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

[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.

 

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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.

 

[Saif]

Quote from Above articles.

Come on this is not strategic. Providing cheap soldiers for mine defusing and 135 mn USD investment is not strategic.

It takes time to build a strategic relationship with a country like Saudi Arabia. There is a huge potential for Bangladesh-Saudi Arabia to build a strategic relationship based on sectors like hydrocarbon and defense. By the way, our soldiers lives are not cheap, may be yours are.

 

[Saif]

Upcoming visit of Saudi Crown Prince promises further momentum in Dhaka-Riyadh ties: Foreign Affairs Adviser

Foreign Affairs Adviser Md Touhid Hossain on Sunday said Bangladesh is eagerly anticipating the upcoming visit of Saudi Crown Prince Mohammed bin Salman to Bangladesh, an event that promises to further enhance the momentum of bilateral relations between the two countries. "We also look f

thefinancialexpress.com.bd

Upcoming visit of Saudi Crown Prince promises further momentum in Dhaka-Riyadh ties: Foreign Affairs Adviser
UNB
Published :
Sep 30, 2024 00:12
Updated :
Sep 30, 2024 00:12

Foreign Affairs Adviser Md Touhid Hossain on Sunday said Bangladesh is eagerly anticipating the upcoming visit of Saudi Crown Prince Mohammed bin Salman to Bangladesh, an event that promises to further enhance the momentum of bilateral relations between the two countries.

"We also look forward to celebrating 50 years of our diplomatic ties, marked by cultural exchanges, business delegations, and high-level visits that will undoubtedly solidify our enduring partnership," he said while speaking at a reception marking the Saudi National Day at the country's embassy in Dhaka.

Hossain said they deeply appreciate the remarkable contributions of Saudi Ambassador Essa Yousef Essa Al Duhailan in strengthening the bilateral ties and warmly welcomed his successor, assuring him of full cooperation in advancing the partnership.

The Adviser extended his heartfelt wishes for continued peace, prosperity, and progress for the Kingdom of Saudi Arabia under the wise leadership of King Salman and Crown Prince Mohammed bin Salman. "May our friendship continue to flourish."

Saudi Arabia has been a steadfast partner in Bangladesh's development journey.

Saudi Fund for Development (SFD) has partnered Bangladesh in implementing several infrastructure projects over the years.

"We express our deep gratitude for the Kingdom for employing around 3 million of our workers, both semi-skilled and unskilled, who are contributing to both of our economies," said Hossain.

The proposal for establishing a Joint Task Force on labor issues reflects the shared commitment to safeguarding the rights and welfare of workers, a testament to common values of social justice, he said.

The two way trade has exceeded $2 billion annuallyin recent years.

Bangladesh sources strategic goods like petroleum products and minerals, fertilizer etc. from Saudi Arabia to keep the economy moving.

Recently, Bangladesh is drawing increasing attention from Saudi businessmen and investors who are showing keen interest to invest here, said the Adviser.

The recent investment initiative by the Red Sea Gateway Terminal in the operation of Potenga Container Terminal is a case in point to showcase Kingdom's commitment to developing Bangladesh's logistical capacities in the port sector, he said.

Some notable companies, such as ACWA Power and SABIC, are exploring opportunities in the renewable energy, logistics and infrastructure sectors.

Simultaneously, Bangladeshi businesses are eager to engage in sectors like pharmaceuticals and fertilizers in Saudi Arabia.

"As Bangladesh rapidly develops, we invite our Saudi partners to explore the immense potential within our Special Economic Zones, offering significant opportunities in infrastructure, power, tourism, and hospitality," said the Adviser.

The two nations have also identified new areas for collaboration, particularly in areas of labor migration, investment, infrastructure development, education, as well as agriculture and environment.

"We remain committed to forging a strategic partnership as we approach the Golden Jubilee of our diplomatic ties next year," Hossain said.

Looking ahead, the Adviser said, they are going to elevate the Joint Commission to the ministerial level, reflecting the deepening significance of the relationship.

"This step will undoubtedly help unlock new opportunities and strengthen our cooperation in addressing global challenges and supporting each other in international forums," he said.

Saudi Arabia, under the dynamic leadership of Crown Prince and Prime Minister Mohammed bin Salman, is progressing toward achieving the ambitious Vision 2030-a vision that seeks to diversify the Saudi economy, promote sustainability, and achieve transformative growth.

