The Saudi–Bangladesh Chamber of Commerce and Industry (SBCCI) President Ashraful Haq Chowdhury on Wednesday said Bangladesh has a scope to earn double remittance from Saudi Arabia, and can export three times more from the current $30 million by the next three years, reports the Daily Sun.
“To get the optimum opportunity, we need proper policy support from both the government and private sectors, and take the initiative quickly. Our chamber is ready to cooperate in this regard,” Ashraful was addressing a press conference at the Pan Pacific Sonargaon hotel in Dhaka.
He explained that they successfully arranged the first-ever Saudi–Bangladesh Business Summit 2025 in Dhaka. “We have received a good response from businesses and policymakers in the summit. Saudi investors are keen to invest in Bangladesh, particularly in infrastructure and other sectors,” Ashraful highlighted.
According to data from the Export Promotion Bureau (EPB), bilateral trade between Bangladesh and Saudi Arabia stood at US$1.98 billion in the 2023-24 fiscal year. Bangladesh exported goods worth $310.97 million and imported products valued at $1.67 billion.
Bangladesh’s major exports to Saudi Arabia include ready-made garments (RMG), manpower, and food items, while imports mainly consist of fertiliser, plastics, chemicals, and crude oil.
Between 2001 and June 2024, Saudi investment in Bangladesh totalled just $34.09 million, according to Bangladesh Bank data.
Currently, 3 million Bangladeshi workers are working in Saudi Arabia. Bangladesh receives around $6 billion on average yearly from the KSA.
The SBCCI president said they have built connectivity between the two countries. Now state level negotiation is crucial.
Speaking at the event, Khalid M Alharbi, dean of CBA at Taibah University, KSA, said their government has a Vision 2030 to diversify and develop the economy. “We expect the bilateral trade between Saudi Arabia and Bangladesh will increase in the coming days as the summit creates an anticipation to explore it,” he also said.
Asif Salam, professor at King Abdulaziz University, said there is an enormous opportunity in bilateral trade between the two countries. So, strong collaboration is required here. Bangladesh is a hidden potential thanks to its population.
“Facilitation is significant to boost trade and investments, which is better for both countries,” he also said.
Political stability is crucial to attract FDI
Michael Sassen, co-founder and CEO of HelioPark, KSA said Bangladesh needs to ensure political stability, strengthen financial capacity, and skill up people to attract more foreign direct investment (FDI).
“Renewable energy is bright future. Investment is needed here. However, everybody knows about Bangladesh’s RMG industry but doses know about its freelancing industry despite second-largest in freelancing,” he also said.
Chief Executive Officer of Grow 400, Mohammed Alabdulqader said they have a plan to invest $1 million within this year. “Due to a lack of proper communication, there is fewer investments. For the first time, I visited Bangladesh. Later, I will come here with my family members. Our engagement will strengthen with Bangladesh in the future,” he highlighted.
SABCCI Vice President Ahmed Yusuf Walid, Chairperson of Meghna Bank Uzma Chowdhury, among others, also spoke there.
Bd-Pratidin English/ AM
