Metropolis Desk-
Top business executives from Bangladesh are getting ready to travel to Saudi Arabia to learn more about the markets there and to strengthen trade links between the two nations, according to the delegation’s leader, who spoke to Arab News.
Since a delegation led by the Saudi Commerce Minister Majid bin Abdullah Al-Qasabi visited Dhaka in March, there have been more opportunities for collaboration. The minister had been invited by the government of Bangladesh and the Federation of Bangladesh Chambers of Commerce and Industry, which is the top business organization in the nation.
Several investment agreements were inked during the visit, allowing Saudi Arabia to enter Bangladesh’s energy, port, and agricultural sectors. The two countries’ chambers of commerce also established a joint council to oversee their bilateral trade relations.
“A business delegation tour to Saudi Arabia is now being planned and prepared. The group will consist of 50 to 60 people from various industries, according to Sameer Sattar, president of the Dhaka Chamber of Commerce and Industries, who would be leading the team, who spoke to Arab News on Thursday night.
“I believe Saudi Arabia to be a sizable market for us. Due to the LDC (least developed nation) graduation status, we are currently in transition from our traditional export priorities of the EU and US.
Bangladesh was permitted by the UN to leave the LDC category by 2026 because it had attained middle-income status in November 2021. According to the UN, this would entail that the nation would forfeit the “benefits accruing from LDC-specific international support measures” and would instead have to mitigate these consequences through a variety of economic adjustments, including increased commerce with other countries.
“We must broaden the markets we export to. We shouldn’t limit our attention to just one or two places, added Sattar.
The group, which will include business leaders from small, medium, and big firms, will represent a variety of sectors. IFAD Group and United Group, according to Sattar, should both be represented in the delegation.
In Saudi Arabia, there are a ton of opportunities. You may invest in any industry, just name it.
Source- Arab News
