Alam, who is heading a 14-member Bangladesh trade delegation to the Kingdom, told Arab News that his country was seeking more than $7 billion in foreign investments for setting up a number of power plants to meet the growing need for electricity from a burgeoning population of 160 million, 90 percent of them Muslim.

“In line with its strategic vision for 2021, Bangladesh has undertaken massive programs for infrastructure development in partnership with private sectors,” Alam said, adding that the country has opened its power sector to private investments under public-private partnership (PPP) program and it has also announced a bundle of new incentives for the private power producers.

“They include exemption of corporate income tax for a period of 15 years and waiving of customs duties for the import of plant and equipment.”

The two countries signed an agreement for the Avoidance of Double Taxation when Bangladesh Commerce Minister Khan Farook visited Riyadh early this year.

In Riyadh, the delegation met with the Riyadh Chamber of Commerce and Industry on Wednesday and discussed giving a further boost to trade related to pharmaceutical products, garments, shipbuilding, banking institutions, vegetables, fruits, and leather products.

The bilateral trade between the two countries increased to SR1.7 billion in 2009 from SR741 million in 2003 and the current trade balance is in favor of the Kingdom.

Bangladesh Ambassador Shahidul Islam, who hosted a reception in honor of the delegation at the Bangladesh House on Wednesday, told Arab News that the country’s Finance Minister Abdul Muhith is due to arrive in Riyadh later this month.

“We hope to resolve several pending issues and explore new areas of cooperation in the field of trade during this visit,” The envoy said.

On Saturday, the visiting delegation will hold discussions with the Makkah Chamber of Commerce and Industry headed by its President Talal Abdul Ohab Mirza.

They will then have meetings with the chambers of commerce and industry in Jeddah and Madinah. They will then proceed to Dubai, where they will hold trade talks for three days.