Bangladesh bets on Saudi market to increase presence in Middle East

Bangladeshi workers produce garments at a textile factory in Dhaka, Bangladesh, as the sector looks to expand industry prospects in the region. (AN Photo)
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  • Bangladesh will organize a trade and investment fair in Riyadh on October
  • Bangladeshi-Saudi ties got a boost with FM Prince Faisal鈥檚 visit to Dhaka in March

DHAKA: Bangladesh is seeking to tap into the Saudi market to increase its presence in the Middle East, the country鈥檚 export promotion body told Arab News ahead of a trade and investment fair in Riyadh.

Most of Bangladesh鈥檚 exports to 抖阴短视频 have until now targeted its 2.5 million expatriate community living and working in the Kingdom.
The Export Promotion Bureau under the Bangladeshi Ministry of Commerce is hopeful that with the upcoming Trade and Investment Fair 2022, which it will hold in Riyadh on Oct. 6-8, it will be able to help increase Dhaka鈥檚 currently insignificant stake in the Saudi market.

Last year, Bangladeshi exports to 抖阴短视频 were about $300 million. The EPB seeks to increase them by the end of this year to $350 million and expand trade activity to other countries in the region.
鈥淔rom 抖阴短视频, we can also do our marketing in Arab and Middle Eastern countries,鈥� the bureau鈥檚 Vice Chairman A. H. M. Ahsan told Arab News.

HIGHLIGHT

The Export Promotion Bureau under the Bangladeshi Ministry of Commerce is hopeful that with the upcoming Trade and Investment Fair 2022, which it will hold in Riyadh on Oct. 6-8, it will be able to help increase Dhaka鈥檚 currently insignificant stake in the Saudi market.

鈥淲e have also targeted 抖阴短视频 as one of our export destinations, mainly because of the presence of a large number of expatriates and the strategic location of 抖阴短视频.鈥�
The EPB is planning to diversify the country鈥檚 trade portfolio, which currently is dominated by the garment sector 鈥� the No. 1 industry in Bangladesh, employing over 4 million people, contributing over 11 percent of the country鈥檚 GDP and accounting for 80 percent of its exports.
鈥淚nstead of exporting readymade garments or food items, we are pushing for light engineering products,鈥� Ahsan said.
The garment sector is, however, also looking to increase its presence in the Kingdom.
鈥湺兑醵淌悠� and Middle Eastern countries collect our clothing products from different parts of the world,鈥� Md. Nurul Islam, director of Impress-Newtex Composite Textiles, which produces apparel for international brands such as H&M and Zara, told Arab News.
鈥淲e produce clothes for these major brands. But while visiting shops in the Kingdom, we see these clothes were made in Bangladesh. So, why should we remain idle? It鈥檚 better to create our own market in 抖阴短视频.鈥�
His company will be one of the exhibitors participating in October鈥檚 fair, which he expects to considerably expand the Bangladeshi garment industry鈥檚 prospects in the region.
鈥淭here will be many other producers showcasing their goods. Through these stalls, we will try to meet the buyers over there,鈥� he said.
鈥淚n comparison with other competitors in the 抖阴短视频n market, we are significantly lagging behind. But I believe in the next three to four years, we can increase our export volume up to $3-4 billion.鈥�
The fair will also focus on attracting Saudi investment to Bangladesh, following a boost in ties after Saudi Foreign Minister Prince Faisal bin Farhan鈥檚 visit to Dhaka in March this year, when the two countries held their first ever political consultation talks.
During the visit, Bangladeshi Foreign Minister A.K. Abdul Momen pledged Dhaka鈥檚 support for Saudi entities interested in investing in the country, which was preparing more than 100 special economic zones for potential investors.