Bangladesh’s central bank chief has spotlighted the persistently high cost of sending money home for the millions of Bangladeshi migrants in Saudi Arabia, urging a collaborative solution between the two nations’ financial sectors.
Speaking at the Saudi Arabia-Bangladesh Business Summit in Dhaka, Governor Ahsan H Mansur identified that transfer fees, which can eat up between 6% to 10% of a worker’s hard-earned money, place a heavy financial strain on them. He advocated for a joint initiative to make these cross-border payments more affordable.
Governor Mansur emphasized the symbiotic economic relationship between the two countries. He pointed out that while Bangladesh is a key source of human capital, Saudi Arabia offers crucial energy resources and foreign investment. To further deepen this partnership, he invited Saudi Arabia’s sovereign wealth fund and private enterprises to consider ventures in Bangladesh’s burgeoning infrastructure, manufacturing, and technology sectors.
Highlighting Bangladesh’s economic stability, he noted that even amid worldwide crises, the nation’s GDP growth has consistently stayed above 3.5% for the last thirty years.
The summit, organized by the Saudi Arabia-Bangladesh Chamber of Commerce and Industry (SABCCI), also featured insights from other prominent figures. Amir Khosru Mahmud Chowdhury, a senior leader of the Bangladesh Nationalist Party, reflected on the country’s initial achievements in securing overseas employment for its citizens. He stressed the urgent need to pivot towards enhancing workers’ skills, revealing that a mere 22% of the 2.1 million Bangladeshis employed in the Kingdom are classified as skilled workers. Furthermore, he encouraged Saudi investors to consider the potential of Bangladesh’s stock market.
Adding to the dialogue, SABCCI President Ashraful Haque Chowdhury committed the chamber’s efforts towards increasing Bangladeshi exports and drawing more Saudi investment. Meanwhile, Policy Exchange Chairman Masrur Reaz pointed to critical areas for improvement, stating that boosting port efficiency and simplifying bureaucratic processes are essential to building stronger investor trust.