Bangladesh may get billions of Saudi investments, says BIDA boss in interview

Bangladesh can get billions of dollar investments from oil giant Saudi Arabia, provided that how the country can effectively handle them, said Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (BIDA).

Bangladesh received $2.7 billion investment commitments from potential foreign investors at a two-day international investment conference that had concluded on November 29, last year. Of the investments, Saudi’s Engineering Dimension committed to invest $1.75 billion.

“They (Saudi investors) are coming in a big way. Next Saudi delegate that will visit us will include 21 companies,” Islam told the Business Insider Bangladesh in an interview at an office in Dhaka on Saturday.

He said the investment commitment of the Saudi’s Engineering Dimension is on track and he has been in touch with it.

“I have talked to them yesterday (Friday),” said the BIDA executive chairman.

Of the $1.75 billion investments, Engineering Dimension said it will develop a Strategic partnership with Dipon Engineering to invest $1.5 billion to set up fertiliser, paper mill, and sugar-processing industries.

Another $250 million will be invested in a petrochemical logistics hub in Chattogram, according to the memorandum of understanding.

Islam who is a retired top bureaucrat has been working tirelessly to facilitate services to both local and foreign investors in a transparent and efficient way.

He has established a long-cherished one-stop service (OSS) centre at BIDA that has already connected 18 government organisations out of 40 that provide services to investors.

“Still, we have miles to go to get expected foreign investments,” he said.

“We have to brand Bangladesh and its potential to the outside world. We have to provide better and faster services to woe investments,” he said.

Islam said BIDA is working with the ministry of foreign affairs and leading trade bodies, including FBCCI and DCCI, to devise out ways how Bangladesh can showcase itself positively to the outside world.

said they have a plan to host 10 roadshows this year, but uncertainty is looming large as the Covid cases are increasing across the world.

Earlier in 2020, Engineering Dimension of Saudi Arabia has agreed to invest in two state-owned companies - Chhatak cement factory in Sunamganj and General Electric Manufacturing Company.