A high-level Saudi delegation on Wednesday met Prime Minister Tarique Rahman and expressed interest in investing up to US$1 billion in Bangladesh's ports, railways and other key infrastructure projects.

The meeting took place at the Prime Minister’s Office in the Jatiya Sangsad Bhaban, said a press release issued by the PM’s Press Wing.

The delegation was led by Saudi Arabia's Vice Minister for Transport and Logistic Services Dr Rumaih Mohammed Al-Rumaih.

During the meeting, the two sides discussed Bangladesh-Saudi Arabia bilateral relations, investment opportunities and ways to expand cooperation in infrastructure development.

Members of the delegation also expressed their commitment to further strengthening ties between the two countries.

The Prime Minister said Bangladesh's long-standing friendly relations with Saudi Arabia are of great importance to his government.

The delegation informed Tarique Rahman that Red Sea Gateway Terminal International is interested in investing $180 million to develop a Bay Terminal in Bangladesh and increasing its overall investment in the country's port sector to $1 billion.

They also said Red Sea Gateway Terminal International and several other Saudi companies are keen to invest in various sectors in Bangladesh.

The Prime Minister briefed the delegation on his government's investment-friendly policies and initiatives aimed at attracting greater foreign investment.

The delegation said it explored investment opportunities in Bangladesh's ports, railways and several other sectors, adding that detailed discussions could be held at a future joint meeting between the two countries.

The Prime Minister thanked the Saudi delegation for visiting Bangladesh and for showing strong interest in investing in the country.

In response, the delegation said they are looking forward to welcoming Prime Minister Tarique Rahman to Saudi Arabia.

Road Transport and Bridges, and Railways Minister Shaikh Rabiul Alam, Prime Minister's Adviser on Foreign Affairs Humaiun Kobir and Bangladesh Investment Development Authority (BIDA) Executive Chairman Ashik Chowdhury were present at the meeting.

The Saudi delegation also included Assistant Deputy Minister for Investment Engineer Ammar Al-Taff, Red Sea Gateway Terminal International Board CEO Amer Reda, Red Sea Gateway Terminal CEO Lars Vang, Saudi Ambassador to Bangladesh Dr Abdullah Zafer H bin Abiyah and other senior officials.