The government has approved a licence for a new trade body named “Saudi Arabia-Bangladesh Chamber of Commerce & Industry” which is expected to further strengthen the bilateral ties between the two nations.
The commerce ministry recently issued a notification in this regard, according to an official circular. Under Section 28 of the Companies Act, 1994 (Act No. 18 of 1994), the government granted the license to the trade body.
The trade body must be registered with the Registrar of Joint Stock Companies and Firms (RJSC) as a limited liability company without the word “Limited” in its name within 60 days from the date of the approval.
It is mandatory for the chamber to establish a permanent office. The first general meeting must be convened within a period of not less than one month and not more than three months after registration, while a full executive committee must be formed through elections within six months. The organisation must not engage in any activities contrary to the government and public interest or any anti-state activities.
The five-decade-long diplomatic relationship between the Kingdom of Saudi Arabia (KSA) and Bangladesh has consistently fostered strong economic and development cooperation. Moreover, Saudi Arabia holds a pivotal role as the largest and most significant destination for Bangladeshi migrant workers, contributing significantly to the development of both nations through their active participation in economic activities in KSA and remittance transfer to Bangladesh.
