When questions arise over the reserves crisis, right at that time, the country is likely to get a huge sum in investment from Middle East countries.
A high official of the foreign ministry has confirmed this to Bangladesh Post. He said the investment flow is likely to get a boost following the upcoming visit of the Saudi Crown Prince Muhammad bin Salman Al Saud tour to Bangladesh after June this year. There are many proposals on the cart from the United Arab Emirates.
These investments are anticipated to inject much-needed capital into key sectors, potentially alleviating the pressure on foreign reserves, he said.
On condition not to be named, the official has also said that as the government leaders are also the main owners of big companies of Saudi Arabia and UAE, a different scenario in investment is likely to appear soon.
In recent times, representatives of those countries have increased their activities in different ministries including visiting several development organizations leaders.
The Finance Minister during a meeting at BIDS said that those who were thinking that the country is becoming Sri Lanka, it’s bad news for them. I can feel that a huge
amount of foreign investment is coming into our country. A new bank, many friendly countries and organizations are supporting us. New foreign investments are coming in, and pledges from many countries including the Middle East, Japan, South Korea.
Prime Minister Sheikh Hasina has also sought investment from Saudi Arabia. She made this call when Saudi Ambassador to Bangladesh Issa bin Youssef Al-Duhailan came for a courtesy call at Gonobhaban.
Saudi Arabia’s famous power generation company, ‘Aqua Power’ has signed an agreement to invest USD 3.5 billion in the power sector in Bangladesh recently.
According to the Saudi Press Agency, Saudi Arabia is investing USD 1.4 billion (Tk 15348 crores) in the energy sector of Bangladesh.
According to foreign ministry information, over the span of three years, from 2021 to 2023, Bangladesh welcomed visits from four key ministers of Saudi Arabia, marking significant milestones in bilateral relations. These visits catalyzed the momentum of Saudi investment in Bangladesh, culminating in the signing of crucial investment agreements.
As a result, the proposed Saudi investments are poised to generate employment opportunities for numerous individuals, exerting a pivotal role in Bangladesh’s economic advancement.
In August 2023, the Minister of Hajj and Umrah of Saudi Arabia Dr. Tawfiq bin Fawzan Al-Rabiyyah visited Bangladesh with 161 companions, including another minister and 3 deputy ministers.
A 40-member business delegation led by Saudi Arabia’s Investment Affairs Minister Khalid Al Falih in December, during a meeting with their Bangladesh counterpart, showed interest in investing in various sectors in Bangladesh, including food, energy, manufacturing and services.
Recently, foreign minister Dr. Hasan Mahmud after a meeting with the Saudi Ambassador informed the media that Saudi Arabia wants 600 acres of land for investment in Bangladesh. They have asked for this land in the Mirsarai Economic Zone of Chattogram.
According to information, Saudi investment for various emerging sectors of the country such as capital market, electricity, energy, telecommunication, information technology, petrochemical, pharmaceutical industry, shipbuilding, agricultural processing sector, light engineering industry, blue economy, research, development and technology, water and marine resources, banking, economics and logistics and human resources is likely to come.