RIYADH, 16 June 2005 — For the first time, Bangladeshi companies have invested in joint ventures in the Kingdom, deputy minister of commerce and industry, Abdullah Abdul Rahman Al-Hamoudi told newsmen here, yesterday.
The deputy minister was speaking to the press after signing the minutes of the 8th Saudi-Bangla Economic Joint Council with his counterpart, secretary to the ministry of finance, Mohammed Ismail Zabihullah, at the Royal Conference Palace here.
“Ten Bangladeshi companies have been granted licenses to carry out joint venture projects” Al-Hamoudi said, adding that these companies have invested SR76 million in the Kingdom. “This opens a new chapter in Saudi-Bangla trade relations.” He pointed out that the new investment laws of the Kingdom have attracted a number of countries from all parts of the globe. He added that the tax on profits have also been reduced from 45 to 20 percent to encourage foreign investors.
Al-Hamoudi said the Kingdom is interested in exporting polymers, fertilizers, iron, soda ash and dates to Bangladesh. He added that the draft agreement on the avoidance of double taxation will be discussed at a second round of talks before the end of this year. He expressed the Kingdom’s desire to recruit more qualified professionals for the health sector and added that the Kingdom expects more skilled workers in engineering and IT fields.