DHAKA, 29 July 2021, (TON): Saudi Arabia's recent amendment to a law allowing non-citizens to run businesses without local sponsors has opened up opportunities for Bangladeshi traders in the kingdom.

Manpower experts said “Bangladeshis running businesses with mandatory Saudi sponsors had long been subjected to exploitations.”

They pointed out that the sponsors often use the renewal of "Iqamah" (temporary residency permits) as leverage to extract huge sums from Bangladeshis and take a cut from the profits without any investment.

The experts said that the amendment to the Anti-Commercial Concealment Law, which took effect in March, would enable Bangladeshis to do business independently and also allow them to send more remittance back home.

As per the changes in the law, both Saudi and non-Saudis can get their businesses registered by August 23 this year. Besides, a provision was included in it through another amendment for stricter punishment for running illegal businesses.

The move is part of the Kingdom's Vision 2030, which seeks economic reforms by providing investment opportunities, stimulating local investment, and attracting foreigners by providing assistance to investors and incentive programmes.

Over two million Bangladeshi migrants live in Saudi Arabia, said Bangladesh embassy in Riyadh.