RIYADH, 7 August — Bangladesh has drawn up a three-pronged policy strategy toward Saudi Arabia that seeks to boost tourism, trade and investment.
In an interview with Arab News, the new Bangladesh Ambassador to the Kingdom S.K.Sharjil Hassan said such a strategy had become imperative as Dhaka faced an estimated $ 500 million trade deficit. The deficit, created in part by the economic slowdown in the US and other Western countries, dictated the need for tapping new markets and boosting tourism to Bangladesh. Saudi Arabia was the prime target in all these respects.
“We shall be working closely with professional tour operators as part of our strategy to target Saudis visiting Malaysia and other southeast Asian countries in large numbers,” the ambassador said. He added that brochures in Arabic would be brought out.
His statement should be seen in the context of statistics released by the US Embassy, according to which there was a 10 percent fall in business traffic to the US this year, while family travel dropped by 40 percent.
Bangladesh, the ambassador said, was angling for its own share of the market, since it boasts Cox Bazar, the world’s longest silvery beach, the Sunderbans, home to the Bengal Tiger and other species of wildlife, as well as a wealth of other tourist attractions. Lack of publicity and an effective marketing strategy stood in the way of exploiting this potential.
Export promotion was another priority. The ambassador said he would discuss with officials at the Riyadh Chamber of Commerce and Industry a strategy for boosting Bangladeshi exports to the Kingdom, which enjoys a favorable balance of trade with that country. As against Saudi exports (mainly oil and petrochemical products) that stood at $ 52 million last year, the Kingdom’s imports from Bangladesh were valued at a mere $ 14 million.
According to Syed Mohammed Zobaer, economic counselor at the embassy, the export potential, especially for textiles and consumer products, is huge. Market sources told Arab News that an emerging trend has witnessed a surge in the market for Chinese, Indian and Indonesian textiles in the wake of an anti-American/Western sentiment. He said that since Bangladesh also produces high quality textiles mainly for European and American markets, they would in future pay greater attention to the Saudi market, especially for thobe.
A single-country exhibition will also be held to create public awareness of what it has to offer.
On the investment front, too, the potential was enormous. The country was rich in gas reserves and other natural resources, such as leather, fish, jute and tea. The IT sector was another promising area. Since the country had a vibrant democracy and was free from the scourge of terrorism, these factors should engage the attention of prospective investors, the ambassador added.
