Dhaka and Riyadh yesterday signed two agreements and four memorandums of understandings (MoUs) for the development of various sectors of Bangladesh including power, and industrial sectors.
The agreements are construction of 100MW solar IPP in Sonagazi, Feni at a cost of $100 million and manufacturing transformer and electricity devices in Patenga, Chittagong involving $35 million.
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.
Bangladesh made a proposal seeking $35 billion Saudi investment against 17 large and mega projects.
A committee, headed by Saudi Economy and Planning Minister Mohammed Al Tuwaijri, has been formed to scrutinise the projects of Bangladesh, meeting sources said. Ministers from Bangladesh and Saudi Arabia will comprise the high-powered committee.
The four MoUs
MoU on setting up of urea formaldehyde-85 plant in Sylhet; MoU on establishing Saudi-Bangladesh Institute of Biomedical Engineering and Technology(Mysensingh, Rangpur, or Jamalpur), MoU on manufacturing cables in Potenga, Chittagong 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.
Earlier, Saudi Arabian Commerce and Investment Minister Dr Majid Bin Abdullah Al Qasabi at a dialogue said his country is serious about enhancing business ties with Bangladesh.
The Saudi Arabian minister said the magnitude of their delegation "is a testimony" to the fact that they are serious to open a new chapter and enhance communication, dialogue and business relations between the two countries.
He made the comments while speaking at a dialogue organized by the Bangladesh Investment Development Authority (BIDA), in collaboration with the foreign ministry, to explore and attract Saudi investments into the country, held at Intercontinental, Dhaka.
A 36-member delegation comprising of Qasabi, Economy and Planning Minister Mohammed Al Tuwaijri, and representatives of Saudi Arabia’s Public Investment Fund and 17 top business groups arrived on Wednesday night in Dhaka to discuss investment issues.
Private Industry and Investment Adviser to the Prime Minister Salman F Rahman, in his presentation on "Business Climate and Investment Opportunities in Bangladesh", said Bangladesh is South Asia’s geostrategic gateway to India and China which also connects three new important regional markets—Bhutan, Nepal, and Myanmar.
Mustafa Kamal: Dhaka seeks $35b Saudi investment
At a media briefing Finance Minister AHM Mustafa Kamal said the government has placed investment proposals in different sectors amounting to about US $35 billion before the visiting Saudi delegation.
“We have proposed to invest in different projects, including high speed railway lines between Dhaka and Chittagong and Bhanga and Payra Port. The estimated cost of the projects is not less than $35 billion,” he said at a press briefing after a dialogue titled “Saudi Arabia-Bangladesh Trade and Investment Cooperation” was held at the InterContinental Dhaka on Thursday.