Key Points:

• Saudi Arabia’s renowned power generation company, “Aqua Power,” has committed to investing USD 3.5 billion in Bangladesh’s power sector
• Each year, 127,000 pilgrims undertake the Hajj, and around 400,000 perform Umrah
• Approximately 2.8 million Bangladeshi expatriates are employed in various capacities in Saudi Arabia

The Saudi embassy in Bangladesh has expedited the visa processing system, currently issuing approximately 5,000 visas daily from Dhaka. Moreover, prominent Saudi companies are gearing up to invest in various sectors within Bangladesh, given the growing bilateral relations between the two nations.

During a press briefing on the launch of the Saudi Volunteer Program (EBSAR) in Dhaka on Tuesday, Saudi Ambassador Essa Youssef Essa Al Duhailan conveyed these sentiments. The program was inaugurated by Dr. Aqeel Al Ghamdi, Assistant Supervisor General for Planning and Development at the King Salman Humanitarian Aid and Relief Centre (KSRELIEF), in the presence of the ambassador.

You can also read: Saudi Arabia Eyes Investments in Bangladesh

The initiative aims to provide eye treatment to 30,000 students across 50 schools in Dhaka. Ambassador Al Duhailan emphasized that the relationship between Saudi Arabia and Bangladesh has become increasingly diverse, extending beyond Hajj and Umrah. He noted that cooperation is now flourishing in areas such as trade, culture, defense collaboration, and manpower.

In addition, the Red Sea Gateway Terminal (RSGT) is on the verge of finalizing an agreement to operate the Patenga container terminal. Ambassador Al Duhailan underscored that Saudi-Bangladesh relations were fortified following Prime Minister Sheikh Hasina’s visit to Saudi Arabia in 2016, where she met with King Salman bin Abdulaziz Al Saud. This was further reinforced by visits from various Saudi ministers accompanying high-level officials from the Kingdom to Bangladesh.

Saudi-Dhaka ties strengthen

Saudi-Dhaka relations have evolved significantly in recent years, marked by growing cooperation and mutual understanding. This dynamic partnership has expanded across various sectors, including trade, energy, defense, and culture. As both countries strive for economic development and regional stability, their collaboration has become increasingly vital.

Economic Ties

Saudi Arabia and Bangladesh have forged a robust economic partnership. Saudi Arabia is one of Bangladesh’s top trading partners in the Middle East, with bilateral trade exceeding $2 billion in 2020. This economic cooperation has been bolstered by investments in infrastructure projects, creating jobs and boosting economic growth in Bangladesh.

Over the past five years, relations between Bangladesh and Saudi Arabia have deepened, and Saudi investment in Bangladesh has notably increased.

In the last half-decade, the Prime Minister of Bangladesh has visited Saudi Arabia four times, engaging in productive bilateral meetings with the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud, and Crown Prince Mohammed bin Salman. As a result, the relationship between both countries has reached unprecedented heights. Notably, four key Saudi ministers visited Bangladesh in 2021, 2022, and 2023, leading to increased Saudi investment and the signing of significant investment agreements. This surge in Saudi investment is poised to generate employment opportunities and contribute significantly to Bangladesh’s economic development.

Saudi Arabia boasts a robust, oil-rich economy, with Saudi billionaires already heavily invested in the US and Europe. As Saudi investors now show keen interest in Bangladesh, the nation is being added to the list of countries attracting Saudi investments.

In December 2021, the Saudi Minister of Transport and Logistics Services, Eng. Saleh Al Jasher visited Bangladesh and inked an agreement to establish the “Bangabandhu Sheikh Mujib Industrial Zone,” a Special Economic Zone for Saudi investors. Bangladesh has allocated 300 acres of land in Chittagong for this purpose. The establishment of this special industrial zone holds the potential to create numerous job opportunities in Bangladesh and enhance the country’s financial prospects through the export of goods produced there.

A significant member of the Saudi Cabinet, Foreign Minister Prince Faisal Al Fahad, visited Bangladesh in March 2022. During his visit, he paid a courtesy call on the Prime Minister and assured her of increased Saudi cooperation and investment in Bangladesh’s development. Furthermore, Mr. Majed bin Abdullah Al Kashab, Saudi Minister of Commerce, visited Bangladesh in March 2023, signing a substantial deal worth US$ 5 billion. Additionally, Saudi Arabia’s Deputy Interior Minister, Mr. Nasser Ad Dawood, visited Bangladesh in 2023.

