Bangladesh companies seek to tap into Saudi market with Riyadh expo

Bangladesh’s trade portfolio is dominated by the garment sector. (Getty Images)
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Updated 21 February 2023
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Bangladesh companies seek to tap into Saudi market with Riyadh expo

  • 30 firms taking part in 3-day event this week
  • Dhaka has been aiming to boost presence in Saudi market since last year

DHAKA: Bangladeshi companies are set to showcase their products at a three-day expo in Riyadh starting from Wednesday as they hope to boost exports to the Saudi market.

A private sector delegation of 30 companies, including from Bangladesh’s garment and pharmaceutical sectors, will be in the Saudi capital from Feb. 22-24 to take part in the 2023 Bangladesh Products Exhibition.

Bangladesh has been working to tap into the Saudi market since last year as the South Asian country aims to increase its presence in the Middle East. In October, the Export Promotion Bureau under the Bangladeshi Ministry of Commerce held a trade and investment fair in Riyadh.

“Our target is to explore export potentials for ‘Made in Bangladesh’ goods in the Saudi market,” Khandaker Redwanur Rashid, managing director of expo organizer Only Entertainment, told Arab News.

This week’s event in Riyadh is organized by the private sector with government support. Bangladesh Commerce Minister Tipu Munshi is scheduled to inaugurate the expo on Wednesday.

“We have planned to introduce our manufacturers with Saudi buyers through this expo,” he said.

“The manufacturers will have the opportunities to hold B2B meetings and boost their exports in the Kingdom.”

Dhaka currently has an insignificant stake in the Saudi market, with Bangladeshi exports to the Kingdom worth about $300 million in 2021.

The country’s trade portfolio is dominated by the garment sector — the top industry in Bangladesh, employing more than 4 million people, contributing over 11 percent of the country’s gross domestic product and accounting for 80 percent of exports.

More than a dozen garment manufacturers are taking part in the Riyadh expo this week.

“There are huge opportunities in the Saudi market,” Zahid Hassan, managing director of Zain Apparels and a standing committee chairman of the Bangladesh Garment Manufacturers and Exporters Association, told Arab News.

“In recent times, European countries have been witnessing financial hardships. On the other hand, Gulf countries are booming in terms of their economies. If we can showcase our products properly to buyers in the Kingdom, it will yield many orders from this expo,” Hassan said.

The success of the event in Riyadh might lead to similar expos in other Middle Eastern countries, including Jordan and the UAE, he added.

The Saudi market’s potential is also attractive to Bangladesh’s pharmaceutical industry.

“Currently, we don’t have any presence in the Saudi market,” Abu Musa of leading pharmaceutical company Square Pharmaceutical told Arab News.

Musa, who is a senior manager at Square’s international marketing department, said his company is hoping to meet all the regulatory requirements required by the Kingdom but will first focus on engaging potential buyers.

“We are participating in the expo aiming to explore the market and find new suitable buyers from the Kingdom,” Musa added.


Britain’s PM Starmer faces MPs as pressure grows over Mandelson scandal

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Britain’s PM Starmer faces MPs as pressure grows over Mandelson scandal

  • Keir Starmer set to be grilled in parliament about his judgment in appointing Peter Mandelson as US ambassador
  • New allegations former envoy passed confidential information to the late US sex offender Jeffrey Epstein
LONDON: British Prime Minister Keir Starmer faced growing pressure Wednesday over his appointment of Peter Mandelson as US ambassador, after fresh revelations about the disgraced politician’s close ties to Jeffrey Epstein.
Starmer was set to be grilled in parliament about his judgment in appointing Mandelson, following new allegations that the ex-envoy had passed confidential information to the late US sex offender Epstein nearly two decades ago.
UK police have announced they are now probing the claims, which emerged from email exchanges between the pair that revealed the extent of their warm relations, financial dealings as well as private photos.
Around that time, Epstein was serving an 18-month jail term for soliciting a minor in Florida while Mandelson was a UK government minister.
For decades a pivotal and often divisive figure in British politics, Mandelson has had a chequered career having twice been forced to resign from public office for alleged misconduct.
Starmer sacked him as UK ambassador to the US last September after an earlier Epstein files release showed their ties had lasted longer than previously revealed. He had only been in the post for seven months.
On Tuesday, Mandelson resigned from the upper house of parliament — the unelected House of Lords — after the latest release of Epstein files sparked a renewed furor.
Opposition pressure
The main Conservative opposition will use its parliamentary time Wednesday to try to force the release of papers on his appointment in Washington.
They want MPs to order the publication of all documents related to Mandelson getting the job in February last year.
They want to see details of the vetting procedure — including messages exchanged with senior ministers and key figures in Starmer’s inner circle — amid growing questions about Starmer’s lack of judgment on the issue.
Starmer’s center-left government appeared willing to comply on Wednesday, at least in part. It proposed releasing the documents apart from those “prejudicial to UK national security or international relations.”
London’s Metropolitan Police confirmed on Tuesday it had launched an investigation into 72-year-old Mandelson for misconduct in public office offenses following the latest revelations.
If any charges were brought and he was convicted, he could potentially face imprisonment.
Starmer sacked the former minister and ex-EU trade commissioner as Britain’s top diplomat in the US after an earlier release from the Epstein files detailed his cozy ties with the disgraced American.
‘Let his country down’
The scandal resurfaced after the release by the US Justice Department of the latest batch of documents. They showed Mandelson had forwarded in 2009 an economic briefing to Epstein intended for then-prime minister Gordon Brown.
In another 2010 email the US financier, who died by suicide in prison in 2019, asked Mandelson about the European Union’s bailout of Greece.
The latest release also showed Epstein appeared to have transferred a total of $75,000 in three payments to accounts linked to the British politician between 2003 and 2004.
Mandelson has told the BBC he had no memory of the money transfers and did not know whether the documents were authentic.
He quit his House of Lords position on Tuesday shortly after Starmer said he had “let his country down.”
The UK leader said Tuesday he feared more revelations could come, and has pledged his government would cooperate with any police inquiries into the matter.
The Met police confirmed they had received a referral on the matter from the UK government.
The EU is also investigating whether Mandelson breached any of their rules during his time from 2004-2008 as EU trade commissioner.