Bangladesh seeks greater trade, investment and skilled employment cooperation with Singapore

Bangladesh has sought greater cooperation with Singapore in trade, investment and skilled employment as part of efforts to strengthen economic relations between the two countries.

State Minister for Foreign Affairs Shama Obaed Islam held an interaction with Bangladeshi businesspeople, professionals and migrant workers in Singapore on Monday (10 August). The event was organised by the Bangladesh Chamber of Singapore at a local hotel.

During the meeting, the state minister heard about the experiences, opportunities and challenges faced by Bangladeshis living and doing business in Singapore.

Businesspeople and entrepreneurs briefed her on their ongoing activities and highlighted opportunities to expand trade, commerce and investment between the two countries.

They also called for greater cooperation in manpower migration and for stronger Bangladesh-Singapore economic ties.

The president of the Bangladesh Business Chamber of Singapore briefed the state minister on the organisation's activities, highlighting its role in promoting business relations and facilitating exchanges and visits between the two countries.

Shama Obaed Islam stressed the importance of economic diplomacy in expanding trade and attracting investment.

She said Singapore, as a major global business hub, had significant potential to invest in Bangladesh and contribute to employment generation.

She said the government was working to create a more investment-friendly environment in Bangladesh. She also said the Cabinet had recently approved a bill related to investment in Bangladesh.

The state minister said a separate wing had been established at the Foreign Ministry to coordinate with relevant government and private-sector stakeholders on issues including manpower migration and the promotion of trade, commerce and investment.

She said initiatives had also been taken in areas including renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and Technical and Vocational Education and Training (TVET).

Noting that Bangladesh has a trade deficit with Singapore, Shama Obaed Islam stressed the need to diversify Bangladesh's exports to the Singaporean market.

She underscored the importance of research, innovation and appropriate policy support to develop new export sectors.

Referring to the jute sector, she said Bangladeshi jute and jute-based products could become lucrative export items in Singapore.

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The state minister also called for the establishment of a joint Bangladesh-Singapore chamber comprising businesspeople, entrepreneurs and investors from both countries. She said such a chamber could play a crucial role in promoting trade and investment and expanding business cooperation.

Business representatives proposed several measures, identifying data centres as a potential area for investment in Bangladesh. They also highlighted the potential benefits of a Free Trade Agreement (FTA) between Bangladesh and Singapore.

They said Bangladeshi companies in the steel, shipbuilding and ship-recycling sectors could benefit from duty-free access to the Singaporean market under an FTA. They proposed organising roadshows to showcase Bangladeshi products in Singapore, along with a one-stop service for Singaporean investors, simplified procedures for opening bank accounts, business workshops and trade fairs.

Representatives from a wide range of professions, including doctors, engineers, shipbuilding workers, service-sector employees, logistics and transport workers, construction workers and IT professionals, also took part in the session.

Participants identified elderly caregiving as a promising area for future employment of Bangladeshi workers in Singapore and suggested that a bilateral agreement could facilitate cooperation in the sector.

They also proposed greater cooperation between hospitals in Bangladesh and Singapore under a government-to-government framework, noting that some medical treatment could be provided in Bangladesh at significantly lower costs than in Singapore.

The participants raised concerns about the high costs faced by prospective migrant workers and said exploitation by some recruiting agencies contributed to the high cost of migration to Singapore.

They suggested employing former migrant workers as trainers at training centres in Bangladesh and introducing affordable training courses for work permit holders in Singapore.

In response, Shama Obaed Islam assured participants that the government was working to bring the recruitment process under a transparent system to reduce exploitation and migration costs.

Participants also called for diversification of Bangladesh's overseas employment market, urging the government to reduce dependence on traditional sectors such as construction and logistics and explore opportunities in IT, data analysis, cybersecurity and artificial intelligence.

They said Singapore's service sector offered significant opportunities for skilled foreign professionals.

Responding to the proposals, the state minister said the government was reviewing opportunities in the TVET sector and continuing discussions with relevant ministries and stakeholders to expand employment opportunities for Bangladeshi workers.

The two interaction sessions provided a platform for direct engagement between the government and Bangladeshi businesspeople, professionals and migrant workers in Singapore. Discussions focused on expanding trade and investment, increasing skilled employment opportunities, improving migration governance and strengthening the economic partnership between Bangladesh and Singapore.

In her closing remarks, Shama Obaed Islam reaffirmed that Bangladesh was open to investment from around the world and encouraged Bangladeshi businesspeople to explore investment opportunities in the country.

She requested participants to submit their proposals formally in writing, based on which the government would take appropriate measures involving relevant ministries and organisations to address the challenges raised.

The state minister assured them that the government remained committed to the welfare of expatriate Bangladeshis, including those living in Singapore.