BD needs to attract Saudi investments in diverse sectors: DCCI president

FE Team | Published: December 09, 2023 21:40:53

Barrister Sameer Sattar

Dhaka Chamber of Commerce and Industry (DCCI) President Barrister Sameer Sattar said Bangladesh needs to attract Saudi investments in diverse sectors such as infrastructure, energy, and manufacturing.
"The double taxation agreement between the two nations is a positive step, encouraging Saudi investors to explore the potential investment in economic zones and hi-tech parks in Bangladesh. Additionally, collaboration in technology, renewable energy, and healthcare can foster innovation and competitiveness in both countries," he said.
The DCCI president made the remarks as Saudi Minister of Investment Khaled Al-Faleh visited Bangladesh recently, according to a press release.
The five-decade-long diplomatic relationship between the Kingdom of Saudi Arabia (KSA) and Bangladesh has consistently upheld longstanding economic and development ties.
These two friendly nations have nurtured robust diplomatic ties marked by mutual understanding and deep fraternity. Thoroughout this journey, the bilateral trade has thrived, reaching approximately US$ 2 billion in FY 2022, the DCCI release said.
The recent visit of Khaled Al-Faleh to Bangladesh commemorates a significant milestone in deepening the relationship of trade and investment of both countries, it added.
Saudi Arabia has affirmed its commitment to strengthen business ties with Bangladesh in various sectors, including food, energy, logistics and manufacturing.
DCCI President Sameer Sattar said Saudi Arabia holds a pivotal role as the largest and most significant destination for Bangladeshi migrant workers, contributing significantly to the development of both nations through their active participation in economic activities in KSA and remittance transfer to Bangladesh.
He mentioned that the Non-Resident Bangladeshis (NRBs) in Saudi Arabia contribute around 30 per cent of the total remittance inflow to Bangladesh.
The emerging economy of KSA has created a demand for skilled professionals in various sectors, including engineering, IT services, education and healthcare, he said.
Barrister Sattar urged the Saudi government to recruit more professionals as Bangladesh has a large pool of talented individuals in these fields, who can contribute to Saudi Arabia's development while simultaneously promoting skilled labor migration and increasing foreign currency inflow.
Beyond trade and investment, Barrister Sattar believes that strengthening cooperation in education, culture, and tourism can play a vital role in expanding the long-term economic partnership.
In addition, establishing efficient communication between chambers of commerce and facilitating frequent business delegations can pave the way for new business opportunities, he added.
Recently, Barrister Sattar led the largest business delegation ever to Saudi Arabia to explore more business opportunities.
The LDC graduation of Bangladesh is going to unveil a new chapter in its economic journey ahead. In this regard, KSA with its vast resources and growing economy stands as a strategic partner with immense potential to propel smooth economic transformation of Bangladesh as well as steer our thriving economic partnership, the DCCI release said.