Business leaders to explore Saudi markets, strengthen commercial ties

Top business leaders are gearing up for a visit to Saudi Arabia to explore the Kingdom's markets and enhance commercial relations between the two nations, Arab News reports the delegation as saying.

"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.

With the UN's resolution to graduate Bangladesh from LDC status by 2026, the country is poised to lose certain international support measures, necessitating diversification of export markets and increased trade with other nations.

"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."

Sattar is keen on the inclusion of conglomerates such as IFAD Group and United Group in the delegation, which operate in diverse sectors like food, automobiles, real estate, construction, healthcare, pharmaceuticals, and power and energy.

The push for greater cooperation began in March, with a high-level delegation led by Saudi Commerce Minister Majid bin Abdullah Al-Qasabi visiting Dhaka which resulted in the signing of multiple investment agreements, marking Saudi Arabia's entry into Bangladesh's energy, seaport, and agriculture 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."