Saudi Arabia Seeks Increased Economic Ties With Bangladesh

Saudi Arabia Seeks Increased Economic Ties With Bangladesh. Saudi Arabia is increasingly focusing on enhancing its economic relationship with Bangladesh, with a strong interest in expanding investments across key sectors. During a recent meeting, Saudi Arabian Ambassador to Bangladesh Essa Yousef Essa Al Duhailan underscored the importance of deepening economic ties, noting that Saudi businesses are eager to invest more in Bangladesh.

Ambassador Al Duhailan highlighted the potential for significant investment in Bangladesh’s logistics, services, and renewable energy sectors.

Companies like RSGT International and ACWA Power are at the forefront of this initiative, exploring opportunities that could contribute to the sustainable growth of Bangladesh’s economy. These investments are not just about financial gain but also about building long-term partnerships that benefit both nations.

In a courtesy meeting with Chief Adviser Prof Muhammad Yunus at the state guesthouse Jamuna, Ambassador Al Duhailan praised Prof Yunus’s leadership, expressing confidence in his ability to guide Bangladesh toward prosperity.

The Chief Adviser reciprocated the goodwill, describing Saudi Arabia as a “very important friend of Bangladesh.” He recalled his visit to Saudi Arabia last year for the World Football Summit, where he addressed the Saudi Arabian women’s football team, emphasizing the transformative power of sports.

A significant point of discussion was the role of the 3.2 million Bangladeshi workers currently employed in Saudi Arabia.

These workers contribute approximately $10 billion annually in remittances, with $5 billion sent through official channels and another $5 billion through unofficial means.

The ambassador suggested that channeling all remittances through official avenues could substantially boost Bangladesh’s economic growth.

The ambassador also raised concerns about the renewal of passports for 69,000 undocumented Bangladeshi individuals who have been residing in Saudi Arabia since the 1970s.

Ensuring these individuals are documented could further strengthen the relationship between the two countries, allowing for better management of migrant workers and their contributions to the economy.

Ambassador Al Duhailan discussed Saudi Arabia Makkah Route Initiative, designed to simplify immigration procedures for Hajj and Umrah pilgrims. Last year alone, half a million Bangladeshis performed Umrah, demonstrating the deep religious ties between the two nations. The initiative is expected to enhance the experience for Bangladeshi pilgrims, making their spiritual journeys more accessible and streamlined.

The Chief Adviser expressed his appreciation for Saudi Arabia leadership in bolstering bilateral relations, emphasizing the importance of continued cooperation. As both nations look to the future, the potential for deeper economic collaboration and mutual growth remains a promising horizon.

The strengthened economic ties between Saudi Arabia and Bangladesh, driven by strategic investments and mutual cooperation, promise significant benefits for both nations. Continued collaboration will further enhance economic growth and deepen the longstanding friendship between the two countries.