‘Saudis see immense trade potential with Bangladesh’

Bangladesh's bilateral trade with Saudi Arabia stood at around $2 billion in 2021, which is way lower than the potential, and the kingdom believes the amount will increase manifold in the days to come, a top Saudi business leader said today.

The Saudi king and the crown prince want to strengthen the kingdom's bilateral and regional relations with every friendly country, said Hasan Al-Huwaizi, chairman of the board of directors of the Federation of Saudi Chambers (FSC).

The Saudi government especially focuses on establishing relations with the countries which think alike and can help in move forward in line with the global economies, he said.

Al-Huwaizi made the comments in a session of the ongoing Bangladesh Business Summit 2023 at Bangabandhu International Conference Centre in Dhaka.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is organising the three-day event in partnership with the foreign ministry, the commerce ministry and Bangladesh Investment Development Authority (BIDA).

Prime Minister Sheikh Hasina's visit to Saudi Arabia gave a huge boost to the bilateral relation, when the premier also urged Saudi businesses to invest in different sectors of Bangladesh, including energy, ICT and petrochemical, Al-Huwaizi said.

Hasina also gave assurance of providing Saudi businesses with all-out support so that they can invest easily in Bangladesh, he said.

The number of visits of high-level officials of the two countries has increased in recent times as part of efforts to build strong economic relations, the top boss of the Saudi trade bodies' association said.

The Saudi government believes the decision taken in 2022 to establish a joint business council will play a vital role in building a strong bilateral tie, he said.

The deal signed for the council on October 31 last year will also improve the investors' capacity and omit all the barriers the businesses face in case of making new investments, he said.