2 Saudi ministers due Wednesday to discuss up to 25 Billion dollar investment in phases

[Black_cats]

2 Saudi ministers due Wednesday to discuss multi-billion dollar investment

March 05, 10:19 PM 108 Views

FM expects good outcome on investment issues


Dhaka, Mar 5 (UNB) – Bangladesh and Saudi Arabia will discuss a multi-billion dollar investment package on Thursday as the oil-rich kingdom is keen to invest in potential areas, including infrastructure and energy sector.

A big delegation comprising two top Saudi ministers and a deputy minister is scheduled to arrive on Wednesday night to discuss the investment issues.

The two Saudi ministers are Commerce and Investment Minister Dr Majed Bin Abdullah Al Kassabi and Economy and Planning Minister Mohammed Bin Mazyad Al-Twaijri.

“They’re coming tomorrow (Wednesday),” Foreign Minister Dr AK Abdul Momen said on Tuesday at his office adding that these two powerful ministers will mainly focus on investment issues.

He hoped that the high-profile Saudi delegation will come up with a big investment package during the visit. “We’ll let them know about the potential areas of investment. I believe, the outcome will be very good.”

The Foreign Minister said the Finance Ministry is working on specific issues related to investment from the Saudi Arabia.

Finance Minister AHM Mustafa Kamal will lead the Bangladesh side during Bangladesh-Saudi Arabia meeting on Thursday with special focus on investment. The Foreign Minister will also be present.

The relations between Bangladesh and Saudi Arabia have reached a new height in recent time by consecutive four successful visits of Prime Minister Sheikh Hasina to Saudi Arabia in the last three years, officials said.

During her meetings with Saudi leadership, it was identified that despite having huge potentials, the two countries are far behind in exploring the opportunities for cooperating in the field of trade and investment, they said.

During the last visit of the Prime Minister to the Kingdom of Saudi Arabia in October last year, the focus was on expanding cooperation in the field of investment.

On October 17 last year, Bangladesh and Saudi Arabia signed five Memoranda of Understanding (MoUs) to enhance cooperation in chemical, steel and solar power sectors between the two countries.

The MoUs were inked after the meeting of Prime Minister Sheikh Hasina with the Saudi business community, including leaders of the Council of Saudi Chamber and Riyadh Chamber of Commerce, at King Saud Palace.

The deals were an MoU on Concerning Principles of Cooperation between Bangladesh Chemical Industries and Engineering Dimension of Saudi Arabia; an MoU on Construction Cooperation between Bangladesh Chemical Industries Corporation and Hanwah Engineering of Saudi Arabia; an MoU between Bangladesh Steel & Engineering Corporation (BSEC) and Engineering Dimension of Saudi Arabia; an MoU between Industries Ministry of Bangladesh and Alfanar Company of Saudi Arabia on development of solar power project in Bangladesh; and an MoU between Bangladesh Economic Zones Authority (BEPZA) and Al Bawany Co Ltd of Saudi Arabia.

http://unb.com.bd/m/category/Bangla...discuss-multi-billion-dollar-investment/13962

 

[bluesky]

On October 17 last year, Bangladesh and Saudi Arabia signed five Memoranda of Understanding (MoUs) to enhance cooperation in chemical, steel and solar power sectors between the two countries.

So many MoUs till now. Hope, some positive results will come out through the continuous interactions between the two countries including the visit by two SA ministers.

 

[Black_cats]

BD eyes $15b Saudi investment
High-profile team due today
Mir Mostafizur Rahaman | Published: March 06, 2019 09:24:01 | Updated: March 06, 2019 09:31:03

Flags of Bangladesh and Saudi Arabia are seen cross-pinned in this photo symbolising friendship between the two nations — Collected

Bangladesh eyes investment worth around US$ 15 billion from Saudi Arabian investors, as a high-profile delegation of the country is going to arrive in Dhaka today (Wednesday).

"We are expecting a substantial amount of investment from the Saudi investors through this visit, which will be a crucial one," Foreign Minister Dr A K Abdul Momen told the FE on Tuesday.

The minister, among others, will be on the government side that will hold official talks with the Saudi delegation at Hotel Intercontinental tomorrow (Thursday).

Saudi Commerce and Investment Minister Dr Majed Bin Abdullah Al Kassabi, and Economy and Planning Minister Mohammad Bin Mazyad Al-Twaijiri will lead the Saudi delegation, scheduled to land at 11.00 pm by a private jet.

