Dhaka: Finance Adviser Dr. Salehuddin Ahmed today highlighted the ongoing challenges Bangladesh faces due to corruption and flawed policies implemented by the previous ousted Awami League regime, which have obstructed foreign investments and stalled economic growth.
According to Bangladesh Sangbad Sangstha, Dr. Salehuddin addressed the issue while speaking as the chief guest at the launch of a report titled 'Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges and Long-Term Growth Prospects' held at the foreign ministry. He pointed out that several major foreign investors, including Saudi Arabia's Aramco and South Korea's Samsung, were deterred from investing in Bangladesh due to these policy shortcomings.
"They approached us but were not received well and eventually (Samsung) moved to Vietnam. Those were policy mistakes. These need to be corrected now," the adviser stated. He further emphasized the interim government's commitment to implementing reforms within its brief tenure to pave a clear path for future progress.
The report launching ceremony was hosted by the foreign ministry and attended by Foreign Affairs Adviser Md. Touhid Hossain as the special guest, with Foreign Secretary Md. Jasim Uddin presiding over the event. Saudi Ambassador Essa Yousef Essa Alduhailan and other officials also addressed the gathering, emphasizing the multidimensional relationship between Bangladesh and Saudi Arabia.
Highlighting the significance of fostering stronger trade and economic ties, Dr. Salehuddin remarked, "Saudi Arabia is a crucial partner for us, and our trade volume, currently at US$ 2 billion, holds immense potential for growth." He also revealed that Bangladesh recently secured US$ 1.6 billion from various sources, with an additional US$ 700 million expected soon, but stressed the importance of effective fund utilization and repayment.
Criticizing the stock market, the adviser noted anomalies where some companies' share prices continued to rise despite factory shutdowns, stressing the need for market integrity. Foreign Affairs Adviser Touhid Hossain acknowledged the need for Bangladesh to enhance its economic appeal to investors, stating, "This is a reality we must accept."
He affirmed that the interim government is working diligently to improve the business environment, urging Saudi investors to consider investing in Bangladesh. In addressing workforce challenges, Touhid highlighted the necessity of skill-based training to develop a skilled workforce, both for domestic and international demands.
Saudi Ambassador Essa expressed interest from Aramco in establishing an oil refinery in the Bay of Bengal, which could supply oil products to Bangladesh and the region. He proposed establishing a maritime route between Chattogram and Jeddah or Dammam to facilitate transformative changes.
Despite past obstacles to foreign investment, the outgoing Saudi Ambassador emphasized focusing on future opportunities. Foreign Secretary Md. Jashim Uddin, Foreign Secretary (East) Md. Nazrul Islam, and Policy Exchange Chairman Masrur Riaz also spoke at the event, underscoring the importance of coordinated efforts to attract foreign investments and stimulate economic growth.