Saudi entrepreneurs are expected to finalise investment deals with their Bangladeshi counterparts during their visit to the country beginning from Sunday, according to business insiders.
The visit of Saudi businessmen comes after Prime Minister (PM) Sheikh Hasina's recent trip to the kingdom.
The potential investment may come in infrastructure, communication, power, plastic, bitumen, petroleum, and financial sectors.
President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad told the FE the Saudi investments might reach from US$ 7 billion to $ 10 billion.
During their stay in Bangladesh the Saudi businessmen will have meetings with the Federation of Bangladesh Chambers of Commerce and Industry and the Metropolitan Chamber of Commerce and Industry, Dhaka.
The delegation will call on finance minister, commerce minister and state minister for foreign affairs. They will visit export processing zones, industrial parks located on the outskirts of the capital, commerce ministry officials said.
A senior official of the commerce ministry, who is liaising with the business circle, said that the Prime Minister's Office (PMO) has convened a meeting tomorrow (Saturday) ahead of the visit.
Bangladeshi businessmen, who accompanied the Prime Minister (PM) during her five-day visit to KSA in June, discussed the issue of investments in prospective sectors with their Saudi counterparts.
The Saudi King showed interest in partnering with Bangladesh's economic development and growth.
He also pledged to boost cooperation in trade, investment, manpower recruitment and assistance for economic development in Bangladesh.
The KSA officially unveiled its ambitious economic plan titled "Saudi Vision 2030" with a set of goals to inject momentum into its economy.
Saudi Arabia is currently producing nearly 10 million barrels of oil a day in an effort to retain its share of the global market.
Its proven reserves amount to 268 billion barrels, constituting one-sixth of the world's entire proven oil reserves.
Income from oil sector and oil products accounts for a large portion of the kingdom's revenues, and thus lower oil revenues and exceptionally high spending have caused a big budget deficit.
In an effort to obtain financing for the plan, the KSA plans to issue on the Saudi stock market 5.0 per cent of the shares in Saudi Aramco, the national oil company, whose total value is estimated at over $2.0 trillion.
Besides, the establishment of a government capital fund for the purpose of improving management for government companies in Saudi Arabia and real estate properties, along with companies around the world that Saudi Arabia will acquire in order to facilitate the diversification of state revenues.
Bangladesh exported goods worth US$ 186.32 million to the KSA and imported goods of $ 829.05 million 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 imports animal products, mineral products, plastic and rubber articles etc.
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