Bangladesh Minister of Commerce Tufail Ahmed met recently in Riyadh with Council of Saudi Chambers (CSC) Chairperson Abdulrahman Al Zamil and other chamber personnel in order to develop avenues of commercial trade between the two nations.
Al Zamil conveyed the CSC’s willingness to further develop existing ties, stating that Saudi investors have a strong interest in Bangladesh assets. CSC Acting Secretary General Omar Bahlaiwa relayed the importance of developing private sector business in accordance with the recent parameters outlined by Saudi Vision 2030 and how that can mesh with Bangladesh’s global trade goals.
Ahmed noted various investment opportunities in Bangladesh, which has attracted interest from financiers worldwide, from the U.S. and Europe to China, Japan, Korea and India, for example. Additionally, Bangladesh has begun to elevate its exporting connections, specifically in the apparel industry and in international financial stability.
Bangladesh ranks second worldwide, after only China, in clothing exports. The minister confirmed that 60 percent of apparel is exported to Europe, while 25 percent is distributed to the United States.
The Bangladesh envoy stated that 1.3 million Bengali currently work in Saudi Arabia, bolstering foreign exchange reserves. Gas and oil manufacturing, construction materials, produce and human resources are all on the rise within his country, Ahmed said.