'Bangladesh has potential to attract more Saudi investment'

Saudi Investment Minister Khalid Al-Falih said Bangladesh has an investment-friendly climate and there is potential for more Saudi investment in the south Asian country.

He spoke during a meeting with Prime Minister Sheikh Hasina's Private Industry and Investment Adviser Salman F Rahman in the Saudi Arabia on Sunday, the embassy of Bangladesh at Riyadh in Saudi Arabia said in a press release.

At the meeting, Rahman proposed to set up a special economic zone for Saudi investors as committed by Bangladesh's prime minister.

The visiting adviser made the request to the Saudi minister to finalise the draft memorandum of understanding (MOU) aimed at creating opportunities for Saudi investment in the public-private partnership arrangement.

If the MoU is signed, the opportunities for Saudi investment in various sectors, including different infrastructures of Bangladesh, would be widened, the adviser added.

Al-Falih informed the adviser that the draft MOU is in its final phase and he hoped it would be signed soon.

During the talk, the Saudi minister stressed the need for signing cooperation agreements or memoranda of understanding on specialised economic zone-based investments.

Earlier, Rahman called on Saudi Minister of Transport and Logistic Services Saleh Al-Jasser where the former appealed for Saudi investment in the construction of the rail track from Dhaka to Payra seaport.

An MOU could be signed between Bangladesh and Saudi Arabia to increase cooperation in the transport sector, he added.

Potential areas such as skills exchange, training and cooperation could be explored under this MoU, the adviser said.

At that time, the Saudi transport minister assured him of providing all possible cooperation from his ministry.

Rahman also held a meeting with the delegation of Riyadh Chamber of Commerce on the day.

The adviser mentioned that there is immense scope for increasing bilateral trade between Saudi Arabia and Bangladesh and investment in Bangladesh.

Bangladesh currently has a trade volume of $1.3 billion with Saudi Arabia and Rahman further stressed on increasing the trade relations.

Bangladesh Ambassador to Saudi Arabia Mohammad Javed Patwari BPM was present at the meetings.

Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority; Shaikh Yusuf Harun, executive chairman of Bangladesh Economic Zones Authority, and Sultana Afroza, chief executive officer of Public Private Partnership Authority Bangladesh, among others, were present at the meetings.