"Bangladesh is willing to be a partner to contribute to realizing this vision by sharing our experience and expertise in aligning with these aspirations for sustainable, inclusive development," said the Foreign Adviser.​

 

[Saif]

Keen to recruit more workers from Bangladesh: Saudi envoy

Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailan on Sunday expressed eagerness to recruit more workers, especially skilled and trained workforce, to support its ambitious initiatives like "Green Saudi Initiative" and mega projects under the Kingdom Vision 2030

www.thedailystar.net

Keen to recruit more workers from Bangladesh: Saudi envoy

Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailan and Foreign Secretary Md Jashim Uddin. Photo: PID

Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailan on Sunday expressed eagerness to recruit more workers, especially skilled and trained workforce, to support its ambitious initiatives like "Green Saudi Initiative" and mega projects under the Kingdom Vision 2030.

The ambassador recalled the invaluable contributions of Bangladeshi expatriate workers to the Saudi economy and society, praising them as diligent and hardworking.

During a meeting with Foreign Secretary Md Jashim Uddin at the Ministry of Foreign Affairs, the Saudi envoy said the Saudi Embassy in Dhaka is issuing a good number of visas every day, which is adding up to the already 3 million workforces employed in Saudi Arabia.

Both the foreign secretary and the ambassador underscored the necessity of maintaining continuous engagement between their governments, including political consultations and the high-level Joint Economic Commission (JEC) as well as the Joint Technical Committee (JTC) on Manpower between the two countries.

During the meeting, the ambassador briefed the Foreign Secretary on some pending Saudi initiatives, including establishment of "iconic mosques" and an Arabic language institute in Dhaka and sought his cooperation in expediting them.

The Saudi envoy also apprised him on the current Saudi investment initiatives in the port logistics and renewable and power sectors, according to the Ministry of Foreign Affairs.

The foreign secretary assured the ambassador of his commitment to addressing any outstanding issues and encouraged him to explore further potential for increasing investment from KSA.

He pledged full support to facilitate the removal of any obstacles hindering such investments.

He also expressed Bangladesh's solidarity with the Palestinian cause and called for urgent action for the realisation of a two-state solution.​

 

[Saif]

Yunus seeks robust KSA investment

Chief adviser Muhammad Yunus on Monday urged the Kingdom of Saudi Arabia to invest more in Bangladesh as he sought enhanced energy and economic cooperation to boost ties between the two friendly nations...

www.newagebd.net

Yunus seeks robust KSA investment
Bangladesh Sangbad Sangstha . Dhaka 28 October, 2024, 21:58

Chief adviser Muhammad Yunus on Monday urged the Kingdom of Saudi Arabia to invest more in Bangladesh as he sought enhanced energy and economic cooperation to boost ties between the two friendly nations.

The chief adviser made the call when Saudi ambassador to Bangladesh Essa Youssef Essa Al Duhailan paid a courtesy call on him at his office here.

‘This is the time that Saudi Arabia can give the best support to us,’ Yunus told the Saudi envoy, terming the relationship between the two countries ‘unique’ and ‘separate’ than other countries.

He called on the envoy to convey his request to the Saudi government for depositing funds in Bangladesh’s central bank to boost liquidity support as part of economic cooperation, saying it would be ‘a wonderful gesture to the Interim Government’.

The chief adviser also called for concessional supply of energy and petroleum products as well as enhanced trade and increased Saudi investment in the training of the Bangladeshi young people so that Dhaka can send more skilled and trained workers to the oil-rich country.

Ambassador Al Duhailan acknowledged the contribution of the Bangladeshi diaspora in Saudi Arabia, saying that gaining more skills would help them earn a better salary and send more remittances back home.

Currently, nearly 3 million Bangladeshis are employed in the kingdom, sending billions of US dollars annually.

The envoy said that Saudi Arabia issued on average 5,000 visas to Bangladeshi migrants and Muslim pilgrims daily.

In 2023, about half a million Bangladeshis visited Saudi Arabia to perform Umrah hajj, a 37 per cent increase from the previous year.

Al Duhailan said that his country was eager to invest more in Bangladesh and sought support from the office of the chief adviser to facilitate proposed Saudi investment in the port and logistics sectors especially in Matarbari deep seaport and power and renewable energy sectors by Acwa Power.

He handed over two letters from the Custodian of Two Holy Mosques King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman congratulating the chief adviser on the occasion of Saudi National Day.

‘My government wants to see stability in Bangladesh, and Inshallah is ready to support the Bangladesh government,’ said the Saudi ambassador.

He presented the chief adviser a copy of the Holy Quran and a replica of the falcon, the national bird of Saudi Arabia.​