[🇧🇩] Can Bangla-Saudi Relation be elevated to Strategic Level?

[Saif]

Bangladesh, Saudi Arabia complete feasibility study on urea fertiliser factory

Bangladesh and Saudi Arabia have wrapped up a feasibility study on a urea fertiliser factory as part of a joint venture. Mohammed Alibrahim, the Saudi assistant minister for oil and gas, told Prime Minister’s Adviser on Private Industry and Investment Salman F Rahman about the study at a mee

thefinancialexpress.com.bd

Bangladesh, Saudi Arabia complete feasibility study on urea fertiliser factory

The Saudi assistant minister for oil and gas informs Salman F Rahman about the feasibility study during a meeting in Riyadh
BDNEWS24.COM
Published :
May 01, 2024 23:40
Updated :
May 01, 2024 23:40

Bangladesh and Saudi Arabia have wrapped up a feasibility study on a urea fertiliser factory as part of a joint venture.

Mohammed Alibrahim, the Saudi assistant minister for oil and gas, told Prime Minister's Adviser on Private Industry and Investment Salman F Rahman about the study at a meeting in Riyadh.

They discussed the Saudi-Bangladesh partnership at Alibrahim's office on Tuesday night, the adviser's public relations office said in a statement on Wednesday.

The Saudi assistant minister said they were working on technical matters after completing the study and will meet Bangladesh's technical team now.

He was keen on energy cooperation with Bangladesh.

Alibrahim told Salman that the Saudi government was considering Bangladesh's proposal to buy crude oil under a delayed payment system.

They also discussed a DSP fertiliser plant.

Salman also met Saad Alkroud, chief of staff at Saudi Public Investment Fund and secretary general of its board of directors, who praised the Bangladesh government for the country's economic development.

He expressed satisfaction over the investment of Saudi firm Red Sea Gateway Terminal in Patenga port.

The Saudi official handed Salman a list of 80 companies of the Gulf kingdom that are keen on investing in Bangladesh.

Alkroud hoped that the PIF will join Bangladesh's journey towards development through its company.

Salman held the meetings after attending a World Economic Forum session in Riyadh.​

 

[Saif]

Dhaka, Riyadh to hold political consultation July 1

Dhaka and Riyadh will hold the second political consultation on July 1 when they will discuss the upcoming visit of Saudi Crown Prince Mohammed bin Salman to Bangladesh as well as Saudi investment, trade, manpower, and Rohingya crisis

www.thedailystar.net

Dhaka, Riyadh to hold political consultation July 1

Dhaka and Riyadh will hold the second political consultation on July 1 when they will discuss the upcoming visit of Saudi Crown Prince Mohammed bin Salman to Bangladesh as well as Saudi investment, trade, manpower, and Rohingya crisis.

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and Bangladesh Foreign Minister Hasan Mahmud will lead the respective sides in the consultation in Riyadh, foreign ministry sources said.

Private Sector Adviser to Prime Minister Salman F Rahman, Additional Foreign Secretary (bilateral) Md Nazrul Islam, Bangladesh Ambassador to Saudi Arabia Mohammad Javed Patwary, Director General of West Asia Wing Shafiqur Rahman and Director Nafisa Monsur will be part of Bangladesh delegation.

"Bangladesh side will be highlighting the needs for investment, protection of the Bangladeshi migrants in the Kingdom, support in addressing Rohingya crisis," a foreign ministry official said.

He said many Saudi companies are keen to invest in Bangladesh and the announcements may come during the visit of the Saudi crown prince later this year.

Saudi Arabia may also raise the issue of renewing passports of about 69,000 Rohingyas who went to the Gulf country in the past.

In early May this year, Home Minister Asaduzzaman Khan told media that Dhaka will renew passports of the 69,000 Rohingyas considering that they might be deported otherwise.

"Bangladesh will seek increased international pressure on Myanmar for repatriation of over a million Rohingya," a source said.

The two countries will also discuss the regional conflicts in the Middle East including Israel-Hamas war in Gaza, cooperation among the Organization for Islamic Cooperation (OIC), among others.​

 

[Deleted due to Error (Muji Iqbal)]

Saudi Arabia should invest in Bangladesh. Bangladesh has a large human resource pool that can be used in Saudi Arabia.

