Dhaka, (Barta24.com): A 17 member executive monitoring committee have been formed to materialize the Saudi investment proposal of 3500 crore dollar in shortest possible time. The principal secretary to Prime Minister Sheikh Hasina, Md. Nozibur Rahman was entrusted with the responsibility as the chief of this monitoring committee. A letter signed by the director of PMO Md. Mosharraf Hossain by order of president has been sent to different ministries.
The executive committee will work to remove the obstacles of the investment of Saudi Arabia. It will work to bring the investment in a quickest possible time. There are 14 secretaries in the committee. Besides, the committee also included Bangladesh Economic Zone Authority chairman and executive officer of private-public partnership.
As part of their attempt to come out from oil dependency in order to bring diversification of the economy and also to minimize the risk Saudi Arabia is increasing investment in various sectors within the country as well as abroad. Accordingly they have announced big investment in Pakistan amounting to 2 thousand crore dollars and 10 thousand crore dollars in India few months back when Saudi prince Mohammad bin Sulaiman visted the two countries. Immediate after that announcement a high powered Saudi delegation brought a proposal of 13.5 crore dollars investment proposal though Dhaka made a proposal of 3500 crore.
In the first week of current month a 34 member delegation led by the Finance and Planning Minister of Saudi Arabia Mohammad Al Toaijori and Investment Affairs Minister Dr. Mazid bin Al Kashabi toured Bangladesh with the aim of investment. However they signed two agreements and four MOUs with Bangladesh. Bangladesh proposal included a big investment sector in energy and power.
During their visit there was an agreement between Electricity Generation Company of Bangladesh (EGCB) and Saudi company Alfana to build 100 megawatt capacity Solar IPP where Saudi Arabia will invest 10 crore dollars. Again in the manufacture of transformer and electric equipments GEC, Bangladesh signed an agreement with Saudi company Engineering Dimension where the Saudi Arabia will invest 3.5 crore dollars.
However, Bangladesh Foreign Ministry and Bangladesh investment development authority (BIDA) expected big investments from Saudi Arabia.
A BIDA source informed that a Saudi businessman meanwhile has registered with the joint stock company of Firm and Companies.
According to BIDA source, the Saudi businessman expressed that Bangladesh is a potential country for investment and they ought to have invested earlier.
A high official of foreign ministry said that they expected more investment this time because such high profile investment delegation never visited Bangladesh in recent time.
However, BIDA executive chairman Kazi Aminul Islam said that though the investment size did not fulfill our expectation it has opened the door of the visit of Crown Prince of Saudi Arabia. Many observers opined that we must also enhance the capacity of our investment to attract big size foreign investment.
According to sources, besides signing of two investment agreements four MOU were signed which included BMET and Al MAM Trading Estate on manpower export. BCIC signed an MOU with Yusuf Al Razi Construction Estate for establishing Urea formaldehyde- 85 plant. Bangladesh Sugar and Food Industries Corporation signed an MOU to establish an Institute under the style of Saudi-Bangladesh Institute of Biomedical Engineering and Technology. Another MOU was signed BSEC and Riyadh Cables Group of Companies for producing cables and wires.