DCCI, Riyadh chamber agree to boost biz cooperation

The Dhaka Chamber of Commerce and Industry (DCCI) and the Riyadh Chamber of Commerce (RCC) have agreed to enhance bilateral business cooperation between Bangladesh and Saudi Arabia for mutual benefits.
To this effect, the DCCI and the Riyadh chamber signed a memorandum of understanding (MoU) in the Saudi capital of Riyadh on Monday.
DCCI president barrister Md Sameer Sattar and RCC vice-chairman Naif Abdullah Al Rajhi inked the MoU on behalf of their respective organisations on the RCC premises.
Apart from signing the instrument, more than 120 business-to-business (B2B) matchmaking meetings between Bangladeshi and Saudi businessmen were held.
Mr Sameer is leading the largest-ever private-sector business delegation comprising 61 Bangladeshi companies in Saudi Arabia.
Mr Rajhi said Bangladesh has done tremendous development in terms of trade and commerce in recent years.
Both Bangladesh and Saudi Arabia have great prospects of economic transformation and diversification of resources, according to him.
The Saudi trade leader pinned high hopes on the potential investment of Bangladesh in the kingdom.
One of the largest markets in the region, Saudi Arabia could be an attractive for Bangladeshi investors, observed Mr Rajhi.
He also underscored the need to explore new scope of common opportunities in different potential sectors in the KSA and Bangladesh.
Businesses have no boundaries and Saudi entrepreneurs want to do more businesses with their Bangladeshi counterpart, according to Mr Rajhi.
On the other hand, Mr Sameer said Saudi Arabia had enormous potential for Bangladeshi businesses.
The signing of the MoU between DCCI and RCC would further cement the bilateral business cooperation in the days to come, he added.
"We feel proud to see our products here in Saudi Arabia, which are made in Bangladesh," cited Mr Sameer.
He further said that Bangladesh had been able to show its resilience, especially in the last decade in terms of economic transformation.
"Since Bangladesh is going to graduate to a middle-income country in 2026, it needs not only market diversification, but also product diversification."
The annual bilateral trade between the two nations is currently $2 billion.
The delegation comprises investors, especially from IT, agriculture, infrastructure, real estate, energy and power, tourism and hospitality, and education.
The DCCI chief invited Saudi entrepreneurs to particularly invest in smart farming, IT, fintech, logistics and infrastructure sectors in Bangladesh.
DCCI senior vice-president SM Golam Faruk Alamgir (Arman), vice-president Md Junaed Ibna Ali, DCCI board members and Murtuza Zulkar Nain Noman, minister (economics) of Bangladesh Embassy in Saudi Arabia, among others, were present.

talhabinhabib@yahoo.com