logo
Close

Saudi Arabia Pursues Enhanced Economic Partnership with Bangladesh

Saudi Arabia Pursues Enhanced Economic Partnership with Bangladesh

On Tuesday, Saudi Arabian Ambassador to Bangladesh Essa Yousef Essa Al Duhailan stressed the need to enhance economic relations between the two countries. During a meeting with Chief Adviser Prof. Muhammad Yunus at the state guesthouse Jamuna, the ambassador highlighted Saudi businesses’ growing interest in investing in Bangladesh. He mentioned specific sectors such as logistics, services, and renewable energy, with companies like RSGT International and ACWA Power already showing interest.

The ambassador praised Prof. Yunus’s leadership, saying he is capable of guiding Bangladesh toward prosperity. Prof. Yunus acknowledged Saudi Arabia as a “very important friend of Bangladesh” and recalled his visit to the country last year. During that visit, he addressed the Saudi Arabian women’s football team and spoke about the sport’s power to bring about positive change.

The ambassador pointed out that 3.2 million Bangladeshis are currently working in Saudi Arabia. He noted that these workers send $5 billion annually in remittances through official channels, with another $5 billion through unofficial means. Al Duhailan emphasized that if all remittances were sent through official channels, they could significantly boost Bangladesh’s economic growth. “They are hardworking people and very religious,” the ambassador said, as quoted by the chief adviser’s press wing.

Al Duhailan also raised the issue of renewing the passports of 69,000 undocumented Bangladeshis living in Saudi Arabia since the 1970s. He mentioned the Makkah Route Initiative, which aims to simplify immigration procedures for Hajj and Umrah pilgrims. Last year, nearly half a million Bangladeshis performed Umrah, according to the ambassador.

Prof. Yunus expressed his appreciation for Saudi Arabia’s role in strengthening bilateral ties and economic relations. He added that his government looks forward to continued cooperation with the Kingdom.

Source: The Business Standard

Have more queries

ABOUT INVESTMENT?

Contact us for a comprehensive understanding of the investment landscape in Bangladesh