Saudi firm to invest in electric transformer production
Alfanar Energy of Saudi Arabia and Bangladesh Steel
and Engineering Corporation sign MoU
STAFF REPORTER
Saudi Arabian firm will invest in the country to manufacture modern electric transformer and cable jointly with Bangladesh Steel and Engineering Corporation (BSEC).
To this end, Alfanar Energy (AE) of Saudi Arabia and BSEC yesterday signed a memorandum of understanding (MoU) in presence of Industries Minister Amir Hossain Amu at the ministry.
Speaking on the occasion, Amir Hossain Amu said the MoU has introduced a new trend for Saudi-Bangladesh investment and he hoped it pave the way for new Saudi Arabian investment to Bangladesh.
BSEC Secretary Masud Ahmed and AE Studies Manager (Power) Akbar M Alam put pen on the paper.
Industries Secretary M Mosharraf Hossain Bhuiyan, ndc, BSEC Chairman Imtiaz Hossain Chowdhury, Bangladesh Ambassador to Saudi Arabia Golam Moshi, AE General Manager of International Marketing Division Bassan Naes, General Manager of International Sales Murhaf Alhianie and officials of both the sides were present. Under the MoU, the BSEC and AW would install a plant to produce modern electric transformer and cable where the AE would invest fully with technology. Meeting the local demand, the produced transformer and cable would export to abroad.
Ambassador Golam Moshi told The Independent that Alfanar Energy is the first Saudi company in last forty years to invest in Bangladesh.
He said this deal is the result of Prime Minister Sheikh Hasinas visit to Saudi Arabia as the agreement was made during the PMs visit last year.
The ambassador is optimistic that more Saudi companies will invest in Bangladesh in near future.
