Saudi Foreign Minister visit to oversee multibillion Saudi investments.
Bangladesh is catching up in foreign investments after pandemic impacted 2020 and 2021.
NEWSBANGLADESH NEWS
After a recent series of large investments in Bangladesh, the Saudi Foreign Minister Prince Faisal bin Farhan visited Bangladesh in the first ever “political consultation talks”.
He noted that “There are Saudi companies already present here in Bangladesh with several billion dollars’ worth of direct investment. And we are committed to building on this strong foundation to a much, much broader partnership and much broader relationship.”
Engineering Dimensions will invest up to USD 1.75 billion in different projects, one of them is a USD 450 million cement factory with a daily production of 12 000 tons of clinker and 3 000 tons of cement.
ACWA Power has already signed a USD 600 million deal to build a 700 MW power plant with a possible extension totaling USD 3.5 billion.
The prince also noted that 2.3 million Bangladeshis are working in Saudi Arabia, and that they continue to recruit even more, highlighting a delivery of 38 000 working visa per week at their Dhaka embassy.
Flourishing relations are also existing with Sweden and Switzerland.
On March 30th, Swedish Ambassador to Bangladesh Alex Berg von Linde presented the updated “Bangladesh-Sweden Business Guide” (last update 2015) and congratulated Bangladesh’s accomplishment.
She also emphasized the strong economic ties between both countries and working on bringing more investment to help Bangladesh’s on its path of sustainable development and economic growth.
The Swiss Agency for Development and Cooperation is starting its 2022-2025 investment program of CHF 119 (USD 122) million to support Bangladesh’s LDC graduation.
Xinyi Glass Holdings Limited, the world’s largest float glass manufacturer (supplying General Motors, Ford, or Volkswagen for example) will invest USD 200 million in a 26 hectares factory. Employing 400 workers and producing 38 000 tons of floating glass per year, the company is finalizing the choice of the factory location.
British American Tobacco Bangladesh Company (BATBC) will invest another USD 67 million in its existing Savar operations to handle the increase of exports.
It already invested USD 60 million in the same factory in 2021 to increase its production capacity, wich was not enough to meet the growing demand.
The home appliance Singer will build a new factory to meet its flourishing local sales, investing USD 79 million.
https://www.arabnews.com/node/2044006/world
https://www.bssnews.net/news-flash/47966
https://www.tbsnews.net/economy/saudi-company-invest-175b-bangladesh-336451
https://www.tbsnews.net/economy/bangladesh-eyes-huge-saudi-investments-376513
https://www.tbsnews.net/economy/bangladesh-eyes-huge-saudi-investments-376513
https://thefinancialexpress.com.bd/economy/bangladesh-gets-tk-11b-swiss-investments-1640172248
https://www.tbsnews.net/economy/chinese-glass-giant-keen-invest-200m-bangladesh-380968