Saudi investors have expressed keen interest in establishing a special economic zone (SEZ) in the Payra area of Kalapara upazila in Bangladesh’s Patuakhali district. Salman F Rahman, the private industry and investment adviser to the Prime Minister of Bangladesh, revealed this development during a press conference held at the Bangladesh Investment Development Authority (BIDA) premises in Dhaka. This announcement followed Rahman’s three-day visit to Saudi Arabia.
The Bangladesh government aims to present the opportunity for investment in the establishment of an Economic Zone to Saudi Arabia. According to Rahman, the Saudi investment minister has also conveyed their willingness to set up the SEZ in Payra. Additionally, Bangladesh is interested in collaborating on the construction of a urea fertilizer factory in Saudi Arabia, jointly owned by both countries. This initiative aims to ensure a steady supply of this crucial agricultural input. Rahman mentioned that the proposed joint venture fertilizer factory is being considered for full import by Bangladesh after production in Saudi Arabia.
The Saudi government has demonstrated interest in progressing with this proposal, with a feasibility study expected to be completed by March 2024. Rahman emphasized the potential for private sector investors to participate in this venture as well.
In a bid to address the ongoing dollar crisis in Bangladesh, the government has sought cooperation from Saudi Arabia. Rahman mentioned that Bangladesh has requested an extended time span of one year, as opposed to the current 45 days, to settle energy import bills due to the dollar crisis. The Saudi counterpart has expressed willingness to consider this request.
Saudi Arabia has also shown interest in investing in food security initiatives, specifically in the production of vegetables, fish, and other food products in Bangladesh, with plans to import these goods to their country.
Rahman highlighted discussions about a joint research initiative between Bangladesh and the Saudi Arabian Rice Research Institute aimed at developing long-grade rice varieties. Additionally, he mentioned his representation of Bangladesh in joining the IMCTC on behalf of the Prime Minister and Defense Minister.
The collaboration and agreements between Bangladesh and Saudi Arabia reflect a growing partnership in various sectors, ranging from economic development to security and agriculture.