Dhaka: Top business executives from Bangladesh are getting ready to travel to Saudi Arabia to learn more about the markets there and to strengthen trade ties between the two nations, according to the delegation's leader, who spoke to Arab News.
Since a delegation led by the Saudi Commerce Minister Majid bin Abdullah Al-Qasabi visited Dhaka in March, there have been more opportunities for collaboration. The minister had been invited by the government of Bangladesh and the Federation of Bangladesh Chambers of Commerce and Industry, which is the top business organisation in the nation.
Several investment agreements were signed during the visit, allowing Saudi Arabia to enter Bangladesh's energy, port, and agricultural sectors. The two countries' chambers of commerce also established a joint council to oversee their bilateral trade relations.
Also Read: Dnipro Under Fire: Three Injured in Missile Strike, Ukraine Reports
"We are currently organising and getting ready for a business delegation to visit Saudi Arabia. The delegation, which will be led by Sameer Sattar, president of the Dhaka Chamber of Commerce and Industries, will consist of 50–60 members from various sectors, Sattar said to Arab News on Thursday night.
Saudi Arabia, in my opinion, is a sizable market for us. We have historically concentrated primarily on exporting to the EU and the US, but due to the LDC's (least developed country) graduation status, we are currently in transition.
Bangladesh was given permission by the UN to leave the LDC category by 2026 because it had attained middle-income status in November 2021. According to the UN, this would entail that the nation would forfeit the "benefits accruing from LDC-specific international support measures" and would instead have to mitigate these effects through a variety of economic changes, including increased trade with other countries.
Also Read: Joint Military Exercise Hits Tragic Halt: Helicopter Crash Leaves Four Missing
Our export markets need to be more varied. We shouldn't limit our attention to just one or two places, said Sattar.
The delegation, which will include business leaders from small, medium, and large enterprises, will represent a variety of sectors.
IFAD Group and United Group, according to Sattar, should both be represented in the delegation.
According to Sattar, "These two conglomerates have operations in a variety of industries, including food, automobiles, real estate, construction, hospitals, medical colleges, pharmaceuticals, power, and energy."
"I want to take a significant business delegation to Makkah, Madinah, and Riyadh. The (Saudi) ambassador and other pertinent embassy staff members are extremely excited about this visit.
Arab News reported earlier this week that the delegation was scheduled to visit the Kingdom in the upcoming weeks, according to Saudi Ambassador Essa Al-Duhailan.
Also Read: Atlantic Fever: Record-Breaking Ocean Temperature Surges, Says US Agency
"I called the Bangladeshi businessmen and companies to go to Saudi Arabia, explore the market, and have joint ventures with their counterparts, businessmen in Saudi Arabia, to have investment in line with Vision 2030," the man said.
"Saudi Arabia offers a wide range of opportunities. Any field you choose, you can invest in it.