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Bangladesh-Saudi joint-ownership - banglapratidin24
May 27, 2023, 11:01 pm

Bangladesh-Saudi joint-ownership

  • Update Time : Thursday, March 2, 2023

Fruitful discussion held on setting up Urea fertilizer factory in Saudi Arabia

Staff Reporter, Dhaka : Salman F. Rahman, MP, the Prime Minister’s Private Sector Industry and Investment Adviser, has sought the assistance of the Saudi Commerce Minister for duty-free entry of 213 products from Bangladesh to Saudi Arabia. Saudi Commerce and Media Affairs Minister Dr. Majid bin Abdullah Al Qasabi assured cooperation In this regard.

He gave this assurance in the bilateral meeting held at the Saudi Trade Minister’s office on Tuesday, February 28. During this time, the implementation of the written memorandum of understanding between the two countries was also discussed.

The upcoming visit of the Saudi Commerce Minister to Bangladesh and The Bangladesh Business Summit, which will be hosted in Dhaka on March 11–13, were both extensively addressed at this discussion, which was held in a very friendly setting. The Saudi Minister of Commerce will lead a big group combining government, commercial and corporate figures. The meeting also included the inaugural “Joint Business Council” meeting under the Memorandum of Understanding agreed in October 2022 during the Bangladesh Business Summit between the Federation of Saudi Chambers and the FBCCI.

The proper implementation of the signed memorandums of understanding between the two countries was discussed at the meeting on Tuesday. When the Saudi Commerce Minister was asked to help with the duty-free entrance of 213 products from Bangladesh into Saudi Arabia during the meeting, he pledged his cooperation.

Regarding the building of a potential urea fertilizer factory in Saudi Arabia under joint ownership, the advisor to the prime minister on private industries and investments requested assistance from the Saudi minister of commerce. Regarding the construction of this facility, the Saudi Ministry of Commerce promised full support, citing the great ties between the two countries.

In the afternoon, Advisor Salman F. Rahman met with Abdulrahman Al-Fageeh, CEO of Saudi Basic Industries Corporation (SABIC) (SABIC). A ‘Concept Note’ addressing the setting up of the proposed Urea Fertilizer Plant was given in the meeting. SABIC CEO welcomed the concept and promised to take further steps in this area. Advisor Salman F. Rahman, noting Bangladesh’s capacity in the cotton-based garment sector, suggested the prospect of forming a strategic business connection between SABIC and Bangladeshi traders in the creation of artificial fabrics, and the SABIC CEO agreed. Bangladeshi businessmen are welcome to discuss with SABIC in this regard.

Adviser Salman F. Rahman invited Mr. Abdulrahman Al-Fageeh to visit Bangladesh anytime at his convenience. The meeting came to an end with an agreement from both parties to effectively expand their already good commercial relations.

Bangladesh Ambassador to Saudi Arabia, Dr. Mohammad Javed Patwary, BPM (Bar) and other officials participated in all these meetings.

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