Bangladesh is now moving toward becoming a trillion-dollar economy, having already surpassed the half-trillion mark, said Bangladesh Bank Governor Ahsan H. Mansur.

Speaking at a business summit organized by the Saudi Arabia-Bangladesh Chamber of Commerce and Industry (SABCCI) in the capital’s Banani area on Tuesday, Governor Mansur emphasized the potential for enhanced economic cooperation between Bangladesh and Islamic nations, particularly Saudi Arabia.

“Our economy has crossed the half-trillion-dollar milestone. We are now advancing toward a trillion-dollar goal,” he said. “Among Islamic countries, cross-border investment and financial cooperation are becoming increasingly important. Saudi Arabia, being the largest source of remittances for Bangladesh, holds a key position in this partnership.”

The central bank governor noted that Bangladeshi expatriates currently incur remittance transfer costs of 6 to 10 percent, which is a significant burden. “If central banks and financial institutions from both countries work together, these costs can be significantly reduced,” he added.

He also invited Saudi investors to explore long-term investment opportunities in Bangladesh, especially in key sectors like infrastructure, energy, and manufacturing.

Also speaking at the event, former commerce minister Amir Khasru Mahmud Chowdhury highlighted the historic role of President Ziaur Rahman in establishing Bangladesh’s ties with the Middle East.

“Ziaur Rahman laid the foundation for our labor exports to the Middle East. Today’s success in remittances stems from that visionary move,” said the BNP leader. “If we enhance skills among our migrant workforce, remittance earnings can grow significantly.”

He also stressed the need for large capital inflows to boost the country’s stock market. “Saudi investment could help elevate Bangladesh’s capital market from a frontier to an emerging market.”

In his welcome remarks, SABCCI President Ashraful Haque Chowdhury said, “Saudi Arabia has been a long-standing friend of Bangladesh. However, for 53 years, there was no formal business chamber between the two countries. We are proud to have finally established one.”

He said the chamber will work to expand exports of garments, agricultural products, IT services, and skilled labor to Saudi Arabia, while also encouraging Saudi investment in Bangladesh.

Three research papers were presented at the summit by economic experts from Bangladesh and Saudi Arabia. One of the key speakers, Masrur Reaz, Chairman of Policy Exchange Bangladesh, said that despite strong trade potential, neither Bangladesh nor Saudi Arabia ranks among each other’s top five trading partners.

“Both countries can greatly benefit through enhanced cooperation in trade, investment, human capital development, and renewable energy,” he said.

A 20-member Saudi delegation is visiting Dhaka to attend the summit. The team is led by Sheikh Omar Abdul Hafeez Amir Baksh, Chairman of the Majd Al Omran Group, which has investments in hospitality and real estate.

The delegation also includes Naji Abdullah, Director of Al Isayi Group, which operates in various sectors including services and manufacturing; Professor Mohammad Asif Salam of King Abdulaziz University, who also leads an IT company; and Dr. Khalid Al Harbi, a public health expert and professor at Al-Tayyiba University.

The summit aims to deepen bilateral economic ties and promote new avenues of cooperation between Bangladesh and Saudi Arabia.