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DHAKA: Bangladeshi firms are hopeful of expanding their export portfolio and attracting buyers from the Kingdom after showcasing their products in Riyadh on Wednesday.
Some 30 companies, which include firms from the garment and pharmaceutical sectors, are participating in the Bangladesh Products Exhibition, which is being held in the Saudi capital until Feb. 24.
The event was opened by Tipu Munshi, the country’s commerce minister, as the government in Dhaka is supporting the private sector’s mission.
The South Asian country is keen to use the Saudi market to increase its presence in the Gulf. The Export Promotion Bureau, part of the Ministry of Commerce, last October organized a trade and investment fair in Riyadh.
Ahsan H. Mansur, executive director at the Policy Research Institute of Bangladesh, told Arab News on Wednesday: “If we can grab the Saudi market, all other Gulf countries will be easier to explore.
“In order to penetrate into this market, we need to invest more and have patience.”
Most of Bangladesh’s exports to ��������Ƶ have until now targeted its 2.5 million expatriate community living and working in the Kingdom.
However, Dhaka is relatively small in the Saudi market, with the country’s exports worth only about $300 million in 2021.
As Dhaka’s trade portfolio is dominated by the garment sector — the top industry in Bangladesh, contributing over 11 percent of the country’s gross domestic product and accounting for 80 percent of exports — it can capitalize on its strong reputation and also grab the potential of a “niche market” offered through Hajj pilgrimages, Mansur added.
At least 20 garment manufacturers are participating in the Riyadh expo this week.
Prof. Mustafizur Rahman, executive director of the Dhaka-based think tank Center for Policy Dialogue, said the expo in Riyadh will help introduce brands made in Bangladesh to Saudi importers and retailers.
He said: “The Bangladesh expo can play a significant role in boosting our exports to the Kingdom.
“The quality of the goods we are producing and the competitiveness, both are on positive trends now, but our brands are not that well recognized.
“If we can consistently monitor the market situation and the manufacturers continue the follow-ups in the Saudi market in order to build a good brand image, this expo will have a good impact on our exports.”