The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has emphasised signing a Free Trade Agreement (FTA) between Bangladesh and Kingdom of Saudi Arabia.
The point was raised in a meeting of the FBCCI delegation held with the Jeddah Chamber of Commerce and Industry in Saudi Arabia on Monday.
At this time, FBCCI raised the need to sign an FTA for the sake of expanding trade between the two countries.
FBCCI President Mahbubul Alam said business and trade patterns are changing all over the world. Along with that, new challenges are coming up.
“After graduation from LDC by 2026, Bangladesh will also face several challenges. In such a situation, Bangladesh and Saudi Arabia should take the initiative to sign an FTA now to take advantage of the integrated supply chain and meet the challenges of the future,” he added.
Referring to Saudi Arabia as one of Bangladesh's labour force export destinations, the FBCCI president said Saudi Arabia has currently taken strong steps in high-tech infrastructure development and industrial diversification.
At this point, they will need a hugely skilled workforce. Meanwhile, Bangladesh is now experiencing the benefits of the "demographic dividend". That is, the country has a large number of active, experienced, and skilled young manpower in science and technology.
He urged the Saudi government to expand employment opportunities for skilled young workers in Bangladesh in various sectors.
It was informed in the meeting that Saudi Arabia has investment potential in several sectors, including environment-friendly energy, infrastructure, car parts, chemicals, food processing, information and communication technology, artificial intelligence, and robotics in Bangladesh.
At this time, the Jeddah Chamber of Commerce and Industry assured Bangladesh of its cooperation in the development of port management.
Besides, they will help in organising the Branding Bangladesh Expo to introduce Bangladeshi products in Saudi Arabia, he said.
FBCCI Vice President Md Khairul Huda Chapal, Md. Rashedul Hossain Chowdhury Roni, Md. Munir Hossain, directors Habib Ullah Don, Hasina Newaz, Khandaker Ruhul Amin, Munal Mahbub, Md. Ali Hossain Shishir, Md. Enayet Ullah, BM Soheb, Sahidul Haque Molla, Fakhrus Salehin Nahian, Salma Hossain, Md. Amir Hossain Noorani, Md. Faizur Rahman Bhuiyan, and Syed Mohammad Bakhtiar, among others, were present.
