Bangladesh has sought extended credit terms from Saudi Arabia to facilitate longer payment periods for fuel imports from the kingdom amid the dollar crisis. Saudi Arabia has shown keen interest to set up a special economic zone at Payra in Patuakhali.
Prime Ministers Private Industry and Investment Adviser Salman F Rahman revealed these developments at a press conference at the Bangladesh Investment Development Authority (BIDA) following his three-day visit to Saudi Arabia.
"Currently, we have a 45-day window to settle payments for fuel imports from Saudi Arabia. Due to the dollar crisis, extending this to a year would greatly benefit us. The Saudi officials have agreed to consider this proposal," Rahman disclosed.
Rahman represented Bangladesh at the Islamic Military Counter Terrorism Coalition (IMCTC) meeting, emphasizing Bangladeshs firm stance against terrorism and the misuse of Islam to justify such acts.
"Terror has no religion, and by fostering cooperation among Islamic nations through the IMCTC, we aim to combat the defamation of Islam by terrorism," he stated.
The advisor highlighted the unanimous condemnation of the ongoing crises in Gaza by meeting participants, alongside a collective call for resolution. The plight of the Rohingya refugees in Bangladesh was also addressed, with a commitment to seek solutions.
On the economic front, Rahman revealed Saudi investors interest in establishing a special economic zone in Bangladesh. "We are keen to allocate an economic zone to Saudi Arabia within Bangladesh. Their investment minister has shown enthusiasm for this project," Rahman noted.
Additionally, plans are underway to bolster Bangladeshs agricultural sector through the joint establishment of a urea fertilizer plant in Saudi Arabia. "This collaboration aims to ensure a steady supply of fertilizers, enhancing our agricultural output.
The proposal has been warmly received, with a feasibility study due to conclude by March," he explained, highlighting the opportunity for private sector involvement alongside government-to-government initiatives.
"We want to give Saudi Arabia an economic zone in Bangladesh. Their investment minister has also expressed interest in building an economic zone in Payra," Salman said at the press conference.
In Saudi Arabia, the PMs adviser said through a joint venture, Bangladesh will establish a urea fertiliser factory. "We will import 100 percent of the produced urea. They want to go forward with the proposal," he said.
Referring to the Islamic Military Counterterrorism Coalition (IMCTC) meeting, Salman said, "We have agreed on some issues in the meeting. Our position is against terrorism in the name of Islam. Terrorism is terrorism. Terrorists have no religion. All they do is to defame Islam."
Participants in the meeting have agreed to strengthen collaboration among Islamic nations through this organisation, he mentioned.
