Bangladeshi exporters eye bigger slice of $35b Saudi market
Commerce Minister Tipu Munshi on Wednesday inaugurated a three-day expo, titled Bangladesh Product Exhibition 2023, in Saudi Arabia's capital Riyadh, which the Export Promotion Bureau organised to promote Bangladeshi goods in the gulf country.
A total of 30 companies, mostly from apparel, pharmaceuticals and leather sectors, have participated in the event to showcase their capacity and competitiveness, officials and participants told media.
'Although Saudi Arabia has over 3 crore people, their purchasing power is very high, which is why we believe our export to the country can be equivalent to that of countries having 10 crore consumers,' the minister said at the launching ceremony.
'We still export little to the Saudi market, but we are hopeful that we will be able to have a bigger slice here as we are capable of producing quality products at competitive prices,' he said and added that the exhibition will play a key role to boost exports to the country.
Mentioning that Bangladesh, with its apparel goods, is the key exporter to the USA, Tipu Munshi said, 'When we started exporting to the USA, we went from one importer to another just to make our products familiar to them. Now, we are doing similar things here [in Saudi Arabia]. We will also make our position here soon.'
The minister further added that the demand for Bangladesh goods is increasing in Saudi Arabia and exporters should utilise the opportunities. He called for cooperation from the Saudi government.
According to the International Trade Centre (ITC) data, Saudi Arabia's imports stood at 152.34 billion US dollar in 2021. China is the KSA's largest source with 31.07 billion dollar in imports, followed by the USA, UAE, India and Germany.
Bangladesh exported 290 million dollar worth of goods to the gulf country in FY22, with 12% growth year-on-year, according to the Export Promotion Bureau. Saudi Arabia is the country's 24th largest export destination.
.png "Advertisement")
