Leaders of the country's business community on Saturday urged the government to take initiative to tap Saudi entrepreneurs' proposed investment in different sectors.
The Saudi businessmen had expressed their profound interest to invest in infrastructure, communication, power, plastic, bitumen, petroleum, and financial sectors during prime minister Sheikh Hasina' visit to the Kingdom of Saudi Arabia (KSA) in June last.
The Saudi King showed interest in partnering with Bangladesh's economic development and growth.
The high-ups of the two governments had also pledged to boost cooperation in trade, investment and manpower recruitment.
A number of Saudi entrepreneurs were supposed to visit Bangladesh in November last for finalising investment deals.
But due to some unavoidable circumstances, the visit did not take place.
Saudi investments might reach from US$ 7 billion to $ 10 billion, business leaders figured out.
Bangladesh needs a huge amount of foreign direct investment (FDI) to become a middle income country (MIC) by 2021, according to industry insiders.
"We need more FDI to turn Bangladesh into a middle-income country in line with the government's Vision 2021. We welcome proposed Saudi investment," president of Dhaka Chamber of Commerce and Industry (DCCI) Hossain Khaled told the FE.
He suggested the government to take initiative for attracting investment not only from the KSA but also other countries.
The ministry of commerce (MoC) is working to expedite the proposed Saudi investment.
The Bangladesh Ambassador to Saudi Arabia recently discussed the issue with commerce minister Tofail Ahmed, according to the MoC.
"We are working on the issue. We hope the Saudi entrepreneurs will visit Bangladesh sometime next year," senior secretary of the MoC Hedayetullah Al Mamoon told the FE.
Bangladesh exported goods worth US$ 186.32 million to the KSA and imported $ 829.05 million goods from that country in the fiscal year (FY) 2014-15.
The country exports mainly woven garments, knitwear, home textiles, agri-products, frozen food, leather and leather products, footwear and jute goods to Saudi Arabia, while it imports animal products, mineral products, plastic and rubber articles etc.
© 2024 - All Rights with The Financial Express
