UNB, Dhaka :
The 11th session of the Bangladesh-Saudi Arabia Joint Economic Commission (JEC) meeting is likely to take place in here on November 18-19 next, aiming to boost the existing bilateral relations between the two countries, including strengthening economic cooperation.
“The 11th session of Bangladesh-Saudi Arabia JEC meeting is likely to be held on November 18-19 this year,” said Economic Relations Division (ERD) Additional Secretary Md Salim Reza.
Talking to UNB, he said Saudi Deputy Minister for International Affairs (Leader) under the Ministry of Labour Dr Ahmed Al Fahaid will chair the next JEC meeting while ERD Senior Secretary will lead the Bangladesh side.
Md Salim Reza said the JEC meeting is likely to discuss the issues of boosting economic cooperation between the two countries, including trade and commerce, manpower export to Saudi Arabia as well as cooperation in the health, education, agriculture, culture and religious affairs sectors.
He said an inter-ministerial meeting would be convened this month to receive inputs from various ministries concerned for preparing the draft agenda of the JEC meeting that is likely to take place after a break of over two years.
The 10th session of the JEC meeting was held earlier on February 25-26, 2013 in Riyadh, which was also the first JEC meeting in almost five years.
The 10th session of the JEC meeting provided a platform for multifarious engagement with Saudi Arabia in securing tangible benefits in terms of economy, trade, investment, education, culture, human resource development, manpower cooperation and other development cooperation.
Bangladesh and Saudi Arabia then signed several Memorandums of Understanding (MoUs)/Agreements to facilitate collaboration in diverse fields over the years.
Bilateral relations, particularly in the field of trade and commerce, have received a new thrust after the signing of the avoidance of double taxation agreement.
Saudi Arabia is one of Bangladesh’s longstanding development partners. Since formal recognition of Bangladesh by Saudi Arabia in 1975, bilateral relations between the two countries have grown steadily in depth and dimension.
Saudi Arabia has been consistently extending financial and technical assistance to Bangladesh in various fields. Bangladesh has received economic assistance in various sectors, including rural infrastructure development, health, rural electrification, communication, irrigation, disaster/post disaster relief and rehabilitation in the form of grants and loans.
The Kingdom mainly imports readymade garments (knits and woven), frozen food, dry food, fresh vegetables, various spices and curry powder, melamine items while it exports oil, petrochemicals and fertilizers in large quantities.
Saudi large-scale investments in Bangladesh basically started with the establishment of Saudi Bangladesh Industrial and Agricultural Investment Company (SABINCO) in 1984 with its headquarters in Dhaka.
Although the existing balance of trade is tilted heavily in favor of Saudi Arabia, the Bilateral trade between the two countries increased steadily over the last couple of years. Bilateral trade between the two countries in the years 2010-11 and 2011-12 was $ 869.56 million and $ 922.33 million respectively.
The 11th session of the Bangladesh-Saudi Arabia Joint Economic Commission (JEC) meeting is likely to take place in here on November 18-19 next, aiming to boost the existing bilateral relations between the two countries, including strengthening economic cooperation.
“The 11th session of Bangladesh-Saudi Arabia JEC meeting is likely to be held on November 18-19 this year,” said Economic Relations Division (ERD) Additional Secretary Md Salim Reza.
Talking to UNB, he said Saudi Deputy Minister for International Affairs (Leader) under the Ministry of Labour Dr Ahmed Al Fahaid will chair the next JEC meeting while ERD Senior Secretary will lead the Bangladesh side.
Md Salim Reza said the JEC meeting is likely to discuss the issues of boosting economic cooperation between the two countries, including trade and commerce, manpower export to Saudi Arabia as well as cooperation in the health, education, agriculture, culture and religious affairs sectors.
He said an inter-ministerial meeting would be convened this month to receive inputs from various ministries concerned for preparing the draft agenda of the JEC meeting that is likely to take place after a break of over two years.
The 10th session of the JEC meeting was held earlier on February 25-26, 2013 in Riyadh, which was also the first JEC meeting in almost five years.
The 10th session of the JEC meeting provided a platform for multifarious engagement with Saudi Arabia in securing tangible benefits in terms of economy, trade, investment, education, culture, human resource development, manpower cooperation and other development cooperation.
Bangladesh and Saudi Arabia then signed several Memorandums of Understanding (MoUs)/Agreements to facilitate collaboration in diverse fields over the years.
Bilateral relations, particularly in the field of trade and commerce, have received a new thrust after the signing of the avoidance of double taxation agreement.
Saudi Arabia is one of Bangladesh’s longstanding development partners. Since formal recognition of Bangladesh by Saudi Arabia in 1975, bilateral relations between the two countries have grown steadily in depth and dimension.
Saudi Arabia has been consistently extending financial and technical assistance to Bangladesh in various fields. Bangladesh has received economic assistance in various sectors, including rural infrastructure development, health, rural electrification, communication, irrigation, disaster/post disaster relief and rehabilitation in the form of grants and loans.
The Kingdom mainly imports readymade garments (knits and woven), frozen food, dry food, fresh vegetables, various spices and curry powder, melamine items while it exports oil, petrochemicals and fertilizers in large quantities.
Saudi large-scale investments in Bangladesh basically started with the establishment of Saudi Bangladesh Industrial and Agricultural Investment Company (SABINCO) in 1984 with its headquarters in Dhaka.
Although the existing balance of trade is tilted heavily in favor of Saudi Arabia, the Bilateral trade between the two countries increased steadily over the last couple of years. Bilateral trade between the two countries in the years 2010-11 and 2011-12 was $ 869.56 million and $ 922.33 million respectively.
