Finance Adviser Dr Salehuddin Ahmed on Sunday said trade is the most important vehicle for economic development, not aid or grants.
“We have very excellent relationships with Saudi Arabia, Japan, South Korea and other countries that are coming in a big way for our economic development,” he said while speaking at a report launching ceremony at the Ministry of Foreign Affairs as the chief guest.
Referring to Samsung investment issue, the Finance Adviser said Samsung came in the past to invest but were not welcomed and they went to Vietnam.
He said Bangladesh is paying the price now as a lot of wrong policies were taken in the past.
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He said many countries are proposing free trade agreements (FTAs) with Bangladesh and the country needs to remain prepared.
The Finance Adviser said the government will do everything, and the private sector will just take the opportunity. “Private sector has to be very competitive, efficient, and also perform their job.”
“One thing very clearly I have said - subsidies, cheap money and low interest rate – those days are gone ... .these are not the signs of a competitive economy,” he said.
The Ministry of Foreign Affairs unveiled the comprehensive report titled “Enhancing Saudi-Bangladesh Economic Engagement, Trends, Key Challenges & Long-term Growth Prospects,” prepared under its initiative with research support from Policy Exchange, a private policy think tank based in Dhaka.
The report documented by Policy Exchange under the leadership of Dr M Masrur Reaz, offered in-depth insights and analyses into the potential economic engagements between Bangladesh and the Kingdom of Saudi Arabia. Foreign Secretary Md Jashim Uddin presided over the session.
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Speaking as special guest, Foreign Affairs Adviser Md Touhid Hossain reaffirmed the interim government’s dedication to streamlining processes to facilitate investment in Bangladesh, signaling a renewed commitment to removing barriers for foreign investors.
The Finance Adviser echoed this sentiment by sharing ongoing reform initiatives in Bangladesh aimed at creating an investor-friendly environment.
Foreign Secretary Jashim Uddin reflected on the shared historical linkages and values between Bangladesh and Saudi Arabia while calling for enhanced engagements among the businessmen and relevant stakeholders in areas of mutual economic cooperation.
Saudi Ambassador to Saudi Arabia to Bangladesh Essa Yousef Essa Alduhailan highlighted Saudi Arabia’s unwavering support for Bangladesh while acknowledging challenges previously faced by Saudi investors.
He reiterated Saudi Arabia’s commitment to fostering a stronger economic partnership.
The ceremony witnessed participation from key officials representing BIDA, ERD, the Ministry of Commerce, and the Ministry of Finance, along with prominent business leaders, members of the media, and officials from the Ministry of Foreign Affairs.
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Dr Md Nazrul Islam, Secretary (East) of the Ministry of Foreign Affairs, provided the audience with the background and context of the report, emphasising its significance in strengthening Saudi-Bangladesh relations.
This was followed by a presentation of the salient features of the report by Chairman and CEO of Policy Exchange Dr M Masrur Reaz.