Tuesday, August 20, 2019

Bangladesh, Saudi Arabia sign two investment agreements, four MoUs

  • Senior Correspondent, bdnews24.com
    Published: 2019-03-07 17:17:23 BdST

Bangladesh and Saudi Arab have signed two investment agreements and four memoranda of understanding on different sectors, including electricity, railways, electronics and aeronautics.

The deals were signed between representatives of several local companies and organisations of Bangladesh and visiting Saudi officials in the presence of Prime Minister Sheikh Hasina at her offices in Dhaka on Thursday.

Before signing the deals, Majid Bin Abdullah Al Qosaibi, the Saudi minister for commerce and investment, and Minister of Economy and Planning Mohammed bin Mezyed Altwaijri, met the prime minister.

“In the meeting, Commerce and Investment Minister Qosaibi said that Saudi King was interested in the progress of economic relations with Bangladesh,” PM's Press Secretary Ihsanul Karim told reporters after the meeting.

A 34-member Saudi delegation led by the two ministers arrived in Dhaka on Wednesday night.

On the day before the arrival of the Saudi team, Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority or BIDA, said the government was expecting $15 billion in investments from the kingdom in at least 16 different projects.

Riyadh-based Alfanar Company and Electricity Generation Company of Bangladesh, or EGCB, signed an agreement to build a 100 MW solar power plant in Feni.

Bangladesh’s state-owned General Electric Manufacturing Company Ltd signed a deal with Saudi company Engineering Dimensions to produce transformers and electricity devices.

A memorandum of understanding on manpower export was signed by the state-run Bureau of Manpower Employment and Training, or BMET, and Al Maml Trading Estate of Saudi Arabia.

Bangladesh Chemical Industries Corporation and Yusuf Al Rajhi Estate signed a contract on the construction of urea formaldehyde-85 plant.

Bangladesh Sugar and Food Industries Corporation and Al-Afaliq Group signed an MoU on establishing the Saudi-Bangladesh Institute of Bio-Medical Engineering and Technology.

Bangladesh Steel and Engineering Corporation, or BSEC, and Riyadh Cables Group of Companies signed an MoU on producing cables.