Saudi investors keen to set up SEZ in Payra

Saudi investors have expressed their interest in setting up a special economic zone (SEZ) at the Payra area in Kalapara upazila of Patuakhali district of Bangladesh.

Salman F Rahman, private industry and investment adviser to the prime minister, said this on Tuesday in a press conference at Bangladesh Investment Development Authority (BIDA) premises in Dhaka after his three-day visit to Saudi Arabia (SA).

The government wants to offer the investment opportunity to the SA for establishing an Economic Zone in Bangladesh, he told the conference.

Their investment minister has also expressed willingness to set up the SEZ in Payra, he said.

Also, Bangladesh is willing to establish a urea fertiliser factory in SA under the ownership of both countries to ensure an uninterrupted supply of the major agricultural input, he said.

“A joint venture fertiliser factory is under consideration which Bangladesh would import entirely after production,” he said.

The Saudi government is interested in moving forward with the proposal and its feasibility study would be completed by March 2024, he added.

There is a scope for private sector investors to join the initiative too, he added.

Bangladesh has sought the cooperation of SA to resolve the ongoing dollar crisis in the country.

“We have requested to allow Bangladesh one year time span, instead of the existing 45 days, to foot the energy import bills due to the dollar crisis. The counterpart assured to consider the request,” he said.

In the IMTC meeting, both countries came to a consensus on several issues including curbing terrorism in the name of Islam, strengthening cooperation between the Islamic countries, condemning of attack in Gaza, and cooperating to resolve Rohingya issues in Bangladesh.

The SA is also keen to invest in food security issues such as the production of vegetables, fish and other food products and import those to their country.

The advisor also discussed on joint research by Bangladesh and SA Rice Research Institute to produce long-grade rice.

Mr Rahman joined the Islamic Military Counter Terrorism Coalition (IMCTC) on behalf of the PM and defence minister.

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