The Vice Chairman of the Riyadh Chamber of Commerce, Naif Abdullah Al Rajhi, has said Bangladesh has made remarkable progress in recent times in the field of commerce and trade. 

He emphasised that both Bangladesh and Saudi Arabia hold potential for further economic development and diversification of assets through bilateral business and investments, according to a press release on Monday.

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He expressed optimism that Bangladeshi investors would soon become significant contributors to Saudi Arabian investments.

Al Rajhi made the statement during a business meeting and B2B matchmaking session between the Dhaka Chamber of Commerce and Industry (DCCI) and the Riyadh Chamber of Commerce, said the release.

To strengthen and solidify future bilateral business collaboration, a Memorandum of Understanding (MoU) was signed between the Riyadh Chamber of Commerce and the DCCI. The MoU aims to enhance the already robust bilateral trade relationship.

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Al Rajhi welcomed the Bangladeshi delegation and highlighted the attractive investment opportunities in Saudi Arabia, particularly in sectors such as IT, agricultural products, infrastructure, construction, real estate, energy, garments, ceramics, tourism, and hospitality. He stressed that the business and investment opportunities have no bounds, and Saudi entrepreneurs are keen on expanding their business relationships with their Bangladeshi counterparts, added the release.

MSamir Sattar, president of the DCCI, expressed pride in the quality of products being produced in Bangladesh, indicating that Bangladesh's economy has been steadily expanding over the past decade. He noted that the country is on track to becoming a developed nation by 2026, and not only does it offer market diversity, but product diversity as well, it said.

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While the current bilateral trade stands at $2 billion, it is believed that this figure does not fully reflect the untapped potential. Representatives from Dhaka Chamber of Commerce who were part of the delegation to Saudi Arabia included prominent Bangladeshi investors from various sectors, all of whom are eager to expand their business collaborations with Saudi Arabia.

The DCCI delegation is scheduled to meet with the Makkah Chamber of Commerce on November 1, for a similar round of discussions and a B2B matchmaking session. 

The meeting was attended by Economic Minister of Bangladesh Embassy in Saudi Arabia Murtuza Zulkar Nain Noman and the Commercial Counselor of the Bangladesh Consulate in Jeddah, Saida Nahida Habiba, to promote and facilitate trade and investment between the two nations, the release said.