Vistas of Saudi investment in Bangladesh under public-private partnership (PPP) opens as development and operation of port terminals in Potenga and Payra are picked first by the Saudi government.
Sources say three terminal projects in Potenga and Payra along the Bay of Bengal were selected by the Saudi side during the first meeting a joint platform, meant for talks and launch of business and investment ventures.
The PPP Authority and the Saudi government held the platform meeting virtually where Bangladeshi projects under nine sectors, including shipping, power and energy, railways, housing, tourism and agriculture, were discussed for investment under government-to-government PPP modality.
According to the sources, of the projects, Patenga container terminal (PCT) and two container terminals at Payra were found potential as the representatives of various ministries of Saudi Arabia showed interest in those.
The Saudi government representatives spontaneously recommended a private operator, Red Sea Gateway Terminal, to work on the PCT.
A source says the RSGT may equip, operate and maintain the government-run PCT port facility if the negotiations later bear fruit.
PPPA and Saudi Arabia organised the platform meeting in follow-up to the signing of a memorandum of understanding on October 28. More than 35 officials representing various ministries and agencies of Bangladesh and Saudi governments attended the business meet.
PPPA Chief Executive Officer and secretary Sultana Afroz chaired the meeting which Principal Secretary to the Prime Minister Dr Ahmad Kaikaus attended as chief guest. Senior Secretary of the Prime Minister's Office Mohammad Tofazzel Hossain Miah joined it as special guest.
The Saudi government side was represented by Deputy Minister of International Relations Mohammad Alhassnah, Deputy Minister of Regulatory and Policy Development Dr Ayedh Alotaibi, CEO of National Company Promotion Programme BadrAlBadr and International Agreements Executive Director Abdullah Alomair, among others.
Essa Yousef Al Duhalian from the Saudi Embassy in Dhaka and Bangladesh Ambassador to Saudi Arabia Dr Mohammad Javed Patwary also joined the consultation.
According to a press release of the PPPA, Saudi investors showed interest in sectors like infrastructure development, pharmaceuticals and tourism and formed sub-working groups to pick the potential PPP projects for further deeper considerations.
Apart from equipping, operation and maintenance of PCT, which is built by Chattagram Port Authority, the private sector may build, operate and transfer (BOT) container terminals 1 and 2 under Payra Port Authority.
The chief guest recalled the contribution of the Saudi government as well as Bangladeshi manpower in the Kingdom's development and hoped that the Saudi side and PPPA "can work together to select and implement large-scale infrastructure projects in a win-win situation".
The CEO of PPPA highlighted Bangladesh's strengths, including macroeconomic stability, labour, young population, domestic market and strategic location as a gateway to India, China and Southeast Asian countries, and said: "Bangladesh offers the most liberal FDI regime in South Asia."
She also said the country allows cent-percent foreign equity with unrestricted exit policy, remittance of royalty and repatriation of profits and incomes.
smunima@yahoo.com