The second Bangladesh-Saudi Arabia Political Consultations convened in Riyadh to explore increased Saudi investment in Bangladesh’s special economic zones (EZs) and offshore banking systems. Foreign Minister Dr. Hasan Mahmud led the Bangladesh delegation in comprehensive discussions with Saudi counterpart Prince Faisal bin Farhan Al Saud. 

Discussion agendas covered regional and global development, bilateral economic partnerships, manpower collaboration, and energy cooperation. Discussions also addressed Bangladesh’s special privileges in importing oil from Saudi Arabia and cooperation on Rohingya repatriation efforts. The meeting highlighted ongoing diplomatic and economic collaboration, underscoring future prospects for enhanced bilateral relations.

The meeting, attended by Salman F Rahman, Adviser to the Prime Minister for Private Industry and Investment, along with high-ranking officials, reviewed the full spectrum of Bangladesh-Saudi Arabia partnership. Key points included accelerating activities of the Bangladesh-Saudi Arabia Joint Business Council to bolster commercial ties and exploring Bangladesh’s special oil import privileges from Saudi Arabia.

Minister Hasan expressed gratitude for Saudi Arabia’s employment of 3 million Bangladeshis and addressed transparency issues in migrant worker processes. The discussions also focused on establishing a joint task force to combat worker harassment and facilitating special registration for Bangladeshi expatriates in Saudi Arabia.

The intensified partnership between Bangladesh and Saudi Arabia holds significant potential across multiple sectors. Increased Saudi investment in economic zones could stimulate growth in manufacturing, technology, and infrastructure development. This collaboration is crucial as Bangladesh aims for graduation from Least Developed Country (LDC) status, leveraging Middle Eastern investment patterns to enhance economic resilience and sustainability.

The strategic alignment also underscores opportunities for joint ventures and knowledge exchange, positioning Bangladesh favorably in regional and global economic landscapes.

Source: Ministry of Foreign Affairs, Bangladesh ; The Business Standard