 

[Saif]

Saudi Arabia should invest in Bangladesh. Bangladesh has a large human resource pool that can be used in Saudi Arabia.

Though Saudi Arabia has expressed its intention to invest in Bangladesh, they have failed to keep their promises so far. I don't expect any investment from Saudi Arabia because their promises to invest in Bangladesh are just lip service.

 

[Deleted due to Error (Muji Iqbal)]

Though Saudi Arabia has expressed its intention to invest in Bangladesh, they have failed to keep their promises so far. I don't expect any investment from Saudi Arabia because their promises to invest in Bangladesh are just lip service.

What can Bangladesh offer Saudi Arabia? In this transactional world, its about what can you offer the other party.

 

[Saif]

Bangladesh, KSA for increasing Saudi investment

Dhaka and Riyadh emphasised boosting Saudi investment in Bangladesh during the second round of political consultations between the two countries held on...

www.newagebd.net

Bangladesh, KSA for increasing Saudi investment
Bangladesh Sangbad Sangstha . Dhaka 02 July, 2024, 00:17

Dhaka and Riyadh emphasised boosting Saudi investment in Bangladesh during the second round of political consultations between the two countries held on Monday in Saudi Arabian capital.

Bangladesh foreign minister Hasan Mahmud and his Saudi Arabian counterpart, prince Faisal bin Farhan, led their respective delegations during the consultation meeting, a foreign ministry's press release said in Dhaka.

The discussions focused on enhancing Saudi investment in Bangladesh's special economic zones and exploring opportunities for Saudi Arabian funds to be deposited in Bangladesh's offshore accounts.

Both leaders underscored the necessity of energising the activities of the Bangladesh-Saudi Arabia Joint Business Council to boost commercial relations between the two nations.

Prime minister's private industry and investment adviser Salman F Rahman, Bangladesh ambassador to Saudi Arabia Mohammad Javed Patwary, additional foreign secretary Md Nazrul Islam, foreign ministry's director general (West Asia) Md Shafiqur Rahman, and director general (FMO) Md Arif Nazmul Hasan, as well as Saudi officials, were present at the meeting.

The two foreign ministers also discussed special privileges for Bangladesh in importing oil from Saudi Arabia.

Hasan expressed gratitude to Saudi Arabia for hosting and providing employment to nearly three million Bangladeshis.

There was a fruitful discussion on forming a joint task force to bring more transparency in the export of Bangladeshi manpower to Saudi Arabia and to stop workers' harassment by vested interests, said the release.

Hasan requested special registration opportunities for Bangladeshi expatriates doing business in Saudi Arabia.

The Saudi foreign minister assured cooperation when Bangladesh sought assistance in the repatriation of the displaced Rohingyas to Myanmar.

They also stressed the importance of united efforts by the Muslim world to end Israeli brutality in Gaza.

During the one-and-a-half-hour cordial meeting, they also discussed the upcoming visit of Saudi crown prince and prime minister Mohammed bin Salman to Bangladesh.

The two foreign ministers also decided to adopt a joint action plan to properly celebrate the golden jubilee of Saudi-Bangladesh diplomatic relations next year.

The meeting also decided to elevate the meeting of the Bangladesh-Saudi Arabia Joint Commission to the ministerial level.

After the meeting, a luncheon was hosted by the Saudi foreign minister in honour of his Bangladeshi counterpart.​

 

[Saif]

What can Bangladesh offer Saudi Arabia? In this transactional world, its about what can you offer the other party.

Bangladesh is one of the fastest growing economies in Asia. The potential sectors for Saudi Investors are Energy, mineral resource, ports, textile, IT, Pharmaceuticals, light/heavy engineering, Ship building and automobile.

 

[Deleted due to Error (Muji Iqbal)]

Bangladesh is one of the fastest growing economies in Asia. The potential sectors for Saudi Investors are Energy, mineral resource, ports, textile, IT, Pharmaceuticals, light/heavy engineering, Ship building and automobile.

Yes this is what we want to hear. Money does the talking in this money hungry world, my brother.

