{"id":49588,"date":"2020-02-12T20:30:38","date_gmt":"2020-02-12T20:30:38","guid":{"rendered":"https:\/\/english.thesunrisetoday.com\/?p=49588"},"modified":"2020-02-12T20:30:38","modified_gmt":"2020-02-12T20:30:38","slug":"saudi-arabia-reportedly-set-to-invest-30bn-in-bangladesh","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/saudi-arabia-reportedly-set-to-invest-30bn-in-bangladesh\/","title":{"rendered":"Saudi Arabia reportedly set to invest $30bn in Bangladesh"},"content":{"rendered":"

\"\"Shehab Sumon:<\/strong><\/span> Some of Saudi Arabia\u2019s top companies are looking to invest around $30 billion in a number of Bangladesh\u2019s business sectors, according to Bangladeshi officials. On the first day of a two-day Joint Economic Council meeting, a 40-member Saudi delegation \u2014 led by Deputy Minister for International Affairs Mahir Al-Gassin and including representatives from seven of the Kingdom\u2019s largest conglomerates: Saudi Aramco, ACWA Power, Honey and Health, Engineering Dimension Com, Aljomaih Energy and Water Company,<\/p>\n

Albwani Water and Power, and the Red Sea Gateway Terminal (RSGT) \u2014 and a Bangladeshi side led by Economic Relations Division (ERD) Secretary Monowar Ahmed held six technical talks in Dhaka on Wednesday.<\/p>\n

Faisal Zahur, senior assistant chief of ERD\u2019s Middle East wing, told Arab News that the Saudi delegation was analyzing a draft agreement that would be ready to sign on Thursday.<\/p>\n

\u201cThe JEC meeting was heavily dominated by investment issues mainly in the power and energy sector of Bangladesh. We have prepared a draft agreement which will be inked on Thursday by both sides,\u201d he said, adding that other matters pertaining to the welfare of Bangladeshi workers in the Kingdom were also discussed.<\/p>\n

\u201cThe Saudi authorities were asked to resolve passport issues for Bangladeshi migrants who are facing trouble in the Kingdom due to expired passports,\u201d Zahur said, adding that while investments worth $30 billion were on the charts, the amount could be more.<\/p>\n

\u201cSaudi investors are ready to invest any amount in Bangladesh but it depends on how much the country can consume,\u201d he said.<\/p>\n

Mohammad Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (BIDA), told Arab News that Saudi Arabia is an ideal partner.<\/p>\n

\u201cWe are very keen to have Saudi investors here in Bangladesh because they have huge investment capacity. Our focus is to bring in large investors who will invest several hundred million or billion (dollars),\u201d he said.<\/p>\n

Islam added that both government-to-business and business-to-business investments had been discussed on Wednesday, with most of the investment in the private sector tilting towards joint ventures.<\/p>\n

\u201cEngineering Dimensions, a giant transformer producer in the Kingdom, has already started a joint venture with a Bangladeshi state-owned company,\u201d he said. \u201cNow, discussions are underway about tax benefits and other relevant issues, which are expected to be settled very soon.\u201d<\/p>\n

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