The recent remarks by Essa bin Youssef Al-Duhailan, Saudi Arabia’s Ambassador to Bangladesh, highlight a critical juncture in the economic relationship between the two nations.
His assertion that Saudi Aramco, the world’s largest oil company, had faced resistance in the past autocratic regime of Hasina in its attempts to invest in Bangladesh raises significant concerns about the barriers to foreign investment in a country with immense potential.
Ambassador Al-Duhailan’s call for a refinery in Bangladesh is not merely a business proposition; it represents an opportunity for economic transformation. A refinery could bolster local petroleum production, create jobs, and enhance energy security.
Yet, the ambassador’s claims of discouragement from certain individuals for personal interests underscore a troubling reality: the need for a more conducive environment for foreign investors.
Dr. Salehuddin Ahmed, Adviser to the Ministries of Finance and Science and Technology, echoed these sentiments, pointing to past instances where foreign investors, including South Korea’s Samsung, were deterred by corruption and policy missteps. Such historical mismanagement has cost Bangladesh dearly, and the current interim government must learn from these lessons.
Foreign Adviser Md Touhid Hossain’s acknowledgement of the challenges in creating an investment-friendly environment is a candid admission that should spur action. The interim government’s commitment to reform is commendable, but it must translate into tangible changes that reassure foreign investors of a stable and transparent business climate.
A report launched by the Foreign Ministry serves as a crucial tool in this endeavour. By systematically assessing Bangladesh’s economic engagements with Saudi Arabia, it identifies untapped opportunities and outlines actionable recommendations. This structured approach is essential for fostering deeper economic collaboration.
Moreover, the potential investment from Saudi Arabia’s ACWA Power in renewable energy, estimated at $3.5 billion, signals a growing interest in sustainable development. This aligns with global trends towards green energy and presents Bangladesh with a chance to position itself as a leader in renewable initiatives.
As both nations stand at this crossroads, Bangladeshi entrepreneurs need to actively pursue partnerships with their Saudi counterparts. Bangladeshi expatriates’ contributions to Saudi Arabia further strengthen these ties, creating a unique synergy that can drive mutual growth.
The path to enhanced economic engagement between Saudi Arabia and Bangladesh is fraught with challenges, but commitment and collaboration can lead to a prosperous future for both nations.
