Bangladesh urges Saudi investment in offshore banking sector
Bangladesh’s Foreign Minister Hasan Mahmud has called on Saudi Arabia to invest in the country's offshore banking sector.
This appeal was made during a bilateral meeting with Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud in Riyadh on Monday.
'The meeting discussed Saudi investment in Bangladesh, particularly in special economic zones and the country's offshore banking system,' the foreign ministry stated in a press release.
In March, the Bangladeshi parliament passed a bill establishing a legal framework for offshore banking. This system operates independently from conventional banking, with both deposit acceptance and loan issuance sourced from and provided to foreign customers.
Aside from the offshore banking system, the meeting highlighted Saudi investment opportunities in various sectors within Bangladesh, as noted by the foreign ministry.
The discussions also focused on strengthening bilateral relations across multiple fields, particularly political matters, and enhancing bilateral and multilateral coordination on mutual concerns, according to a press release from the Saudi Ministry of Foreign Affairs.
The Bangladesh foreign ministry emphasized the need to revitalize the activities of the Bangladesh-Saudi Arabia Joint Business Council (JBC) to boost commercial relations between the two nations.
The foreign ministers also deliberated on Bangladesh's special privileges in importing oil from Saudi Arabia.
Additionally, they discussed forming a joint task force to increase transparency in the export of Bangladeshi manpower to Saudi Arabia and to prevent worker harassment by vested interests.
'Foreign Minister Hasan Mahmud requested special opportunities for the registration of Bangladeshi expatriates doing business in Saudi Arabia,' the statement said.
The Saudi foreign minister assured cooperation if assistance was needed for the repatriation of Rohingya refugees.
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