Singapore seeks expanded investment, trade partnership with Bangladesh

Singapore has expressed strong interest in significantly expanding its trade and investment engagement with Bangladesh, with particular emphasis on the Bay Terminal project and agricultural imports as part of efforts to deepen bilateral economic cooperation and reduce the trade imbalance between the two countries.

The issue came up on Tuesday when Singapore’s Non-resident High Commissioner to Bangladesh, Derek Loh, met Commerce Minister Khandakar Abdul Muktadir at the Secretariat in the city, said a press release.

During the meeting, the Singaporean envoy highlighted the Bay Terminal project as a major area of interest for Singaporean investors, noting that the estimated investment in the project could range between $800 million and $1 billion.

He described the initiative as an important step toward modernising Bangladesh’s trade infrastructure and enhancing the country’s port capacity.

Derek Loh said the project would help reduce demurrage costs and shipping delays, ensuring significant savings for exporters and importers.

He also observed that improved port efficiency would strengthen Bangladesh’s attractiveness as a destination for future foreign direct investment.

The envoy reiterated Singapore’s commitment to strengthening economic cooperation with Bangladesh through increased investment, trade diversification, food security collaboration and support for green and sustainable industries.

Muktadir said Bangladesh is keen to further expand trade and investment relations with Singapore, emphasizing that the country has emerged as an increasingly attractive destination for foreign investors due to its investment-friendly policies, infrastructure development and growing skilled workforce.

He said there is substantial scope for bilateral cooperation in sectors including agriculture and food processing, renewable energy, logistics, port infrastructure and environment-friendly industries.

The minister added that the government is working to create favorable conditions for foreign participation in these sectors to support export diversification and sustainable economic growth.

High Commissioner Loh also expressed Singapore’s interest in importing more agricultural products from Bangladesh to meet the city-state’s growing demand for fresh produce.

He noted that Singapore currently depends heavily on imports from countries such as Australia, New Zealand, the United States, European countries and Japan.

He observed that expanding agricultural imports from Bangladesh could become an effective way to reduce the bilateral trade deficit between the two nations.

Additional Secretary of the Ministry of Commerce Ayesha Akter and other senior officials attended the meeting.

Both sides expressed optimism that enhanced cooperation in trade, investment and infrastructure development would open new avenues for industrial and commercial collaboration between Bangladesh and Singapore.