Remitting money from Saudi Arabia remains disproportionately expensive for Bangladeshi migrant workers, said Bangladesh Bank Governor Ahsan H Mansur, calling for joint efforts between financial institutions of both countries to reduce costs.
Speaking at the Saudi Arabia-Bangladesh Business Summit in Dhaka today, Mansur said remittance charges range between 6 and 10 percent, posing a significant burden on workers.
The governor said Bangladesh and Saudi Arabia have complementary economic needs where Bangladesh exports labour while Saudi Arabia provides energy and investment.
He urged the Kingdom's public investment fund and private sector to explore opportunities in infrastructure, manufacturing, and technology.
Despite global shocks, Bangladesh's economic growth has remained resilient, never falling below 3.5 percent over the past three decades, he added.
The event was organised by the Saudi Arabia-Bangladesh Chamber of Commerce and Industry (SABCCI), where Bangladesh Nationalist Party Leader Amir Khosru Mahmud Chowdhury was also present.
Khosru highlighted Bangladesh's early success in labour diplomacy and called for greater focus on skill development, noting that only 22 percent of the 2.1 million Bangladeshis working in Saudi Arabia are skilled.
He also urged Saudi investors to explore opportunities in Bangladesh's capital market.
SABCCI President Ashraful Haque Chowdhury said the chamber would work to boost exports and attract investment, while Policy Exchange Chair Masrur Reaz underscored the need to enhance port efficiency and reduce bureaucratic hurdles to strengthen investor confidence.
FP/MI
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