The call came Tuesday from the Saudi Arabia-Bangladesh Business Summit 2025 marking the official launch of the Saudi Arabia-Bangladesh Chamber of Commerce and Industry (SABCCI) that the two countries look upon as a platform for taking business-investment cooperation on a higher scale through tapping latent potential.
Speaking at the business summit at Sheraton Dhaka, Bangladesh Bank Governor Dr Ahsan H Mansur urged Saudi Arabia to deepen its economic partnership with Bangladesh beyond traditional labour employment and petroleum trade into kingdom's public and private investment here.
Dr Mansur said Saudi Arabia's sovereign wealth and corporate resources could play a pivotal role in transforming Bangladesh's industrial and investment landscape.
"I would like to see the Public Investment Fund (PIF) of Saudi Arabia, as well as Saudi private initiatives, consider investing in Bangladesh seriously. These are not short-term portfolio investments, but long-term, direct investments that can benefit both countries," the central bank governor told the meet.
Recalling his tenure as IMF Mission Chief for Saudi Arabia, Dr Mansur revealed that he had been directly involved in the early formation of the Saudi PIF in the mid-2000s when oil reserves were surging past US$600 billion.
"It was decided then that part of the surplus should be channelled into an investment fund -- that's how PIF came into being," he said, noting that the fund, now worth over a trillion dollars, has since become one of the world's largest sovereign investors.
The chief of the money-market regulator, however, points out that while PIF has invested heavily in India and other South Asian countries, it has not yet made significant inroads into Bangladesh.
"Bangladesh deserves a share of that trillion-dollar fund," he asserts, in presence of tycoons from the kingdom, and urges both governments and the newly formed SABCCI to work together to "unlock the investment potential that exists here."
Dr Mansur underlines that the two economies are "highly complementary" - Saudi Arabia has an abundance of capital and energy resources while Bangladesh offers a large, skilled, and cost-effective labour force, as well as growing investment opportunities.
"We need energy, and Saudi Arabia has it in large volume. We need investment, and Saudi Arabia has the potential to invest. At the same time, Saudi Arabia needs skilled workers, and Bangladesh can provide that across all levels," he told his business audience.
He stressed that bilateral relations should now move beyond the "traditional pattern" of oil imports and manpower exports. "Trade between the two countries remains very limited and conventional. We must go beyond that to build a diversified economic partnership."
The central bank governor also proposed enhanced cooperation between the financial institutions and central banks of both countries to reduce the high cost of remittance transfers from Saudi Arabia, Bangladesh's largest source of foreign remittance.
"We need a more efficient, least-cost solution for transferring workers' hard-earned money. Giving away 6-10 per cent in transfer costs is too high. Both our financial institutions and central banks can work together to bring that down," he said.
He further emphasised that Bangladesh's stable macroeconomic performance and resilient private sector make it an attractive destination for Saudi investment.
"Despite political changes, natural disasters, and global crises, our growth rate has never turned negative in 30-40 years. The private sector is the engine of growth and remains dynamic and efficient," Dr Mansur notes.
Encouraging the Saudi business community to "take a long-term position" in Bangladesh, he said, "Leave portfolio investments to the BlackRocks and others. What we are talking about is bilateral, greenfield, foreign direct investments in the country."
He urges Saudi investors to focus on sectors such as infrastructure, manufacturing, technology, and finance, where "Bangladesh has immense potential for sustainable returns".
Dr Mansur concludes on a note of optimism that the establishment of SABCCI would serve as "a new beginning" in the Bangladesh-Saudi relationship - extending beyond religious and political goodwill to robust economic cooperation.
"Let this forum be the bridge for long-term partnerships-people-to-people, business-to-business, and investor-to-investor. The opportunities are here; now is the time to seize them."
SABCCI's founding-president Shaikh Omar Abdulhafiz Ameerbakhsh, who led a 20-member Saudi business delegation to the summit, described the event as a historic step in deepening bilateral economic cooperation.
He highlighted the enduring bonds between the two nations, calling it "the biggest strength" in advancing future collaboration. "…now Saudis and Bangladeshis have the opportunity to invest in each other's countries."
Referring to the support of the Saudi Crown Prince, Shaikh Omar said, "The Crown Prince of Saudi Arabia believes Bangladesh and its people can play vital roles in helping the kingdom reach its Vision 2030 goals. He has pledged to further support Bangladeshi manpower exports to the Kingdom."
Former Commerce Minister and BNP leader Amir Khasru Mahmud Chowdhury, also speaking at the summit, said the SABCCI had been formed to facilitate closer cooperation between the private sectors of the two countries.
"There are immense opportunities to increase bilateral investment in the fields of technology and skills development," he said. "We need to enhance the skills of Bangladeshi workers so that they can participate in diverse sectors in the Kingdom. This will generate more remittance for Bangladesh."
Highlighting investment opportunities in Bangladesh's capital market, he said, "The Bangladesh capital market is ready for funds to help it transition from a frontier to an emerging economy. Saudi funds and foreign direct investment can play a major role in achieving this."
Dr Md Nazrul Islam, Secretary (East and West), the Ministry of Foreign Affairs, and Ashraful Haq Chowdhury, President of SABCCI, also spoke at the inaugural session.
The technical session featured keynote presentations by Dr M Masrur Reaz, Chairman of Policy Exchange Bangladesh, Dr Khalid Al Harbi, Professor at Al Taiba University, KSA, Michael Sassen, Co-founder and CEO of Heliopark, KSA, and Shah Mohammad Mahboob, Executive Member of Bangladesh Investment Development Authority (BIDA).
Additionally, Bangladesh Petroleum Corporation Chairman Md Amin Ul Ahsan, City Bank PLC Managing Director and CEO Mashrur Arefin, and ULKASEMI Pvt Ltd CEO and President Mohammed Enayetur Rahman presented papers during the summit. SABCCI Secretary- General Shawkat Ali delivered the vote of thanks.
The Bangladesh Business Summit 2025 and the official launch of the Saudi Arabia-Bangladesh Chamber of Commerce and Industry are being held on October 6-8, bringing together policymakers, diplomats, economists, and business leaders from both countries.
The three-day event includes a series of welcome dinners, networking sessions, business dialogues, and B2B matchmaking opportunities aimed at strengthening trade, investment, and partnership prospects.
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