 

[Saif]

Remittance from KSA halves in 3 years: BB

Remittance inflow from the Kingdom of Saudi Arabia has halved in three years despite the country being largest overseas labour market for Bangladeshi workers...

www.newagebd.net

Remittance from KSA halves in 3 years: BB
Mostafizur Rahman 19 September, 2024, 22:35

A file photo shows a man counting dollar notes in the capital Dhaka. Remittance inflow from the Kingdom of Saudi Arabia has halved in three years despite the country being largest overseas labour market for Bangladeshi workers. | New Age photo

Remittance inflow from the Kingdom of Saudi Arabia has halved in three years despite the country being largest overseas labour market for Bangladeshi workers.

According to a Bangladesh Bank report, remittances from Saudi Arabia dropped by $3.8 billion, or 52 per cent, in FY24 compared with those in FY21.

The inflow fell to $2.74 billion in FY24 from $3.76 billion in FY23, $4.54 billion in FY22 and $5.72 billion in FY21, reflecting a downward trend.

Despite being the top destination for Bangladeshi migrant workers, Saudi Arabia’s remittance inflow has declined notably in recent quarters, BB report said.

In contrast, the United Arab Emirates, with a much smaller number of Bangladeshi migrant workers, registered a remarkable increase in remittance inflow during the same period, it said.

Remittances from the UAE surged to $4.6 billion in FY24, up from $3.03 billion in FY23 and $2.07 billion in FY22, suggesting that skilled labour participation played a significant role in driving these earnings, it said.

Data from the Bureau of Manpower, Employment, and Training (BMET) showed that 4,97,674 Bangladeshi workers migrated to Saudi Arabia in 2023, compared with 98,422 to the UAE.

In the April-June quarter of FY24 alone, more than 1,18,000 workers went to Saudi Arabia, while only 10,705 went to the UAE.

Despite the higher number of Bangladeshi workers in Saudi Arabia, remittance inflows from the country have failed to keep pace with those from the UAE.

The ongoing decline in remittances from Saudi Arabia, a key pillar of Bangladesh’s foreign exchange earnings, is concerning.

Economists have attributed this downward trend to several factors, including changes in the composition of the labour force, with a larger portion of low-skilled workers whose earnings are generally lower than those of skilled labourers.

Additionally, increased competition on the labor market, stricter labour regulations, and challenges related to economic adjustments in Saudi Arabia could be contributing to the reduced inflows, they said.

However, they were also suspicious about the sudden surge in remittance from the UAE as the country allegedly became a hub of illicit money flow.

In FY24, Bangladesh received $23.91 billion in remittances, marking a 10.65-per cent increase from $21.61 billion in FY23.

According to the central bank report, this rise in remittances was driven by a surge in the total number of expatriate workers and a significant increase in the dollar rate, which incentivised remitters to send money home through formal banking channels.

The report also highlighted the shifting dynamics of remittance inflows by the country.

During the April-June quarter of FY24, Bangladesh received the highest remittance inflows from the UAE, amounting to $1,329.48 million, which accounted for 19.44 per cent of the total remittances.

The United States followed as the second largest source of remittances, contributing $1,018.21 million, or 14.89 per cent of the total.

In contrast, Saudi Arabia, despite hosting nearly half of all Bangladeshi migrant workers, contributed only 11.32 per cent of the total remittance inflows.

The BMET data indicated that 2,72,141 Bangladeshi workers went abroad during the April-June quarter of FY24, with about 1,18,581 migrating to Saudi Arabia.

Among the overseas workers, 11,970 were women, making up 4.40 per cent of the total migration during this period.

However, the number of female workers migrating abroad has been on the decline since the October-December quarter of 2021.​

 

[Krishna with Flute]

It offers one of the most investor-friendly regulatory regimes in South Asia including low-cost labour, generous tax holidays, duty-free import of machineries,

The volume of investment by the two Saudi companies under the agreements stands at $135 million, while the estimated amount of investment under the four MoUs is worth $98 million.

nder the agreement, around 1,800 Bangladeshi troops would be sent to Saudi Arabia to defuse mines along the war-torn Saudi-Yemen borders.

Quote from Above articles.

Come on this is not strategic. 135 mn USD investment is not strategic.