Bangladesh has selected eight prospective sectors expecting a large volume of investment from the Kingdom of Saudi Arabia (KSA), officials said.
A high-powered business delegation from Riyadh is scheduled to arrive early next month to discuss modalities of possible investment in Bangladesh, they added.
The priority turfs designated for investors from the oil-rich country are: agribusiness, food processing, pharmaceuticals and petrochemicals, textile and high-end clothing, leather and leather goods, and hotel and tourism services.
A senior official at the Ministry of Commerce (MoC) said the sectors were preliminarily identified based on discussions with trade bodies and relevant government departments as investment is expected in those areas.
"But the delegation will also show interest according to their investment preferences," he said.
Earlier, the embassy of Saudi Arabia in Dhaka in a letter to the ministry of commerce said businessmen of the kingdom were keen to expand investment in Bangladesh and requested the ministry to inform it about the areas where Bangladesh expect investment.
Later, the MoC sought opinion from the concerned ministries, departments and trade bodies for identifying the preferred sectors.
During the visit, the delegation may meet Prime Minister Sheikh Hasina and commerce minister Tofail Ahmed, and have meetings with trade bodies for discussing trade and investment issues in detail.
Prime Minister Sheikh Hasina visited KSA in May this year when she called upon the Saudi businessmen to come to Bangladesh with more investment and for exploring business opportunities.
The PM also offered them a special economic zone out of 100 to be established in the country. The Saudi authority expressed interest in investing in Bangladesh from their Public Investment Fund (PIF).
"We hope the delegation of Saudi Business Council will arrive in the country in December to finalise their investment proposals," president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Shafiul Islam (Mohiuddin) told the FE.
According to business circles, the Saudi delegation may come with big investment proposals worth several billion dollars.
Bilateral trade between the two countries stands around 1.0 billion dollars, but highly tilted towards KSA. In fiscal year (FY) 2014-15 Bangladesh exported goods worth US$186.32 million to the kingdom and imported goods worth $829.05 million from there.
The major Bangladeshi exports to KSA include woven garments, knitwear, home textiles, agro-products, frozen foods, leather and leather products, and footwear, vegetables, and jute goods.
The import list comprises metals, consumer goods, chemicals, animal and mineral products, plastic and rubber articles.
