Bangladeshi businesses have huge potentials in Saudi Arabia

Dhaka Chamber of Commerce and Industry (DCCI) president Barrister Sameer Sattar said that Bangladeshi businesses have huge potentials in Saudi Arabia.

DCCI President said this during a business meeting between DCCI and Riyadh Chamber of Commerce followed by an effective B2B match-making session held yesterday on the Riyadh Chamber of Commerce premises in Saudi Arabia.

Sameer Sattar is heading the largest private sector business delegation comprises of 61 Bangladeshi companies to Saudi Arabia, said a press release.

Sameer said, "We feel proud to see our products here in Saudi Arabia... Bangladesh has been able to show its resilience especially in the last decade in terms of economic transformation."

He said since Bangladesh is going to graduate into middle income country in 2026, the country needs not only market diversification, but also product diversification.

Noting that the bilateral trade between Bangladesh and Saudi Arabia reached $2 billion, Sameer said the figure, however, does not reflect the inherent potential of businesses.

He said that the business delegation, led by DCCI, comprises of eminent large investors of Bangladesh especially from IT, agro, infrastructure, construction and real estate, energy and power, tourism and hospitality, education etc. and all of them are eager to expand their business with Saudi Arabia.

The DCCI president also invited Saudi entrepreneurs to invest especially in smart farming, IT, fintech, logistics and infrastructure sectors in Bangladesh.

During the meeting, Naif Abdullah Al Rajhi, vice chairman, Riyadh Chamber of Commerce said that Bangladesh in recent past has done a tremendous development in terms of trade and commerce.

He said both Bangladesh and Saudi Arabia have great prospects of economic transformation and diversification of resources.

Rajhi also expressed his high hope that Bangladeshi investors will soon have a major share in the investment landscape of Saudi Arabia.

"Saudi market, one of the largest markets in the region can be attractive for Bangladeshi investors," he said underscoring the need for exploring new scopes of common opportunities that Saudi Arabia and Bangladesh enjoy in different potential sectors.

The vice chairman of Riyadh Chamber of Commerce also said businesses have no boundaries while Saudi entrepreneurs want to do more businesses with their Bangladeshi counterpart.

Later, the business meeting with more than 120 B2B match-makings between Bangladeshi and Saudi businessmen were held.

Meanwhile, a Memorandum of Understanding (MoU) was signed between the Riyadh Chamber of Commerce and DCCI with a view to further cementing the bilateral business cooperation in the days to come.

Barrister Md. Sameer Sattar, president, DCCI and Naif Abdullah Al Rajhi, vice chairman, Riyadh Chamber of Commerce signed the MoU on behalf of their respective organizations.