Bangladesh has sought the help of Saudi Arabia to deal with the dollar crisis

Bangladesh has sought the help of Saudi Arabia to deal with the dollar crisis

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Bangladesh has sought the assistance of Saudi Arabia to deal with the country’s ongoing dollar crisis. During his recent visit to Saudi Arabia, Prime Minister’s Private Industry and Investment Adviser Salman F. Rahman sought this assistance, he said. He also said that the Saudi government will consider the matter.

Salman F. Rahman said, “We get 45 days to pay the price of fuel imported from Saudi Arabia. But because of the dollar-crisis, we told them, if we are given a year, it would be better. They said they will consider it.

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman said these things in a press conference at the Bangladesh Investment Development Authority (BIDA) building on Tuesday afternoon after returning home after a three-day visit to Saudi Arabia. Salman F. Rahman joined the Islamic Military Counter Terrorism Coalition (IMCTC) as the representative of Bangladesh’s Defense Minister and Prime Minister Sheikh Hasina.

Dollar-crisis has been going on in Bangladesh for a long time. On the one hand, expatriate income has decreased and exports are not as expected. On the other hand, there has been a massive collapse in foreign exchange reserves due to rising import costs. The central bank is controlling imports to deal with the situation. To increase the impact of foreign exchange in the country, the price of the dollar was increased from 86 to 110 rupees in a short period of time. But the dollar-crisis is still ongoing.

Salman F Rahman told the press conference that investors from Saudi Arabia have expressed interest in developing a special economic zone in Patuakhali. He said, “We want to give economic zone to Saudi Arabia. Their investment minister has expressed interest in creating an economic zone in Payara. He also said that Bangladesh wants to establish a urea fertilizer factory jointly owned by the two countries in Saudi Arabia. Such initiatives are being taken to meet the uninterrupted demand of fertilizers to increase agricultural production in the country.

Salman F. Rahman said, ‘We will make urea fertilizer factory in Saudi Arabia as a joint venture. We will import 100% of the produced urea. They want to move forward with the proposal. The feasibility study will be completed by March. Not only at the government level, there is also an opportunity to join the private sector here.

The second meeting of defense ministers of member countries of the Islamic Military Counter Terrorism Coalition (IMCTC) was held on coordinated measures to counter militancy. In addition to participating in this meeting, Salman F. Rahman held a meeting with the Minister of Energy, Minister of Investment and Minister of Industry regarding investment in Saudi Arabia.

Salman F. Rahman said, “We have agreed on some issues in the IMCTC meeting,” and said, “Our position is against terrorism in the name of Islam.” Terror is terror. Terrorists have no religion. They do this to defame Islam. All agreed to further accelerate the cooperation between Islamic countries through this organization. What is happening in Palestine and Gaza has been strongly condemned and called for a solution. Apart from this, they will work to solve the Rohingya crisis in Bangladesh.

Salman Rahman said that Chevron wants to make new investments in Bibiana, “They think there is gas there, but it cannot be confirmed until drilling is done.” They want to make new investments there. They are also interested in deep sea oil and gas exploration. Energy sector is very important for our economic development.

Advisor to Prime Minister Salman F. Rahman also said that Saudi Arabia is interested in investing in food security. Basically they will produce vegetables, fish or other food products in Bangladesh, then take them to their country. They will check the feasibility, in which field they can invest in Bangladesh. He said that the possibility of producing long grain rice or large-sized rice through joint research by the rice research institutes of Bangladesh and Saudi Arabia was also discussed.

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