Staff Reporter :
Bangladesh is setting its sights on attracting Saudi Arabian deposits to its recently launched offshore banking system, according to Foreign Minister Hasan Mahmud.
In a statement made on Sunday, the foreign minister revealed plans to discuss financial sector cooperation with the Kingdom of Saudi Arabia, with a particular focus on enticing Saudi companies and individuals to deposit their funds in Bangladeshi offshore accounts.
“We are aware that Saudi Arabia traditionally deposits funds in various countries,” said Mahmud. “We see an opportunity to present them with a compelling proposal to utilize Bangladesh’s offshore banking system for their deposits.”
While addressing journalists at the Jatiya Sangsad Bhaban following the passing of the national budget, the Foreign Minister discussed his upcoming trip to Riyadh for the second round of political consultations with Saudi Arabia.
The Minister highlighted a key development aimed at attracting foreign investment, he said, “We have opened the window of offshore banking for foreign entities, businesses, and Bangladeshi expatriates. We intend to showcase this to our Saudi counterparts during the consultations.”
Elaborating on the benefits of depositing in Bangladesh’s offshore accounts, the Minister explained, “Deposits will accrue regular returns, with the option to convert them back to the original currency.”
Shifting focus to the strong bilateral ties between Bangladesh and Saudi Arabia, the Minister acknowledged their significance.
“Saudi Arabia is a crucial development partner for Bangladesh,” the minister stated and also articulated, “Nearly 30 lakhs Bangladeshis reside there, contributing substantially through remittances. We enjoy partnerships and cooperation with them in various sectors, including green energy, solar power, and port management.”
“We would request them to invest in our industrial sectors,” the minister continued.
The second consultation meeting will be led by Foreign Minister Hasan Mahmud and his Saudi counterpart Prince Faisal bin Farhan Al Saud at the Saudi Ministry of Foreign Affairs.