Apart from holding meeting with the government officials, the delegation members are also scheduled to meet Prime Minister Sheikh Hasina at Gono Bhaban.

Bangladesh has so far prepared 16 projects, involving around $15 billion, to place before the Saudi team. It is expected that six memorandums of understanding (MoUs) and two agreements will be signed between the two sides during the visit.

"The projects, which will be submitted by us, may involve funds amounting to around $15 billion. The exact amount is yet to be calculated. We are still working on these," Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam told the FE on Tuesday.

He said the proposed projects include Dhaka-Pyra Seaport high-speed train project, and Dhaka-Cox's Bazar high-speed train project.

The Saudi entrepreneurs will also be offered to invest in LPG terminal and oil refinery projects here, to be implemented by Saudi energy giant Aramco.

The BIDA executive chairman further said the proposals will include establishing high-tech park and exclusive export processing zone (EPZ) for Saudi investors.

"We will also offer them to invest in our tourism sector," Mr Islam added.

The foreign minister said this visit might be followed by more high-profile visits from the Kingdom of Saudi Arabia.

"We have a wonderful relationship with the country, and we hope that the delegation will find Bangladesh as an ideal investment destination," he added.

mirmostafiz@yahoo.com

http://thefinancialexpress.com.bd/economy/bangladesh/bd-eyes-15b-saudi-investment-1551842641

 

[Bilal9]

He said the proposed projects include Dhaka-Pyra Seaport high-speed train project, and Dhaka-Cox's Bazar high-speed train project.

Ja bujhar buijha gesi.

Hot air only....

 

[bluesky]

He said the proposed projects include Dhaka-Pyra Seaport high-speed train project, and Dhaka-Cox's Bazar high-speed train project.

People in BD and also in the PDF love to talk about the bullet trains as if it is something very important when even Dhaka-Cht. double-tracking has been put on the shelf, the govt does not even talk about this but talks about bullet trains, jet planes, and space missions.

People should know how very expensive it is to build the bullet train tracks. The faster a train the heavier the passenger coaches are and heavier and more expensive becomes the train tracks that support the loads: vertical, horizontal swaying and centrifugal at bends.

The carriages are very expensive, so the train operator (Owner/GoB) will have to think businesslike if the passengers are ready to pay train fares which may be five times more expensive than the normal mail trains.

Now, @TopCat will come up with his small theory that BD has no shortage of rich people who are willing to pay even more. However, if a train is meant for only the super-rich, there may be only one run every two days. So, now tell us how this bullet train will do business without the requisite number of passengers for at least three runs every hour.

It is like asking a shopkeeper to rent a shop at Tk200,000/month but is not allowed to open it more than two days a week. If this shopkeeper cannot do business, neither will the bullet train.

GoB statements are mostly hollow talks without substance. However, the GoB top political people know there are people who would love to dance with their unsubstantive tunes.

 

[mb444]

BS...

 

[TopCat]

Now, @TopCat will come up with his small theory that Bd has no shortage of rich people who are willing to pay even more. However, if a train is meant for only the super-rich, there may be only one run every two days. So, now tell us how this bullet train will do business without the requisite number of passengers for at least three runs every hour.

It is like asking a shopkeeper to rent a shop at Tk200,000/month but is not allowed to open it more than two days a week. If this shopkeeper cannot do business, neither will the bullet train.

GoB statements are mostly hollow talks without substance. However, the GoB top people know there are people who will love to dance with their unsubstantive tunes.

Well high speed train to Barishal is meant for another regional political stunt like Pyra port. When most people from Barishal still prefer a deck ticket for 10 taka to travel to Barishal, how could they think of a high speed rail to ferry them there?
I hope Saudis wont be that stupid.

 

[fallstuff]

It is a leap of faith going from $20.7 Mil a year to $15 Billion. I would not be surprised if they want to make it a high interest rate loan with sovereign guarantee. There is a possibility they many want to earn a little more than the T Bills they hold.

In any event it would not hurt to treat them nice and show a bunch of projects.

 

[bluesky]

No one really knows what is in the minds of SA delegates. But, one possibility exists that SA wants to oil the BD palm with a little sweet word of promise to materialize its offer of luring BA troops to clean the minefields near Yemen border.

The news report above says of also the investment in the energy sector. I do not know what really does it mean. However, it will be good to see SA investing in oil refinery and petrochemical complex. The crude oil comes from SA, refined in BD or used as feed to the petrochemical complex and the products are marketed in BD as well as in other surrounding countries including India.

Both these projects are very expensive which can be funded by SA. It will benefit both energy-starved BD and oil-rich SA.

