Foreign Minister Hasan Mahmud said on Sunday that Bangladesh will discuss financial sector cooperation with the Kingdom of Saudi Arabia (KSA), focusing on attracting deposits from Saudi companies into offshore banking accounts, reports UNB.
"If they want to invest in the financial sector, it will be discussed. They keep their money in the USA and Europe. Bangladesh has opened a window. Any foreign company and foreign individual can keep their money in Bangladesh's offshore accounts. This issue, among others, will be discussed," he said.
The foreign minister made the remarks while responding to a question as he is scheduled to attend the second political consultations with the Saudi side in Riyadh tomorrow.
Foreign Minister Hasan and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud will lead the Bangladesh and Saudi delegations respectively at the high-level meeting that will be held at the Saudi Ministry of Foreign Affairs.
Offshore banking is increasingly becoming a key window for banks in Bangladesh to facilitate investments and international trade by attracting deposits in foreign currencies, and deposits of offshore banking will be a major source for US dollars. "We have opened a new window. We want to make it popular," the minister said, adding that there are countries where such deposits are made by foreign companies and individuals. In March this year, the Offshore Banking Act, 2024 was passed in the Parliament as part of a stated objective to enhance the country's reserves of foreign currency and attract foreign investment.
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