Home ›› 09 Sep 2021 ›› Front
Coronavirus and bureaucratic inertia have held back the implementation of around $15 billion worth of Saudi investment through 30 infrastructure projects in Bangladesh, despite explicit instructions from Prime Minister Sheikh Hasina for the Greenfield FDI, says Saudi Ambassador to Bangladesh Essa Yousef Alduhailan.
The Kingdom’s ambassador to Bangladesh expressed his optimism about Saudi investment, bolstering bilateral relations, further cementing trade, investment and diplomatic engagement with Dhaka in an exclusive interview with The Business Post’s Executive Editor Nazmul Ahsan at the embassy office in Dhaka.
Dhaka-Riyadh bilateral relation has been largely dominated by manpower export from Bangladesh to Saudi Arabia. Why can’t the two nations expand the relationship to enhance trade and investment?
The bilateral relations between the Kingdom of Saudi Arabia and the People’s Republic of Bangladesh are strong and distinguished, spanning more than 45 years, based on the principles of Islam and brotherhood.
About the dominance of the export of manpower from Bangladesh to the Kingdom on the relations between the two countries, let me clarify that some may hold this stereotype, and this may be true. Add to the issue of Hajj and Umrah as well, the relations between the two countries include multiple aspects like economic, cultural, and humanitarian dimensions.
It is characterised by understanding on all issues of common interest. As for me, as a Saudi Ambassador to Bangladesh, I am striving hard to strengthen relations between the two countries and focus on trade and investment issues to achieve the goals of the Kingdom’s Vision 2030 and the Bangladesh Economic Vision 2041.
A good number of Saudi businesses had earlier shown interest in investing in Bangladesh. Till date, the investment has not been made. Could you please mention any specific reasons for holding back the FDI?
Bangladesh is a new economic destination for Saudi investors who have the desire and passion to come and invest in Bangladesh. The reasons for not increasing the number of Saudi investors may be due to the coronavirus pandemic that hit the entire global economy and led to a decline in manufacturing and production rates and an increase in companies’ exit rates from the market.
Besides, the lack of bilateral meetings between businessmen and investors on both sides and the lack of awareness of the enormous investment opportunities in the KSA and Bangladesh are other major reasons for being late.
We have proposed to invest around $15 billion in different infrastructure projects. Coronavirus and dilly-dally mentality from a section of bureaucrats in Bangladesh are twin reasons for the proposed investment not being implemented so far.
Prime Minister Sheikh Hasina’s clear instructions and eagerness to tap Saudi investment here still boost our interests towards Bangladesh. I am optimistic about progressing the Greenfield proposals into reality soon.
The KSA has been generous in recruiting Bangladeshi workers despite the Covid-19 period. How do you rate Bangladeshi workers who have been contributing to your economy for long?
Indeed, the KSA is keen to recruit Bangladeshi workers and provide them with attention and healthcare facilities, especially during the coronavirus pandemic, and give them the vaccine for free. The number of Bangladeshi workers working in the KSA is estimated at 2.3 million now, contributing more than $3.5 billion per annum to Bangladesh economy.
During the difficult period of the virus, Saudi Arabia did not stop issuing visas to Bangladeshi workers, which is more than 3,500 per day.
Bangladeshi workers play an important role in the development of government and private projects, Saudi companies and establishments, as well as Saudi families. These workers are distinguished by their sincere, diligent work, high productivity and intelligence, and they have a significant role in the implementation of projects related to the Kingdom’s Vision 2030.
How do you see the investment climate in Bangladesh?
For several reasons investment climate in Bangladesh is favourable. They are—political stability, which is an important factor to attract investments and societal harmony.
Bangladesh is a winning combination with its high connectivity, competitive market, business-friendly environment and competitive cost structure that can give the best returns. Industrious competitive workforce, strategic location, regional connectivity and worldwide access and low labour wages are some other features that made Bangladesh an ideal destination for investment.
We are in the process of launching a good number of special economic zones dedicated to some countries. Do you see any prospects of investing here by business conglomerates of your country?
Economic zones contribute significantly to increasing foreign direct investment, creating job opportunities, developing industries and services, economic diversifications, and increasing the country’s economy’s contribution to the global value chain, which is reflected positively on economic growth and development.
As for such zones and the laws related to them, such as taxes, customs and other legal restrictions on business, have been sent to the Saudi authorities concerned to study them and discuss ways to invest in these areas and we are expecting to hear good news in the near future.
Rohingya influx is a serious blow to Bangladesh’s geographical and economic aspects. Do you laud our role towards the persecuted Rohingya Muslims?
The world and international organisations view with appreciation the role of the Government of Bangladesh, led by Prime Minister Sheikh Hasina, in dealing with the Rohingya crisis.
We appreciate the government of Bangladesh for this humanitarian role and its attempt to alleviate the sufferings of the Rohingya minority by rehabilitating the island of Bhasan Char to transfer 1,00,000 Rohingya to reduce overcrowding in Cox’s Bazar area, where the island is equipped to ensure the safety of its residents and provide them with the appropriate means of living and comfort. Despite the difficult economic conditions and the conditions of the coronavirus pandemic, the hospitality of the Honourable Prime Minister and the people of Bangladesh are laudable for this noble work.
OIC has so far not been able to establish a common market and FTA among its member countries. Bangladesh is keen to see the KSA in a leading role towards the end. Does your government have any plan?
The Kingdom of Saudi Arabia supports all efforts aimed at achieving prosperity, growth and stability for the Arab and Islamic countries. The existence of a common Islamic market will achieve many advantages represented in expanding production areas, creating job opportunities for young people, covering the needs of local markets, exporting products and benefiting from the comparative advantage of each country.
Here, it is necessary to study international experiences in establishing common markets, activating bilateral and regional agreements, increasing intra-regional trade, and engaging in development projects to serve the interests of the Muslim Ummah.
Bangladeshi people are keen to see the KSA in the leading role in global politics, given the honourable King Salman bin Abdulaziz Al Saud is the custodian of the Two Holy Mosques. Do you have any message for your Bangladeshi brothers and sisters?
The KSA, under the leadership of the custodian of the Two Holy Mosques, King Salman bin Abdulaziz -may Allah (SWT) protect him- occupies a lofty position among Islamic countries and peoples, as it is the home of the Two Holy Mosques and the Qibla of Muslims.
It plays a major role in serving Islam and Muslims in various parts of the world and extends its hand to help and aid the affected and the needy people, and contribute generously in the field of humanitarian and relief assistance.
It carries the concerns and issues of the Islamic nation and defends them in international forums. The Kingdom also has a pivotal role at the international level, as it is a member of the G20 and represents the Arab and Islamic worlds.
It contributes to international economic decision-making as the largest exporters of oil and ensures the continuity and stability of the global energy market. Also, its strategic location allows it to be a region connecting the continents.
And while I was honoured to meet the Custodian of the Two Holy Mosques, he conveyed his greetings to the Bangladeshi leadership and the brotherly Muslim people of Bangladesh.
He stressed the importance of making efforts that contribute to raising the bilateral relations between the two brotherly countries and peoples to higher horizons, which we see today from the level reached by these relations in various fields.