 

[nahtanbob]

People in BD and also in the PDF love to talk about the bullet trains as if it is something very important when even Dhaka-Cht. double-tracking has been put on the shelf, the govt does not even talk about this but talks about bullet trains, jet planes, and space missions.

People should know how very expensive it is to build the bullet train tracks. The faster a train the heavier the passenger coaches are and heavier and more expensive becomes the train tracks that support the loads: vertical, horizontal swaying and centrifugal at bends.

The carriages are very expensive, so the train operator (Owner/GoB) will have to think businesslike if the passengers are ready to pay train fares which may be five times more expensive than the normal mail trains.

Now, @TopCat will come up with his small theory that BD has no shortage of rich people who are willing to pay even more. However, if a train is meant for only the super-rich, there may be only one run every two days. So, now tell us how this bullet train will do business without the requisite number of passengers for at least three runs every hour.

It is like asking a shopkeeper to rent a shop at Tk200,000/month but is not allowed to open it more than two days a week. If this shopkeeper cannot do business, neither will the bullet train.

GoB statements are mostly hollow talks without substance. However, the GoB top political people know there are people who would love to dance with their unsubstantive tunes.

you are a small country. where are you going that fast in a bullet train ??

 

[bluesky]

you are a small country. where are you going that fast in a bullet train ??

For answer please ask Hasina Bibi and her compatriot BAL liars.

Well high speed train to Barishal is meant for another regional political stunt like Pyra port. When most people from Barishal still prefer a deck ticket for 10 taka to travel to Barishal, how could they think of a high speed rail to ferry them there?
I hope Saudis wont be that stupid.

It is exactly what you have stated. "If the common folks cannot eat dry bread, why not ask them to eat cakes, instead?". This is what a French (Russian?) Empress said. Our Empress Hasina Bibi is talking almost in the same tune.

But, by the way, where is your great mentor @Nilgiri? Long time no see him. Why is he angry?

 

[fallstuff]

you are a small country. where are you going that fast in a bullet train ??

Smaller countries with a travelling distance of 150-400 miles are the perfect cases for bullet train. A 300 mile flight will take the time of going to the airport, check-in and boarding time, travel time and then time to leave arrivial airport.

I think Bangladesh is a great opportunity for high speed train investments.

 

[Bilal9]

you are a small country. where are you going that fast in a bullet train ??

Heading to גענעם in a hand-basket....

These are what you'd call BS showcase projects, meant to convince the Bangladeshi populace that their country has become 'advanced' all of a sudden. Project won't get done, while the 'leaders' will pocket some percentage....

Bangladesh is gonna have bullet train before the US.

 

[Black_cats]

11:05 AM, March 07, 2019 / LAST MODIFIED: 11:15 AM, March 07, 2019
‘A new chapter of Saudi-Bangladesh ties’
https://www.thedailystar.net/busine...adesh-relationship-new-chapter-opened-1711720

Breaking a 128-year-old practice, the Chittagong Port Authority now plans to allot a jetty exclusively to a foreign container feeder operator for berthing its vessels.

Breaking a 128-year-old practice, the Chittagong Port Authority now plans to allot a jetty exclusively to a foreign container feeder operator for berthing its vessels.

Star Online Report

Saudi Arabia is looking to build and enhance its relationship with Bangladesh, its visiting high-powered delegation has said.

“I want to assure you this is a new chapter of Saudi-Bangladesh relationship,” said Majid bin Abdullah Al Qasabi, Saudi’s commerce minister.

He was speaking at the introductory session preceding the official meeting between both sides at a hotel in Dhaka city this morning.

Finance Minister AHM Mustafa Kamal and prime minister’s Industry and Investment Advisor Salman F Rahman also spoke at the occasion.

Terming Bangladesh as an “Asian Tiger,” Saudi Minister Qasabi said his country is “serious” in seeking out and enhancing business with Bangladesh.

“We are here to support, we are here to work, identify scopes, listen and open the highway of dialogue between the two countries,” he said.

He also expressed interest in forming a Saudi-Bangladesh business council to enhance bilateral trade and inviting Bangladeshi businesses to Riyadh.

Speaking at the post-inaugural session, Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA), said Saudi delegation is considering investment of upto US $25 billion in Bangladesh.

“The investment will come in phases,” he said; adding that three agreements and four memoranda of understanding (MoUs) are expected to be signed today.

