Bangladesh, S Arabia launch joint chamber

Bangladesh and Saudi Arabia have launched the Saudi Arabia-Bangladesh Chamber of Commerce and Industry (SABCCI) in Dhaka, the first structured platform aimed at strengthening bilateral trade, investment, and workforce development between the nations.

Speaking at a press briefing marking the launch of the joint chamber in Gulshan yesterday, SABCCI President Ashraful Haq Chowdhury said the initiative was long overdue. Despite strong diplomatic and cultural ties, no institutional trade platform had existed in the past five decades.

"With support from Bangladesh's Ministry of Foreign Affairs, Ministry of Commerce, and key Saudi stakeholders, SABCCI is now a reality," Chowdhury said.

He added that the chamber would focus on expanding collaboration in sectors such as ready-made garments, IT, digital finance, agro-products, and skilled manpower exports.

In fiscal year 2024-25, Bangladesh's exports to Saudi Arabia stood at $310 million, while the total bilateral trade volume reached $2 billion.

Saudi Arabia, with the biggest economy in the Middle East, remains Bangladesh's largest overseas labour market, employing over three million workers.

Chowdhury called for increasing Saudi foreign direct investment in petrochemicals, oil refining, green technology, and port management, noting that 300 acres have already been allocated in the National Special Economic Zone (NSEZ) in Chattogram for Saudi investors.

A three-day Saudi–Bangladesh Business Summit is set to begin today at the Sheraton Dhaka, featuring a 20-member Saudi business delegation.

The highlight of the event, the SABCCI Business Summit, will be inaugurated on October 7, bringing together senior policymakers, economists, and investors from both countries.

Uzma Chowdhury, director of SABCCI and a senior executive at PRAN-RFL, stressed the importance of transforming Bangladesh's traditional export model by incorporating IT services and skilled labour, particularly in the healthcare sector.

"PRAN-RFL products have had a strong presence in the Saudi market for over 25 years," she said. "But beyond product exports, we now need a more integrated economic partnership."

She pointed to barriers such as export registration and visa challenges, expressing hope that SABCCI could help address these through policy dialogue. "We want to unlock the potential of our skilled workforce, ranging from nurses and technicians to IT professionals, and make Saudi Arabia a priority destination."

Ahmad Yusuf Walid, vice-president of SABCCI, said the idea for the chamber had begun two years ago during informal discussions with Saudi business leaders and members of the Bangladeshi diaspora.

"A platform like this should have been created long ago," he said. "Our aim is to facilitate trade, connect businesses, and support Bangladeshi entrepreneurs in Saudi Arabia and vice versa."

Mesbaul Asif Siddiqui, deputy managing director of City Bank and director of SABCCI, highlighted the need to strengthen financial infrastructure to attract Saudi investment.

"Saudi Arabia's $1.24 trillion economy offers vast potential, but we need policy consistency and better facilitation to bring in FDI," he said.

He identified oil refining, healthcare, IT, and infrastructure — particularly the NSEZ — as key sectors requiring foreign investment.

Siddiqui also said, "If our banks are better capitalised, we can think beyond borders and compete internationally."