Muhith seeks more Saudi investments in Bangladesh


DHAKA, Dec 5, 2017 (BSS) – Finance Minister AMA Muhith today sought more Saudi Arabian investments in infrastructure, power and other sectors in Bangladesh, saying the government is providing all sorts of supports to the investors.

“Since 2015, there is an investment friendly environment in the country. Earlier, Foreign Direct Investment (FDI) was US$1.2 billion, but now it is $2.2 billion,” he told journalists after a meeting with a Saudi Arabian business team at Commerce Ministry in the city.

Among others, Commerce Minister Tofail Ahmed also attended the meeting and briefed the journalists over the outcome.

Executive president of the International Marketing Investment Company Limited Moshabab Abdullah Alkahtani led the Saudi delegation.

Muhith urged the authorities concerned to take necessary steps for diversifying export market in the Kingdom of Saudi Arabia (KSA) for reducing the trade gap between the two countries.

“Bangladesh exports some products in Saudi Arabian market. There are more Bangladeshi products that can boost the export markets in KSA,” he added.

In fiscal 2016-17, Bangladesh export to Saudi Arabia was US$185.21 million and import was $605.4 million.

The main export items from Bangladesh to Saudi Arabia are vegetables, frozen fish, potato flakes, jute yarn and twine, jute foods, woven garments, knitwear, leather goods, including food ward, processed food, tea, hats and other headgears, fruits, home textiles, sacks and badges, tents, mustard oil, spices, cut flower and foliage and Turmeric.

Tofail Ahmed said Bangladesh is an attractive destination in the world for investment as the government has taken an investment friendly policy.

“Many countries, including Saudi Arabia, are keen to investment in the country. The existing investment policy of the country is favorable for investment,” he added.

He expressed the hope that the visit of the Saudi delegation will expand trade relations between the two countries.

Tofail said the government will provide all sorts of supports to the Saudi investors in the country.

He informed that the Saudi business delegation and Bangladesh business community will sign several agreements tomorrow (Wednesday).