|13 February, 2020

Saudi Arabia, Bangladesh 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

Image used for illustrative purpose. A Saudi Arabian national flag flies in a city square in Buraidah, Saudi Arabia.

Image used for illustrative purpose. A Saudi Arabian national flag flies in a city square in Buraidah, Saudi Arabia.

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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.

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