi investment in different government projects will be discussed, he added.

Abdullah HM Al-Mutairi, Saudi ambassador to Bangladesh, yesterday met Finance Minister AHM Mustafa Kamal.

At the meeting, the minister said 2,000 acres of land have already been allocated for Saudi investors.

Investors can use the land as per their requirements, he added.

Highlighting the potentials of Bangladesh's economy, the finance minister said the growth is expected to accelerate to 8.25 percent this fiscal year, up from 7.86 percent last fiscal year.

Saudi Arabia plans to invest several billion dollars in more than 30 projects in Bangladesh, including setting up an aircraft repair and maintenance facility in Lalmonirhat.

The plan is part of Saudi efforts to boost bilateral and economic ties between the countries, said government officials in Dhaka.

In January, Golam Moshi, Bangladesh Ambassador to Saudi Arabia, sent the Bangladesh foreign ministry a list of projects in which Saudi entrepreneurs have shown interest.

Around 30 to 35 projects are expected to come up for discussion when the Saudi delegation comes to Bangladesh, said the Bida official.

The Bida officials said the oil-rich kingdom wanted to invest in commercially viable projects in Bangladesh, targeting oil and gas, fertiliser, cement, power plants, solar energy, and physical infrastructures.