Bangladesh eyes Saudi investment

Bangladesh invited businessmen in Jazan yesterday to invest in profitable investment opportunities in its various economic sectors, particularly the power sector.
The request was made by Mizanur Rahman, economic and commercial counsellor at the Bangladesh Embassy, during his meeting with Jazan Chamber of Commerce and Industry Chairman Nasir Abdo M. Moraya in Jazan yesterday.
Chamber Secretary General Ahmed M. Gonfedy and a sizable number of Saudi businessmen were also present during the discussions.
During the meeting, Rahman told businessmen that Bangladesh offers a well-educated, highly adaptive and industrious workforce with the lowest wages and salaries in the region. “It has proved to be an attractive investment location, having a population of approximately 150 million and consistent economic growth leading to strong and growing domestic demand,” he said.
Bangladesh enjoys quota and tariff-free access to the European Union, Canada, Australia and Japan. It also enjoys GSP facilities as an LDC country for export to United States.
“There are investment opportunities for the development of tourism infrastructure in coastal areas,” Rahman said. He urged Saudi companies engaged in the hospitality industry to take advantage of investment opportunities in building hotels, motels, furnished apartments and recreational facilities for local and international tourists.
Rahman also focused on investment opportunities in other economic sectors in Bangladesh like exploration and development of oil, gas and coal resources, telecommunications, transportation, leather, textiles, ready-made garments, food processing, light engineering and agro-based industries.
In response to a presentation made by Rahman, the Jazan chamber chairman said his organization would send a team of Saudi businessmen to Bangladesh to study potentials for investment in the country. Moraya added that the JCCI is interested in pharmaceutical and ceramic industres in Dhaka.
Bangladesh pharmaceutical products are exported to more than 80 countries in the world and also fulfill more than 90 percent of the pharmaceutical requirements of Bangladesh. Ceramics are also exported to several countries around the globe.
The JCCI also invited businessmen in Dhaka to visit Jazan to explore business opportunities that could be developed between the two countries.
The Dhaka government is also currently making arrangements for a group of Bangladesh businessmen to visit the Kingdom to establish new areas of cooperation in bilateral trade.
Bilateral trade between the two countries increased steadily over the last couple of years. Bilateral trade between the two countries in 2010-11 and 2011-12 were estimated at $869.56 million and $922.33 million respectively.
Bangladesh received a new thrust following the recent signing of the avoidance of double taxation agreement. In addition, another epoch-making agreement on reciprocal promotion and protection of investments has been finalized and is expected to be inked shortly.