Dhaka to Explore Saudi Markets, Strengthen Commercial Ties

Leading figures in Bangladeshi industry are preparing to travel to Saudi Arabia to learn more about the country's markets and strengthen bilateral trade, according to a delegation quoted by Arab News.

"We are now planning and preparing a business-delegation visit to Saudi Arabia. It will be a 50- (to) 60-member delegation from different sectors," Sameer Sattar, president of the Dhaka Chamber of Commerce and Industries, who will be leading the delegation.

Bangladesh is likely to lose certain international assistance measures as a result of the UN's decision to graduate it from LDC classification by 2026, necessitating a diversification of export markets and increasing commerce with other countries.

"Traditionally, we focused mostly on the EU and US for our exports, but we are in transition now due to the LDC (least developed country) graduation status, Sattar said adding, ""We need to diversify our export markets. We shouldn't concentrate only on one or two destinations."

Conglomerates that operate in a variety of industries, including food, vehicles, real estate, construction, healthcare, pharmaceuticals, and power and energy, like IFAD Group and United Group, are two that Sattar is particularly interested in include in the delegation.

A high-level delegation from Saudi Arabia headed by the minister of commerce Majid bin Abdullah Al-Qasabi visited Dhaka in March to push for closer cooperation. As a result of their visit, several investment agreements were signed, establishing Saudi Arabia's entry into Bangladesh's energy, seaport, and agricultural sectors.

Saudi Ambassador Essa Al-Duhailan said, "I called the Bangladeshi businessmen and companies to go to Saudi Arabia, explore the market and have joint ventures with their counterparts, businessmen in Saudi Arabia, to have investment in line with Vision 2030."

He mentioned that there are huge opportunities in various fields in Saudi Arabia. "Just name any field, and you can invest there."