Singapore keen on fast-tracking free trade talks: Envoy

The Singaporean Chargé d’Affaires (CDA) on Wednesday expressed his government’s keen interest in concluding the Bangladesh–Singapore Free Trade Agreement (BSFTA) at an early date.

Mitchel Lee conveyed the intent when paying a courtesy call on Shama Obaed Islam, state minister for foreign affairs, at the latter’s office on Wednesday, says a press release.

Shama Obaed assured the Singaporean diplomat that Bangladesh would extend full cooperation on speeding up negotiations and facilitate progress through coordination with the relevant government agencies.

The State Minister underscored the importance of reducing the existing trade imbalance and emphasized the need to identify and promote exportable products from Bangladesh. The Singapore side noted its interest in diversifying sources of food imports to enhance food security and highlighted potential imports from Bangladesh, including agro-products such as mangoes and seafood, with the involvement of supermarket chains. The State Minister also encouraged increased exports of Bangladeshi products such as jute, ceramics, and leather goods.

Both sides discussed the importance of exchanging business delegations to promote targeted engagement. The State Minister welcomed potential Singaporean investments, highlighting the business-friendly environment and policies of the Government.

Shama Obaed invited greater Singaporean investment in Bangladesh, particularly in sectors such as ICT and digital infrastructure. The Singapore side expressed interest in enhancing cooperation in digital governance and capacity building, particularly in ICT-related sectors. The State Minister highlighted the Government’s focus on increasing efficiency in public service delivery, ensuring transparency, and reducing costs through digital transformation.

Both sides discussed potential collaboration in the energy sector, including investment in waste-to-energy power plants and renewable energy initiatives in Bangladesh. The Singapore side conveyed its interest in exploring opportunities in renewable energy.

During the meeting, Mitchel Lee also requested continued cooperation on the Bay Terminal project.

He noted the positive reputation of Bangladeshi workers in Singapore and shared that new opportunities are expected to emerge with upcoming large-scale infrastructure and land development projects, including new Terminal of Changi Airport in Singapore.

Shama Obaed emphasized the importance of expanding opportunities for both skilled and semi-skilled Bangladeshi workers in Singapore, noting that employment generation and vocational training are key priorities of the Government.

The two sides also expressed satisfaction with the progress of bilateral engagements and welcomed the prospect of Bangladesh hosting the next round of Foreign Office Consultations in Dhaka this year. Both sides reaffirmed their commitment to further strengthening the bilateral relations for the mutual benefit.