Bangladesh seeks assistance from Saudi to combat dollar crisis
Bangladesh has sought assistance from Saudi Arabia to deal with the deteriorating dollar crisis, says the prime minister’s private industry and investment advisor, Salman F Rahman.
At a press briefing at Bangladesh Investment Development Authority (BIDA) on Tuesday, the advisor said he asked for the assistance during his just-concluded trip to the Middle Eastern nation, and the government there assured him of considering the issue.
“We get 45 days to pay the price for the fuel imported from Saudi Arabia. We told them that it would be beneficial to us if the timeframe is extended to one year. They assured us of considering the issue,” he told the media.
Salman F Rahman returned home on the day, wrapping up a three-day trip to Saudi Arabia. On behalf of Prime and Defense Minister Sheikh Hasina, he attended the Islamic Military Counter Terrorism Coalition (IMCTC) there. At the briefing, he revealed the outcomes of his Saudi trip.
Saudi Arabia is also interested in the food sector in Bangladesh. They would produce different varieties of vegetables, fish, and other food products here and import them to their country.
The advisor said Saudi Arabian investors expressed interest in developing a special economic zone at Payra of Patuakhali. “We want to arrange an economic zone for Saudi Arabia, as their investment minister expressed keen interest in developing an economic zone at Payra.”
Conversely, Bangladesh wants to set up a fertiliser factory in Saudi Arabia under joint ownership, to promote agricultural production at home and meet the growing demand for fertiliser.
Salman F Rahman said, “We would establish a urea fertiliser factory in Saudi Arabia under a joint initiative. We would import all the fertilisers produced in the factory. They are willing to advance with the proposal, while the feasibility study is likely to be done by March. Not only at the government level, but the private sector also has the scope to get involved in the process.”
Saudi Arabia is also interested in the food sector in Bangladesh. They would produce different varieties of vegetables, fish, and other food products here and import them to their country. They are exploring other investment opportunities in Bangladesh as well, he added.
Beyond the issues related to his Saudi trip, Salman F Rahman revealed US company Chevron’s willingness in fresh investments in the Bibiyana gas field as they expect more gas stock there. At the same time, the company is interested in gas and oil exploration in the deep sea.