Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailan on Sunday said Saudi Arabian oil company – Aramco – is willing to come to Bangladesh to build a refinery here which will help produce petroleum products for Bangladesh and for the region, making a significant change internally and externally.

“We are talking about Aramco, the biggest oil company in the world. They are willing to come to Bangladesh to build a refinery here,” he said, describing how such a refinery will have a positive impact in the Bay of Bengal region.

Speaking at a report launching ceremony at the Ministry of Foreign Affairs, the Ambassador recalled that Aramco with a high profile delegation visited Bangladesh thrice between the years 2016-2018, noting that nobody received them. “But we will not talk about the past. We will talk about the future.”

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The Ministry of Foreign Affairs hosted the launching ceremony of the report titled "Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-term Growth Prospects" at its auditorium.

Finance and Science and Technology Adviser Dr Salehuddin Ahmed spoke as the chief guest while Foreign Affairs Adviser Md Touhid Hossain joined as the special guest at the launching ceremony presided over by Foreign Secretary Md Jashim Uddin.

Secretary (East), Ministry of Foreign Affairs Dr Md Nazrul Islam delivered welcome remarks and; Chairman and CEO, Policy Exchange M Masrur Reaz made a presentation on the salient features of the report.

Terming Bangladesh-Saudi Arabia relations multidimensional, the Saudi envoy said his country never said no to Bangladesh and Bangladesh also never said no to the Kingdom of Saudi Arabia.

Highlighting the importance of deeper political and economic engagement, he said these two things should go together for greater cooperation and collaboration.

“We have unique relations…we have many success stories,” said the Saudi Ambassador, seeking greater collaboration in the areas trade, investment, culture, tourism and other areas.

He said Bangladesh is a green field for investment, both for the Saudi companies and companies around the world.

The Ambassador laid emphasis on working together to create more success stories in Bangladesh-KSA relations.    

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He said they have the biggest renewable energy company in the world named “ACWA Power” and they are willing to come to Bangladesh to invest around 3.5 billion USD.

The Ambassador said this is the time of change and Bangladesh is taking a reform initiative. He said reforming government procedures is the key for attracting investment.

The Saudi envoy said sometimes they need to go to the Prime Minister’s office to the Minister's office and then to the Secretary and civil servants and it will get stuck there.

“There are some people who are looking for their own interest, not the country’s interest,” he said, adding that it is a big challenge for any country.

The Ambassador said they have a zero tolerance to corruption or any such barriers.  

Foreign Secretary Jashim Uddin said despite flourishing cooperation, they have historically lacked a formal mechanism to systematically assess the breadth of our economic engagements and identify untapped potentials.

“This report represents a pioneering effort to evaluate the multidimensional aspects of our partnership in economic front,” he said, adding that it outlines the key challenges impeding collaboration and provides actionable recommendations to overcome them, charting a path for sustained progress for a meaningful economic engagement.

As the current interim government undertakes significant reform initiatives, he said, it is imperative to identify and address barriers hindering economic engagement.

“Together, our nations are uniquely positioned to complement and enhance each other’s development trajectories. This report will serve as an invaluable resource for businessmen, investors and policymakers, illuminating pathways for deeper economic collaboration,” said the Foreign Secretary.

He urged Saudi businesses to explore the immense potential detailed in this report and encourage Bangladeshi entrepreneurs to actively pursue avenues to bolster bilateral trade and investment with our Saudi counterparts.