Economy
Saudi Arabia, Bangladesh to sign security coop
Bangladesh and Saudi Arabia consulting to sign 2 agreements including security cooperation and the Mecca Road Initiative during the visit of the Saudi deputy interior minister, Dr. Nasser bin Abdulaziz Al-Daoud, to Bangladesh next month, November.
The Saudi deputy minister is scheduled to visit Dhaka on 11-12 November, told by the Saudi Ambassador in Dhaka on Wednesday, 27 October.
He noted that the visit would reflect the importance of the bilateral ties between both Bangladesh & Saudi Arabia.
The home ministry of Bangladesh is to sign the agreement on security cooperation on behalf of the country.
This agreement will see enhanced cooperation between both countries in capacity building, skill development and exchange of visits of security personnel.
Hence, The Makkah Road Initiative was floated to facilitate the smooth travel of pilgrims by easing procedures.
The initiative was launched by the Ministry of Interior within the Doy of Al Rahman Program, one of the programs of the Kingdom Vision 2030.
Under the initiative, the Saudi teams complete the travel procedures for the beneficiary pilgrims in their respective countries.
The initiative starts with issuing the visa electronically and taking the vital characteristics, passing through the completion of passport procedures at the airport of the country of departure after verifying the health requirements, in addition to coding and sorting luggage according to transportation and housing arrangements in the Kingdom.
The pilgrims who benefit from the initiative upon their arrival at King Abdulaziz International Airport in Jeddah and Prince Mohammed bin Abdulaziz International Airport in Madinah, are directly transported in buses to their places of residence in Makkah and Madinah, while the service authorities undertake the delivery of their luggage to their residences.
The process was experimentally introduced recently in seven countries including Bangladesh.
After the signing of the agreement it will be a permanent process, an official said.
Meanwhile, welcoming the visit of the Saudi minister, Foreign Minister Dr. AK Abdul Momen said in recent times Saudi Arabia has come up with many good investment proposals also.
He also informed that both countries are working to facilitate the visit of the Crown Prince of Saudi Arabia Mohammad Bin Salman Al Saud to Dhaka.
He may visit Bangladesh at the beginning of the next year on our invitation, he added.
The Saudi minister will meet with Prime Minister Sheikh Hasina, the foreign minister, the expatriate minister and other dignitaries.
Meanwhile, the foreign minister mentioned that at the request of the foreign ministry the Saudi Ambassador has agreed to postpone the realization of new biometric fees for the time being.
The foreign minister said that recently there was a misunderstanding between the Bangladesh Association of International Recruiting Agencies (BAIRA) and the Saudi Embassy over the visa application fees and procedure.
“I was told that a worker will have to pay 40 dollars as a biometric fee but the Ambassador told me it is four dollars only and these fees will be provided by the employer” Dr. Momen said.
He said that as he requested to postpone the decision until a meeting of all the stakeholders, the Saudi Ambassador expressed his satisfaction and agreed to do so.
Terming the Saudi envoy ‘a dynamic person’ the foreign minister said, after the arrival of this Ambassador, the number of visa issuance has risen and presently, over 4.5 thousand visas are being issued by the Saudi Embassy every day.
Saudi Arabia is the top manpower destination for Bangladesh as it accounts for more than 32pc of Bangladesh’s labor exports.
Manpower export is the country’s second-largest forex earning source after the readymade garment sector and more than 20pc of Bangladesh’s remittances come from the gulf country.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
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