Dhaka, Jan 05 (V7N) —Corruption and other factors aside, many flawed policies were adopted in the past, and we are now paying the price for them, said Finance Adviser Salehuddin Ahmed.
He made these remarks on Sunday at the Ministry of Foreign Affairs during the publication event of a report titled "Bangladesh-Saudi Arabia Economic Engagement," which was also attended by the Foreign Affairs Adviser Md Touhid Hossain and Saudi Ambassador Essa Yousef Essa Al Duhailan.
The finance adviser said: “The era of subsidies, cheap financing, and low-interest rates is over. These are not hallmarks of a competitive economy. How much longer will we remain in a state of infancy? The ready-made garment industry began in the 1980s, and even after 45 years, it remains in a fledgling state.”
He also mentioned that funds are being sourced from various avenues. "In the past few weeks, we received $1.6 billion, and another $700 million is expected soon."
However, Salehuddin Ahmed emphasized that the key issue is not just fund mobilization but rather how the money is being spent and how repayments are being managed.
He pointed out that assistance or grants are not the most critical factors for economic development; rather, business holds the utmost importance.
Referring to Saudi Arabia, he mentioned that there is currently $2 billion in trade between the two nations, which has potential for growth.
He said: “Saudi company Aramco came to Bangladesh but was not welcomed. The same happened with Samsung. They came, but they were not received warmly and eventually moved to Vietnam.”
Foreign Affairs Adviser Md Touhid Hossain said: “We must do a lot to attract economic opportunities in our country. We need to accept this reality. For a long time, we have claimed that our country is the most investment-friendly, but that is not always true in practice.”
The current government is working to change this situation and is taking steps to make doing business easier for investors. If Saudi investors come now, they will find a better environment, he said.
Saudi Ambassador Essa Yousef Essa Al Duhailan said: “Aramco sent high-level delegations to Bangladesh three times between 2016 and 2018, but no one received them. However, we will not dwell on the past; we will focus on the future.”
The world’s largest oil company, Aramco, is keen to invest in Bangladesh.
They intend to establish an oil refinery in the Bay of Bengal.
This refinery could produce oil-based products and supply them to Bangladesh and the region.
If a maritime route between Chittagong and Jeddah or Dammam could be established, it would bring significant transformation to Bangladesh and the region.
The refinery's products could also be exported to China, India, and neighboring countries, the ambassador said.
END/MSS/AJ
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