53-member business delegation visits Saudi Arabia to explore trade opportunities

As Bangladeshi business leaders strive to enhance trade and uncover fresh avenues for growth, the largest business delegation from the country embarked on a mission to explore trade opportunities and forge robust economic connections with the Kingdom of Saudi Arabia on Sunday (29 October).

Led by the Dhaka Chamber of Commerce and Industry, this influential group of 53 prominent businessmen hails from some of Bangladesh's leading companies., reports Arab News.

This visit follows a recent surge in cooperative opportunities between Dhaka and Riyadh, dating back to March when Saudi Commerce Minister Majid bin Abdullah Al-Qasabi led a delegation to the Bangladeshi capital at the invitation of the government and the Federation of Bangladesh Chambers of Commerce and Industry.

During that time, Saudi Arabia made substantial inroads into Bangladesh's energy, seaport, and agriculture sectors by signing several pivotal investment agreements. Concurrently, the chambers of commerce of both nations established a joint council to navigate the intricate web of bilateral business relationships.

Notable members of the Bangladeshi business delegation include conglomerates such as the United Group and IFAD Group, renowned for their expertise in construction, healthcare, automobile manufacturing, and consumer packaged goods.

"This is going to be the biggest business delegation from Bangladesh to Saudi Arabia in recent years. Fifty-three businessmen from different leading companies will be part of the delegation," Sameer Sattar, president of the Dhaka Chamber of Commerce and Industries, who will be leading the delegation, told Arab News ahead of the trip.  

"We want to further increase our exposure to the Middle Eastern market. There are huge potentials to boost our bilateral trade as we are working to widen the scope in export diversification," he added.

United Group director Malik Talha Ismail Bari articulated the delegation's ambition, explaining, "We want to meet the right potential partners and companies in Saudi Arabia, with whom we can build joint ventures. There are options for technological exchanges also, as some of the largest development projects are ongoing in Saudi Arabia."

The delegation's composition also includes industry leaders in garments, logistics, and pharmaceuticals, who will hold meetings across various Saudi cities, including Makkah and Madinah.

In addition to exploring partnership opportunities, Bangladeshi businesses are actively seeking to attract more Saudi investment in their energy sector.

IFAD Group Vice Chairman Taskeen Ahmed remarked, "Saudi Arabia is a rich economy. They are investing a lot in the power and energy sector. One of our main goals is to shape up these investments. How can we fit in those investments in our country? We will also try to work out the investment potential in the automobile and electric vehicles sector."

Meanwhile, Genex Infosys, an IT service management company based in Dhaka, aims to attract investments in telecommunications and expand into new markets through networking with Saudi businessmen.

"We want to explore new markets through networking with the Saudi businessmen. We will try to bring some joint venture investments in Bangladesh, especially in telecom infrastructure," Genex Infosys director Enayetul Islam told Arab News.  

"Saudi Arabia can be a new market for us. It has a huge potential to be explored," he said.