12:00 AM, March 07, 2019 / LAST MODIFIED: 10:52 AM, March 07, 2019
Target $20b investment

High-profile Saudi team in town to explore investment opportunities in Bangladesh

466
https://www.thedailystar.net/backpage/saudi-arabia-invest-20-billion-dollar-in-bangladesh-1711495

Staff Correspondent

Bangladesh expects Saudi investments of up to $20 billion in various projects, including high-speed train link, oil refinery and an aircraft repair and maintenance facility.

“Investments worth $15b to $20b will come from the Saudi government for 16 projects,” Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA), said.

He was speaking at briefing at his office yesterday ahead of a meeting between the two countries today.

A 34-member Saudi delegation arrived in Dhaka last night to join the meeting. Commerce and Investment Minister Majed Bin Abdullah Al-Qasabi and Economy and Planning Minister Mohammed bin Mezyed Altwaijri are in the team.

The BIDA chief said financing agreements and MoUs on some projects would be signed while discussions on some others would be held during the meeting at Hotel InterContinental Dhaka.

From the Bangladesh side, foreign, finance, planning, commerce, industries, and power and energy ministers and the prime minister's adviser on private industry and investment will take part in the meeting. Besides, top officials of the Prime Minister's Office and BIDA will be present.

Aminul said the funds would come from Saudi Arabia's Public Investment Fund (PIF), a $250 billion fund headed by Saudi Crown Prince Mohammed Bin Salman.

The Saudi government was keen to invest in Bangladesh as part of its Look East investment policy due to the economic growth in the East compared to the West, he told journalists.

“The Saudi companies will not only sell their products here, but also set a target to export goods to the neighbouring countries.”

Bangladesh Petroleum Corporation (BPC) and Saudi ARAMCO might sign a deal to set up an oil refinery, petrochemical complex and storage, said the BIDA chief. According to the project proposal, it will cost around $7b to $15b.

He said a team of ARAMCO has already visited Bangladesh and talked to BPC officials about the implementation of the project.

Aminul told The Daily Star that the government would propose to invest in high-speed railway link from Dhaka to Cox's Bazar and to all divisional cities in phases.

Bangladesh would also propose setting up an aircraft repair and maintenance facility in Lalmonirhat and Prime Minister Sheikh Hasina had special interest in the project, he said.

The PM wanted to implement this type of project as all Biman aircraft were needed to send abroad for repair or servicing, the BIDA chief said.

According to the project proposal, it will cost around $1b.

Saudi Arabia's lone aircraft repair and maintenance company, Al Salam Aerospace, is jointly owned by its government and the Boeing. The country has already expressed its interest in developing the facility in Lalmonirhat.

A delegation from the company recently visited Bangladesh and explored the potentials and skills of Bangladeshi workers in the sector.

On the other hand, another team led by Bangladesh Air Force chief Air Chief Marshal Masihuzzaman Serniabat also visited Al Salam's facilities in the KSA.

The facility in Lalmonirhat would be developed by the air forces of the two countries, sources said.

The Bangladesh government will also seek Saudi investment for Teletalk as its strategic partner for developing the services of the state-owned telecom operator.

According to the project proposal, around $1.2b will be needed to upgrade the company.

Besides, the two countries will discuss setting up a diammonium phosphate (DAP) and urea fertiliser plant abroad.

The factory will be built either in Saudi Arabia or Morocco as raw materials are easily available there. The estimated cost of the project is $700m to $900m, according to the project proposal.

State-run Bangladesh Chemical Industries Corporation and Saudi-Korean company Hanwah would form a joint venture company to set up the plant, it added.

Another factory will be set up in the northwest of Bangladesh for producing urea-ammonia at a cost of $2b to $3b.

The government will also propose building a hydropower plant in Nepal under a joint venture platform for exporting cheap electricity to Bangladesh which will cost $3.5b.

Golam Moshi, Bangladesh ambassador to Saudi Arabia, and Mohamamd Abul Hassan, counsellor (economic) at the Bangladesh embassy in Riyadh, were present at the briefing.

 

[bluesky]

Well high speed train to Barishal is meant for another regional political stunt like Pyra port. When most people from Barishal still prefer a deck ticket for 10 taka to travel to Barishal, how could they think of a high speed rail to ferry them there? I hope Saudis won't be that stupid.

Bold part: About Pyra port. The other day I read a news that said about the 75 km of a river digging/extension work near Pyra or what I am not very sure. Can you tell what this 75km long earthwork is all about and why a river has to be dug when Pyra is a seaport? I am a little perplexed. I am not sure if the govt is playing a child's game with the country's export money? Why a river should be dug?