Investment Opportunities

Saudi Arabia has expressed a keen interest in investing in Bangladesh’s various sectors, including energy, manufacturing, and telecommunications. These investments have the potential to stimulate economic growth and provide Bangladesh with the capital needed for critical development projects.

Energy Collaboration

Both countries have collaborated on energy-related projects, particularly in the field of oil and gas. Saudi Arabia is a significant supplier of oil to Bangladesh, ensuring a stable energy supply for the nation. Furthermore, discussions are ongoing regarding potential investments in Bangladesh’s energy infrastructure.

Notably, Saudi Arabia’s renowned power generation company, “Aqua Power,” has committed to investing USD 3.5 billion in Bangladesh’s power sector. The construction of a 730 MW power plant is already underway, and plans for a 1000-megawatt solar power plant are in progress. As the bond between Bangladesh and Saudi Arabia continues to strengthen, opportunities for mutual cooperation remain boundless.

Defense Cooperation

Saudi Arabia and Bangladesh have strengthened their defense ties through various agreements. These agreements encompass military training, exchange programs, and the sale of military equipment. This cooperation enhances Bangladesh’s defense capabilities and fosters regional security.

Cultural Exchange

Cultural exchanges have played a pivotal role in strengthening the relationship between Saudi Arabia and Bangladesh. The exchange of art, literature, and cultural performances has fostered mutual understanding and appreciation of each other’s rich heritage.

Hajj Pilgrimage

Saudi Arabia hosts thousands of Bangladeshi Hajj pilgrims each year. Both countries have worked closely to ensure the safety and well-being of these pilgrims, demonstrating their commitment to religious cooperation and support for the Muslim community. Each year, 127,000 pilgrims undertake the Hajj, and around 400,000 perform Umrah.

In August 2023, Saudi Arabia’s Minister of Hajj and Umrah, Dr. Tawfiq bin Fawzan Al-Rabiyyah, visited Bangladesh with a delegation of 161, including another minister and three deputy ministers. The visits of these key Saudi ministers, including those responsible for Transport and Logistics Services, Foreign Affairs, Commerce, Interior, and Hajj and Umrah, signify the pinnacle of warmth in the relations between these two brotherly countries.

Previously, the immigration of Hajj pilgrims, which typically occurred in Jeddah or Madinah in Saudi Arabia, now takes place at Hazrat Shahjalal International Airport in Dhaka, eliminating the need for pilgrims to endure long queues at Jeddah or Madinah airports. Saudi authorities even handle the transportation of their baggage from Dhaka’s Ashkona Haj camp to the pilgrims’ accommodations in Makkah and Madinah hotels, greatly easing the burden on Bangladeshi pilgrims, particularly the elderly.

Humanitarian Aid

Saudi Arabia has contributed over $124 billion in humanitarian and developmental aid to low- and middle-income nations over the past thirty years.

According to Dr. Ghamadi, the center has executed 2,591 projects in more than 94 countries, with a total expenditure surpassing $6 billion since its inception.

Among these initiatives, 52 projects were dedicated to delivering humanitarian assistance to Bangladesh, involving an expenditure exceeding $25 million. These programs have positively impacted the lives of more than 6 million impoverished individuals.

Furthermore, 25 projects aimed at aiding Rohingya refugees in Cox Bazar have been carried out, with a total funding of $26 million.

Counterterrorism Efforts

Both countries have joined hands in the global fight against terrorism. Saudi Arabia and Bangladesh have cooperated on intelligence sharing and counterterrorism operations, contributing to regional and international security.

Diplomatic Initiatives

Saudi Arabia and Bangladesh have engaged in diplomatic dialogues to address regional and global issues. They share common interests in promoting peace, stability, and economic development in South Asia and the Middle East.

Migrant workers in Saudi Arabia

Approximately 2.8 million Bangladeshi expatriates are employed in various capacities in Saudi Arabia, and their foreign remittances play a pivotal role in Bangladesh’s development.

Conclusion

Saudi Arabia and Dhaka have witnessed remarkable growth in their relations over the years, transforming their partnership into a multifaceted alliance. This relationship is driven by shared economic interests, cultural exchanges, defense cooperation, and a commitment to addressing global challenges together. As they continue to strengthen their ties, Saudi Arabia and Bangladesh are poised to make significant contributions to regional stability and prosperity.

The post Saudi Arabia and Bangladesh Forge Robust Cooperation Across Multiple Sectors appeared first on Press Xpress.