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Bangladesh Offers Special Economic Zone for Saudi Investors

Bangladesh Offers Special Economic Zone for Saudi Investors

Monday, 20 September, 2021 - 09:45
A Bangladeshi delegation meets Saudi businessmen in Riyadh, Saudi Arabia (Asharq Al-Awsat)

The Bangladeshi prime minister's private industry and investment adviser, Salman Fadel Rahman, revealed on Sunday that his country is prepared to set up a special economic zone exclusively for Saudi investors with the necessary facilities.

Rahman stressed his country's hopes to facilitate and enhance bilateral trade with Saudi Arabia when discussions are underway between the two countries on an agreement to avoid double taxation and customs cooperation.

According to Rahman, the current bilateral trade volume between Bangladesh and Saudi Arabia, which stands at $1.3 billion, does not reflect the actual size of trade and investment opportunities available to the two countries.

Today, Saudi Arabia imports garments, leather goods, plastic goods, frozen fish, and pharmaceuticals from Bangladesh. But Rahman noted that there are more Bangladeshi goods that Saudi Arabia can import to its market.

He also pointed out that Saudi investors also have great opportunities in Bangladesh, which has a large market of 165 million consumers.

Rahman affirmed the availability of economic zones that include all kinds of facilities for investors to establish businesses.

He also underlined the availability of high technologies and the establishment of the Investment Development Authority to provide all kinds of support to foreign investors.

More so, Rahman said that Bangladesh offers Saudi investors cheap skilled labor and an advantageous geographical location.

Rahman asked for activating the Memorandum of Understanding on Public-Private Partnership (PPP) signed by Saudi Arabia and Bangladesh in 2018.

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