Diplomatic Correspondent :
Saudi Arabia’s Ambassador to Bangladesh, Essa bin Youssef Al-Duhailan, has alleged that Saudi Aramco, the world’s largest oil company, has encountered resistance on multiple occasions while attempting to invest in Bangladesh.
Speaking at the launch of a report titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges and Long-term Growth Prospects” at the Foreign Ministry on Sunday, the ambassador claimed that certain individuals had discouraged foreign investors for personal interests, thereby hindering potential economic collaboration.
The event was chaired by Foreign Secretary Md Jashim Uddin, with Dr Salehuddin Ahmed, Adviser to the Ministries of Finance and Science and Technology, as the Chief Guest, and Foreign Adviser Md Touhid Hossain as the Special Guest.
The Saudi envoy stated that Saudi Aramco is keen to establish a refinery in Bangladesh, which could have a positive impact on the region by boosting petroleum production. “Aramco is willing to come to Bangladesh to build a refinery here,” he affirmed.
He also emphasised the importance of strengthening political and economic ties through greater cooperation and collaboration. Calling for expanded partnerships in trade, investment, culture, tourism, and other key sectors, he remarked: “We have a unique relationship. We also have many success stories.”
Addressing the potential for renewable energy investment, the ambassador highlighted that Saudi Arabia’s ACWA Power, the world’s largest renewable energy company, is interested in investing approximately $3.5 billion in Bangladesh. Despite the challenges, he assured that Saudi Arabia remains committed to increasing investment in the country.
Speaking at the event, Economic Adviser Dr Salehuddin Ahmed echoed similar concerns, citing past instances where major foreign investors, such as South Korea’s Samsung, had been deterred by previous governments. “Corruption and various policy mistakes in the past have cost us,” he noted.
He stressed that while the government can create a conducive environment, it is ultimately the responsibility of the private sector to seize opportunities and enhance trade.
“The previous government drove South Korea’s Samsung out of the airport, just as it did with Saudi Aramco,” he remarked.
Foreign Adviser Md Touhid Hossain acknowledged that Bangladesh has not always provided a favourable environment for foreign investment.
“The investment-friendly environment that was often spoken about in the past was not as robust in reality.
However, the interim government is committed to providing the right conditions for foreign investors,” he stated.
During the discussion, he also encouraged Saudi Arabia to increase its investments in Bangladesh.
Foreign Secretary Md Jashim Uddin highlighted the need for a structured approach to assessing Bangladesh’s economic engagements and identifying untapped opportunities.
“We have historically lacked a formal mechanism to systematically evaluate the breadth of our economic partnerships and identify untapped potential,” he said.
He described the report as a pioneering effort to assess the multidimensional aspects of Bangladesh-Saudi economic relations.
“It meticulously outlines the key challenges impeding our collaboration and provides actionable recommendations to overcome them, paving the way for sustained progress and meaningful economic engagement,” he added.
As the current interim government undertakes significant reform initiatives, identifying and addressing barriers to economic collaboration is crucial, he stressed.
The Foreign Secretary also acknowledged the vital contributions of Bangladeshi expatriates to Saudi Arabia’s progress and Saudi Arabia’s unwavering support for Bangladesh’s energy security, which has been instrumental in driving economic development.
“Together, our nations are uniquely positioned to complement and enhance each other’s development trajectories. This report will serve as an invaluable resource for businesses, investors, and policymakers, illuminating pathways for deeper economic collaboration,” he concluded.
He further urged Saudi businesses to explore the vast opportunities detailed in the report and encouraged Bangladeshi entrepreneurs to actively pursue avenues to strengthen bilateral trade and investment with their Saudi counterparts.
