Singapore keen to help enhance Bangladesh’s logistics sector
Meeting between DCCI and visiting Singapore business delegation held
Singapore is keen to work with Bangladesh to improve the capacity and efficiency of its logistics sector.
Derek Loh, non-resident High Commissioner of Singapore top Bangladesh, expressed the willingness during a meeting with DCCI President Taskeen Ahmed today (10 April), said a press release.
Derek led a 12-member business delegation at the meeting held at DCCI office.
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At the meeting, Derek said the cost of business operations can be reduced to a great extent by reducing the cost of production and logistics in the industrial sector.
"By improving the efficient management of Bangladesh's ports, it is possible to reduce the business operating costs of entrepreneurs largely, which will increase the capacity of Bangladeshi entrepreneurs in global competition," he said.
He said they are also keen to work in the infrastructure sector of Bangladesh.
Derek stated that Singapore has emerged as one of the hubs of global trade through efficient port management.
He also laid emphasis on the reform and automation of Bangladesh's revenue sector.
To expand the export market of Bangladeshi products to the outside world, he emphasised the implementation of ESG (environment, Social and Governance) compliance in the industry, increasing the use of renewable energy and solar power, as well as ensuring overall compliance.
The high commissioner said in recent times, Singapore has been investing in the renewable energy sector in recent times as it helps reducing cost of production.
During the meeting, DCCI President Taskeen Ahmed said the announcement of suspending the implementation of imposing additional tariff by the United States for 90 days is a matter of relief for global trade and investment, but he hoped that the issue should be resolved through talks at the diplomatic G-to-G levels.
The DCCI president pointed out that Singapore is the second largest investor in Bangladesh and its entrepreneurs have already invested nearly $1.78 billion in different sectors in Bangladesh.
Bilateral trade between Bangladesh and Singapore stood at $2.64 billion in the last fiscal year.
He said Singapore has become one of the important hubs of global trade, especially through modern and efficient port management, and there is a lot of potential for Singaporean entrepreneurs to invest in Bangladesh's port management, infrastructure, logistics, renewable energy, IT, agriculture and health sectors.
Taskeen Ahmed called for Singapore's cooperation in improving the skills of Bangladeshi SME entrepreneurs to expand their exports in global trade.
The Dhaka Chamber president also stressed the need for Singapore's technical assistance in modernizing Bangladesh's jute and agriculture sectors.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md Salem Sulaiman and members of the Board of Directors were also present during the meeting.
