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Bangladesh signs 2 deals; 4 MoUs with Saudi Arabia

  • Published at 05:21 pm March 7th, 2019
Saudi Arabia-Bangladesh-deal
Saudi Arabia and Bangladesh sign 2 agreements and 4 MoUs at the Prime Minister's Office on Thursday, March 7, 2019 Focus Bangla

Saudi keen to invest in Bangladesh

Bangladesh and Saudi Arabia have signed two agreements and four memorandums of undrstandings  (MoUs) for the development of various sectors of Bangladesh including power, and industrial sectors.

The documents were signed in the presence of Prime Minister Sheikh Hasina, Saudi Trade and Investment Minister Dr Majid Bin Abdullah Al Qasaibi and Economy and Planning Minister Mohammed Bin Mazyed Al-Twaijri at a ceremony at her office on Thursday.

Finance Minister AHM Mustafa Kamal; Foreign Minister AK Abdul Momen; Commerce Minister Tipu Munshi; Planning Minister MA Mannan; Prime Minister’s Energy Adviser Dr Tawfiq-e-Elahi Chowdhury; State Minister for Power, Energy and Mineral Resources Nasrul Hamid; Prime Minister’s Principal Secretary Md Nojibur Rahman, Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam, Prime Minister’s Office (PMO) Secretary Sajjadul Hassan and Bangladesh Ambassador to Saudi Arabia Golam Moshi were present at the time, among others.

The signed instruments include

An agreement on construction of 100MW solar IPP; an agreement on manufacturing transformer and electricity devices; MoU on setting up of urea formaldehyde-85 plant; MoU on establishing Saudi-Bangladesh Institute of Biomedical Engineering and Technology; MoU on manufacturing cables and MoU on manpower export was signed by Bureau of Manpower , Employment and Training (BMET) and Al Maml Trading Estate of Saudi Arabia.

Representatives from Bangladesh, Saudi Arabia sign deal on their country’s behalf

The agreement on construction of 100MW of solar IPP was signed between Electricity Generation Company of Bangladesh Limited and Alfanar Company of Saudi Arabia.

Managing Director of Electricity General Company Arun Kumar Saha and Vice president of Sales and Marketing of Alfanar Company Khalid bin Qabel Al Sulami inked the deal on behalf of their respective sides.

The agreement on manufacturing transformers and electricity devices was signed between General Electric Manufacturing Company Limited and Engineering Dimension.

Managing Director of General Electric Manufacturing Company Limited Sultan Ahmed Bhuiyan and Chief Executive Officer Mohammad bin Najeeb Al Hajji signed the deal behalf of Bangladesh and the Saudi Arabia, respectively.

Acting director general of BMET SK Rafikul Islam and Chairman of Al Maml Trading Estate signed MoU on manpower export.

Bangladesh Industries Secretary Md Abdul Halim and Chief Executive Officer of Riyadh Cables Group of Industries Mohamed Mustafa Mohamed Rafea signed MoU on manufacturing cables.

Bangladesh Industries Secretary Md Abdul Halim and Chief Executive Officer of Al Afaliq Group Mohammed Abdulaziz S Alfaleq signed MoU on establishing Saudi-Bangladesh Institute of Biomedical Engineering and Technology. 

Industries Secretary Md Abdul Halim and Saudi investor Yusuf Bin Abdullah Al Razi inked MoU on setting up a Urea Formaldehyde-85 plant in Bangladesh. 

Saudi keen to invest in Bangladesh 

Earlier, Saudi Commerce and Investment Minister Dr Majed Bin Abdullah Al Kassabi said the relationship between Bangladesh and Saudi sees a "new chapter" through their presence here to find wider investment opportunities.

The Saudi minister said his country is serious in enhancing business ties with Bangladesh.

He made the remarks while addressing a plenary session of the joint ministerial level meeting with Bangladesh on investment held at a city hotel.

Finance Minister Kamal and Prime Minister's Industry and Investment Adviser Salman F Rahman also spoke on the occasion. Executive Chairman of BIDA) Aminul Islam was also present at the time.

The Saudi delegation arrived in Dhaka on Wednesday night is scheduled to leave Dhaka for Riyadh on Thursday night.

Senior officials of Saudi Public Investment Fund, Saudi Fund for Development and top officials of Saudi companies are among the 35-member Saudi delegation, according to the Ministry of Foreign Affairs here.

Finance Minister Kamal led the Bangladesh side at the Bangladesh-Saudi Arabia bilateral meeting being held with special focus on investment.

Saudi-Bangladesh relation to the next level

The relations between Bangladesh and Saudi Arabia have reached a new height in recent time by consecutive four successful visits of the Bangladeshi prime minister to Saudi Arabia in the last three years, officials said.

During Sheikh Hasina’s meetings with Saudi leadership, it was identified that despite having huge potentials, the two countries are far behind in exploring the opportunities for cooperating in the field of trade and investment, they said.

During the last visit of the prime minister to the Kingdom of Saudi Arabia in October last year, the focus was on expanding cooperation in the field of investment.

On October 17 last year, Bangladesh and Saudi Arabia signed five MoUs to enhance cooperation in chemical, steel and solar power sectors between the two countries.

The MoUs were inked after the meeting of Prime Minister Hasina with the Saudi business community, including leaders of the Council of Saudi Chamber and Riyadh Chamber of Commerce, at the King Saud Palace.