Bangladesh, Saudi Arabia sign multiple investment deals during JEC meeting

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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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Updated 13 February 2020

Bangladesh, Saudi Arabia sign multiple investment deals during JEC meeting

  • A 40-member Saudi delegation held several meetings with officials in Dhaka during the 13th session of Bangladesh–Saudi Arabia Joint Commission
  • Mahir Abdul Rahman Gassim: Today we witness a new chapter in this bilateral relationship by agreeing on and signing the Dhaka agreements

DHAKA: Bangladesh and Saudi Arabia have struck a number of initial agreements for investment in the Asian nation.
A 40-member Saudi delegation held several meetings with officials in Dhaka during the 13th session of Bangladesh–Saudi Arabia Joint Commission. 
It was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development.
Also joining the JEC delegation, which meets every two years, were seven of the biggest companies in the Kingdom, including Saudi Aramco and ACWA Power.
“Today we witness a new chapter in this bilateral relationship by agreeing on and signing the Dhaka agreements,” Gassim said in a statement following the meeting.
Red Sea Gateway Terminal (RSGT), a leading port developer of the Kingdom, is interested in developing Bangladesh’s main Chottogram port which deals with more than 80 percent of the country’s trade. 
“The RSGT wants to make the investment in Public Private Partnership (PPP) form. To bring any investment in this mode, we need to have an agreement between the two governments,” Rafikul Islam Khan, joint secretary of the Bangladeshi shipping ministry told Arab News. 
“As soon as the Saudi government will sign the PPP agreement with Bangladesh, we will move forward with RSGT’s investment proposals,” he said. 
Chottogram port authority is conducting a feasibility study on the size of investment required for further expansion of the port facilities, he added.
“An MoU has also been signed between Bangladesh Sugar and Food Industries Corporation (BSFIC) and ACWA power on generating 180 MW Solar power,“
Mir Khairul Alam, joint secretary of Bangladesh Industry Ministry told Arab News.
A proposal for a $1 billion telecommunications infrastructure project led by Teletalk Bangladesh Limited, a state-run mobile operator, was also discussed with Saudi Arabia’s Al-Jomiah Group.
The JEC meeting identified a wide range of areas to boost trade and investment between the two countries.
The 14th session of the JEC will be held in Riyadh, Saudi Arabia.


Gradual Irish economic recovery has begun, finance minster says

Updated 05 June 2020

Gradual Irish economic recovery has begun, finance minster says

  • Donohoe said it was not surprising that data on Friday showed the domestic economy grew at a subdued pace in the first quarter
DUBLIN: Up-to-date economic data suggests Ireland is now past the low point of the economic crisis forced by the coronavirus lockdown of its economy, and a gradual recovery is setting in, Finance Minister Paschal Donohoe said on Friday.
Donohoe said it was not surprising that data on Friday showed the domestic economy grew at a subdued pace in the first quarter ahead of what he called an "unprecedented contraction" in nearly all sectors likely to be registered in the second quarter.
"However, incoming data including ultra-high-frequency data suggest that we are now past the low point and a gradual recovery is now setting in as restrictions are gradually being relaxed," he said in a statement.