Bangladesh seeks to expand trade, investment ties and jobs with Singapore

State Minister for Foreign Affairs Shama Obaed Islam has called for stronger trade and investment cooperation with Singapore and greater opportunities for Bangladeshi skilled professionals in the city-state.

She made the call yesterday (10 August) during an interaction with Bangladeshi businesspeople, professionals and migrant workers in Singapore. The event was organised by the Bangladesh Chamber of Singapore at a local hotel.

Businesspeople and entrepreneurs briefed the state minister on their activities, business opportunities and challenges, while discussing ways to expand trade, commerce and investment and further strengthen Bangladesh-Singapore economic relations.

Shama emphasised economic diplomacy as an important tool for expanding trade and attracting investment. She said Singapore, as a major global business hub, has significant potential to invest in Bangladesh and contribute to employment generation.

She said the government is working to create a more investment-friendly environment and informed participants that the Cabinet had recently approved a bill related to investment in Bangladesh. A separate wing has also been established at the Foreign Ministry to coordinate with government and private-sector stakeholders on migration, trade, commerce and investment issues.

The state minister highlighted potential cooperation in renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and Technical and Vocational Education and Training (TVET).

Shama noted that Bangladesh has a trade deficit with Singapore and stressed the need to diversify exports to the Singaporean market through research, innovation and appropriate policy support. She identified jute and jute-based products as having strong potential in Singapore.

She also proposed establishing a joint Bangladesh-Singapore Chamber comprising businesspeople, entrepreneurs and investors from both countries, saying such a platform could play a crucial role in promoting trade, investment and business cooperation.

Business representatives identified data centres as a potential area for Singaporean investment in Bangladesh and highlighted the possible benefits of a Free Trade Agreement (FTA) between the two countries.

They said Bangladeshi companies in the steel, shipbuilding and ship-recycling sectors could benefit from duty-free access to Singapore under an FTA. They also proposed organising roadshows, business workshops and trade fairs to promote Bangladeshi products, establishing a one-stop service for Singaporean investors and simplifying the process of opening bank accounts.

Representatives from different professions, including doctors, engineers, shipbuilding workers, service-sector employees, logistics and transport workers, construction workers and IT professionals, also took part in the discussion.

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

They also proposed greater cooperation between hospitals in Bangladesh and Singapore, including arrangements for certain treatments in Bangladesh at lower costs under a government-to-government framework.

The participants raised concerns over high migration costs and alleged exploitation by some recruiting agencies. Shama assured them that the government was working to establish a transparent recruitment system to reduce exploitation and migration costs.

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

The participants called for greater diversification of Bangladesh's overseas employment market, suggesting a shift from traditional sectors such as construction and logistics towards skilled fields including IT, data analysis, cybersecurity and artificial intelligence.

Shama said the government is reviewing opportunities in the TVET sector and continuing discussions with relevant ministries and stakeholders to expand employment opportunities for Bangladeshis abroad.

In her closing remarks, Shama reaffirmed that Bangladesh is open to investment from around the world and encouraged Bangladeshi entrepreneurs in Singapore to explore investment opportunities in Bangladesh.

She requested participants to submit their proposals in writing so that the government could take appropriate measures in coordination with relevant ministries and agencies. She also reaffirmed the government's commitment to the welfare of expatriate Bangladeshis, including those living in Singapore.