Dhaka, Bangladesh (BBN)-Saudi Arabia and Bangladesh are setting up a flagship fertilizer project in Dhaka, the capital of Bangladesh, visiting Finance Minister Abul Maal A. Muhith told Arab News.
Muhith said Saudi Finance Minister Ibrahim Al-Assaf had accepted his proposal to set up the joint fertilizer plant in Dhaka.
Muhith said he will work out the details of the project and send it to Saudi Arabia for necessary approval.
The minister said the proposed plant- a private sector venture- is expected to produce some 750,000 tons of Diammonium phosphate in Dhaka which will be useful to both the countries.
Diammonium phosphate in the form of hydrogen phosphate is used in the agricultural sector, where it is used as a compound fertilizer.
DAP is also referred to as 18-46-0 in the trade because of its nutrient composition.
During the talks, the two ministers agreed to explore investment and trade opportunities through sharing experiences, funding and training between both countries.
The Bangladesh minister also appreciated the active participation of the Saudi delegation at the 11th session of joint commission held last week in Dhaka.
Important decisions were taken at the meeting to intensify cooperation between the two countries, particularly in the fields of trade and investment.
He said the Saudi-Bangla Joint Commission urged Bangladesh to send more of its doctors, nurses and skilled workers to the Kingdom.
“We have several training centers throughout the country to develop human resources,” he said, adding that the Kingdom has agreed to send its own trainers to assist Bangladesh in its final stages of skills training.
There are some 1.5 million Bangladeshi expatriates in the Kingdom and most of them have received their machine readable passports (MRP) on time, he said.
The visiting minister described relations between the two countries as an excellent.
He appreciated the noble gesture of Custodian of the Two Holy Mosques King Salman and his government toward Bangladesh over the years.
“Saudi Arabia is a friendly country which has stood with Bangladesh in good and bad times,” he added.
He has also signed a host country agreement with the Islamic Development Bank (IDB) in Jeddah.
Under the agreement, he said the IDB would set up a permanent office in Dhaka.
Currently, it has an Interests Section in the Bangladesh capital.