Saudi Arabia offers to make large-scale investment in Bangladesh
25 May 23 1 min read
Insights
- Two Saudi ministers recently met Prime Minister Sheikh Hasina in Doha and offered to make large-scale investment in various Bangladesh sectors, including petrochemicals and shipping lines.
- Bangladesh's stability, they said, is the reason behind the decision.
- Hasina offered Matarbari and Paira sea ports and economic zones to Saudi Arabia for mutual benefits.
The two Saudi ministers said they want to invest in petrochemicals, diesel, jet fuel, fertiliser, major distribution centres and shipping lines in Bangladesh.
"Saudi Arabia wants to establish Bangladesh as a regional hub considering its geographical location as the country is in between South and South-East Asia. If we make it a hub, we can cover up Indonesia, Malaysia and more…," Bangladesh foreign minister AK Abdul Momen quoted the Saudi ministers as saying.
"We see few issues as investors. Firstly, the stability (of the country), businessmen see whether it is stable, the future of investment. The present and future of Bangladesh is very good, and that is why we've taken the decision to strengthen relations with Bangladesh," they said.
- Bangladesh receives $3.004 bn in FDI in 2023, a decrease of 14% YoY
- Chinese firm keen on opening leather, wool factories in Tajikistan
- April import LC openings in Bangladesh down 7% MoM, up 20% YoY
- Bangladesh’s forex reserves to steady within months, Moody's predicts
- Fitch Ratings downgrades Bangladesh to B+; outlook stable
- Saudi Arabia largest market for China’s apparel exports in GCC
Hasina offered Matarbari and Paira sea ports and economic zones to Saudi Arabia for mutual benefits, media reports from Bangladesh said.
Fibre2Fashion News Desk (DS)
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