Investment, trade, manpower export to feature PM's talks with G-20 leaders in India

Prime Minister Sheikh Hasina will engage in bilateral talks with the heads of government of several countries including India, Argentina, Canada, Korea, the United Arab Emirates, and Saudi Arabia on the sidelines of the upcoming G-20 Summit in India slated for 9-10 September where she will lay emphasis on enhancing economic relations with these nations.

The talks will encompass a wide range of issues, including investment, export, manpower export, food, fuel, fertiliser, tourism and culture, women-led development, and technological transformation, according to sources within the foreign ministry and the Economic Relations Division (ERD).

The G-20 Summit will be held with the participation of the world's top 20 countries where Prime Minister Sheikh Hasina will attend at the special invitation from India.

Foreign ministry sources told The Business Standard that Premier Sheikh Hasina will meet her Indian counterpart Narendra Modi on 8 September.

The meeting is likely to cover various issues, including the contentious matter of equitable water distribution of common rivers such as the Teesta, payment of fuel oil prices in Indian currency, setting quotas on the import of food products from India, and easing terms and conditions for financing projects under the Indian Lines of Credit (LoCs), the said.

ACWA Power Company from Saudi Arabia has announced an investment of $430 million in the construction of a 300MW solar power plant in Rampal, Bagerhat – the largest solar power project in Bangladesh. Additionally, several other Saudi companies over the past 6-7 years have expressed interest in investing over $30 billion in Bangladesh. However, these investments remain unconfirmed due to various complications.

Given this scenario, the issue of investment will be a key point of discussion during the prime minister's meeting with Saudi Arabian representatives at the G-20 summit. Foreign ministry officials who are well-versed in the matter also mentioned that the meeting will encompass topics such as manpower exports to Saudi Arabia, fuel oil procurement, and the facilitation of Hajj management.

Officials of the foreign ministry said that Canada has expressed interest in investing in Bangladesh, particularly in renewable energy, education, health, human resource development, and green technology. To attract Canadian investors, the Bangladesh Economic Zones Authority (BEZA) has established a Country Desk in Canada.

During her upcoming meeting with Canadian Prime Minister Justin Trudeau in India, Prime Minister Sheikh Hasina may explore ways to increase Canada's investment in Bangladesh by leveraging Bangladesh's duty-free investment facility.

Similarly, Prime Minister Sheikh Hasina intends to encourage the UAE, South Korea, and other countries to invest in Bangladesh during her bilateral talks.

Around 30 lakh Bangladeshis currently work in Saudi Arabia. Therefore, the issue of manpower export will also be given importance during Prime Minister Sheikh Hasina's talks with her Saudi Arabian counterpart on the sidelines of the G-20 summit.

This issue is also expected to be on the agenda during Premier Sheikh Hasina's talks with the presidents of the United Arab Emirates and South Korea.

The UAE currently employs approximately 12 lakh Bangladeshi workers, while South Korea has taken in 28,697 Bangladeshi workers through the Employment Permit System (EPS) between 2008 and 2022. Stakeholders believe that there is considerable potential for further manpower exports to both of these countries.

Furthermore, Argentina presents itself as a promising market for various Bangladeshi products, including garments, medicines, jute and jute products, leather, and leather products.