Bangladesh has proposed duty-free market access for its number of items like apparel, leather and leather goods, pharmaceuticals and agro-products to the Kingdom of Saudi Arabia (KSA) market.
The proposal was made during a two-day 11th session of Joint Economic Commission Meet between Bangladesh and KSA, which ended yesterday in the capital.
Welcoming the proposal, the KSA expressed its keen interest for enhancing bilateral trade and commerce between the two countries. Both sides also agreed to take necessary steps for technical cooperation between BSTI and Saudi Arabia Standards Organisation (SASO).
Economic Relations Division (ERD) Senior Secretary Mohammad Mejbahuddin led Bangladesh side while Deputy Minister of International Affairs, Ministry of Labour of Saudi Arabia Dr Ahmad Bin Fahad Al-Fuhaid led the Saudi side at the meeting organised by the ERD.
At a briefing after the closing session, the deputy minister of Saudi Arabia said that his country wants to forge a strong partnership with Bangladesh particularity in the areas of economic activity, trade, investment, labour affairs, agriculture, financial services, scientific and educational fields.
Asked whether the KSA assistance to Bangladesh would be affected due to the continuous fall of oil price, Al-Fuhaid said: “I do not see any possible impact.”
The Saudi economy is moving forward and has the highest national budget this year as well as very good foreign currency reserves, he added.
Mohammad Mejbahuddin said Bangladesh is ready to accept any offer from KSA for making investments in Special Economic Zones in Bangladesh.
Noting that Bangladesh received annually around $3bn as remittance from the Bangladeshi expatriates working in Saudi Arabia, he said there is no denying the fact that this amount could go up substantially.
He said there were discussions on holding trade fairs and boosting manpower export.
During the Meet, both sides also agreed on expansion of trade between the two countries by reducing obstacles and difficulties and utilising industrial and investment opportunities available in the two countries.
According to the statement of KSA, Bangladesh side was requested to provide investment opportunities within the framework of King Abdullah’s initiative for agricultural investment abroad.
Bangladesh side expressed its desire to establish joint ventures between the two countries in the fields of Agro-based industrialisation in which Bangladesh has advanced experience.
During the meeting, both the delegations exchanged information on latest social and economic progress and reviewed the outcome of cooperation between Bangladesh and Saudi Arabia. Both the parties discussed various issues of mutual interest in a congenial and friendly atmosphere and expressed their commitment to further strengthen the existing bilateral relations.
In the meeting, the Saudi side acknowledged the contributions of Bangladeshi professionals and workers towards the development activities of Saudi Arabia and expressed its interest for recruiting Bangladeshi doctors, nurses and teachers.
The Saudi Food and Drug Authority also expressed its consent for importing Halal meat and meat products, fresh fish and shrimp to Saudi Arabia from Bangladesh according to the technical regulations, certified specifications standard and relevant resolutions.
The two sides welcomed the proposal to enhance cooperation between their civil aviation authorities, including training, repair and maintenance of aircraft, equipment of ground handling and equal treatment for Saudi Arabian Airlines and the Biman Bangladesh Airlines.
Both sides agreed to strengthen cooperation between Saudi News Agency (SPA) and the Bangladesh Sangbad Sangstha (BSS).
The Meet also discussed issues like cooperation in economics, investment, religious affairs, security affairs, civil aviation, agriculture, education, health, IT, sports, cultural affairs and tourism.
The 12th session of the Joint Economic Commission is likely to be held in Riyadh in 2016.