The Saudi ambassador stated that Saudi Aramco visited Bangladesh three times but was not welcomed

Saudi Arabia's state-owned oil giant, Aramco, attempted to invest a significant amount in Bangladesh but was unable to do so. Despite sending a high-profile delegation to Bangladesh three times between 2016 and 2018, none of their visits were met with a warm reception.

Nevertheless, Aramco remains interested in investing in Bangladesh, particularly in setting up an oil refinery in the country, according to Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailan. He made these remarks during the launch of a report titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-Term Growth Prospects” at the foreign ministry on Sunday.

In the same event, Foreign Adviser Touhid Hossain acknowledged that while Bangladesh has long claimed to be investment-friendly, the reality hasn't always reflected that. He highlighted that the current government is working to improve the investment climate and ease the process for investors. He further assured that Saudi investors would now find a better environment in Bangladesh.

The report, prepared by the foreign ministry in collaboration with Policy Exchange, explores opportunities to boost trade and commerce between Bangladesh and Saudi Arabia. This is the first report of its kind, specifically examining how to enhance bilateral relations.

Ambassador Al Duhailan explained that Aramco had faced significant obstacles during its past visits, including a lack of formal reception and difficulties in meeting with key officials. Despite these challenges, he emphasized that Aramco remains committed to exploring opportunities in Bangladesh, especially in setting up an oil refinery in the Bay of Bengal. Such a refinery could not only meet Bangladesh's growing demand for petroleum products but also serve the broader regional market, bringing transformative changes to the energy sector.

The proposed refinery could also potentially export products to neighboring countries, including China and India. The ambassador pointed to other successful ventures, such as the Red Sea Gateway Terminal, which operates the Patenga terminal, and expressed interest in working at the Matarbari deep-sea port.

Finance and Science and Technology Adviser Salehuddin Ahmed, the chief guest at the event, reflected on past mistakes, noting that corruption and policy flaws had hindered foreign investments, including those from Aramco and South Korea’s Samsung. He acknowledged these issues had led to lost opportunities and emphasized the need to rectify them.

Salehuddin highlighted the importance of strengthening the trade and economic relationship between Bangladesh and Saudi Arabia, pointing to the potential for growth in the trade volume, currently at $2 billion. He called for a collaborative effort between the government and the private sector to address challenges and attract more foreign investment.

Foreign Secretary Md. Jashim Uddin, Foreign Secretary (East) Md. Nazrul Islam, and Policy Exchange Chairman Masrur Riaz also participated in the event, stressing the importance of coordinated efforts to foster economic growth and attract foreign investments.