The leaders of the newly formed Saudi Arabia-Bangladesh Chamber of Commerce and Industry announced that it would work to boost bilateral trade and strengthen economic cooperation between Bangladesh and Saudi Arabia.
They also stated that it is high time to establish a robust commercial, economic, and investment relationship between the two countries, given the current context of an evolving global trade environment and geopolitical uncertainty.
They were speaking at a press meet on Sunday at the City Bank Center in the capital regarding the official launching of the SABCCI and a three-day business summit to be started today at a hotel.
The Ministry of Commerce issued a license to the SABCCI on September 25 as per the Companies Act, 1994. The joint chamber is set to be launched officially today.
SABCCI would be the first ever Bangladesh鈥簊 bilateral chamber of commerce and industry with a Middle Eastern country.
To mark the official launch, the chamber will organise a three-day event and business summit from October 6 to 8, bringing together business leaders, policymakers, economists, sector experts, and investors from both countries.
Ashraful Alam Chowdhury, president of the SABCCI, stated that the country鈥簊 business community had long felt the need for an effective platform to foster cooperation with Saudi Arabia.
鈥榃e are now on the path to making that vision a reality,鈥� he added, saying that it is high time to build a strong commercial, economic, and investment relationship between Bangladesh and Saudi Arabia.
He also stated that, in the current context of evolving international trade and global geopolitical uncertainty, Saudi Arabia presents a promising alternative market for Bangladesh.
Responding a question, he said that the RMG export to the United States and European Union were facing major challenges due to various tariff and global issues.
鈥業n this scenario, Saudi Arabia could be a major nontraditional market for the country鈥檚 RMG exports,鈥� he added.
The two countries鈥� bilateral trade currently stands at around $2 billion, with vast opportunities to expand business in textiles, ready-made garments, ICT, digital finance, agricultural products, jute-based eco-friendly goods, and skilled manpower export, he added.
He also stated that over three million Bangladeshis are currently working in Saudi Arabia, making a significant contribution to both economies.
The demand for skilled workers is growing in sectors such as healthcare, engineering, IT, construction, and banking, he noted.
He also said that there are many potential areas for joint investment, including petrochemicals, crude oil refining, steel, food processing, agrochemicals, fertilisers, textiles, port management, green technology, and cybersecurity.
鈥楾he Saudi-investor-designated industrial plots in the National Special Economic Zone hold immense potential for future ventures,鈥� he added.
Ashraful Haque stated that a 20-member Saudi delegation, comprising top business leaders and policymakers, led by businessman Sheikh Omar Abdul Hafeez Amirbaksh, would arrive in Dhaka on October 6.
Nazi Abdullah, director of Al Isai Group; Mohammad Asif Salam, an IT entrepreneur and professor at King Abdulaziz University; and Khalid Al Harbi, a healthcare expert and professor at Taibah University, would also join the delegation.
The main event, the Saudi-Bangladesh Business Summit, will take place tomorrow (Tuesday) at the Hotel Sheraton, Banani, starting at 10am.
On October 7, at the main event, commerce adviser Sheikh Bashir Uddin will attend as the chief guest, with Bangladesh Bank governor Ahsan H Mansur as the special guest.
The session will be chaired by former commerce minister and BNP Standing Committee member Amir Khosru Mahmud Chowdhury.
The daylong event will also feature multiple sessions, paper presentations, product exhibitions, and bilateral business meetings.
The official inauguration ceremony of SABCCI will take place in the evening, with foreign affairs adviser Mohammad Touhid Hossain as the chief guest and BNP secretary general Mirza Fakhrul Islam Alamgir as the special guest.
SABCCI vice-president Ahmed Yusuf Walid, Pran-RFL Group director Uzma Chowdhury, and City Bank deputy managing director Mesbaul Asif Siddiqui also spoke at the press聽conference.
