FTA negotiation with Singapore to start soon: Tipu Munshi

Bangladesh will soon start negotiations with Singapore for a free trade agreement (FTA), Commerce Minister Tipu Munshi said yesterday, as the two countries signed a memorandum of understanding (MoU) with an emphasis on development in 16 sectors.

Bangladesh Commerce Minister Tipu Munshi and Singaporean Minister-in-charge of Trade Relations S Iswaran signed the "Memorandum of cooperation on trade and investment" at the Secretariat.

The sectors covered by the MoU include jute and jute products, textiles and apparels, agriculture, renewable energy, information and communication technology services, light engineering, leather and leather products, skills development, transport, logistics, digital economy and education services.

Singaporean Minister-in-charge of Trade Relations S Iswaran said, "There is scope for increasing trade, investment and economic cooperation between the two countries. An international airport is being built in Cox's Bazar, Bangladesh, which will be very helpful for the growth of trade and tourism. Singapore will work with Bangladesh in the ICT sector."

Bangladeshi, Singaporean businesses explore collab, mergers

Meanwhile, Bangladeshi businesses asked their Singaporean counterparts to invest in their businesses and sought joint ventures after pitching business plans.

Participating at the International Business Networking event in Dhaka, they highlighted the business prospects and investment scopes in Bangladesh and Singapore, and shared how the firms of both countries can expand businesses for bilateral interests.

A 20-member delegation from Singapore attended the event at the Pan Pacific Sonargaon Hotel in the capital on Wednesday, where the local business community shared ideas and exchanged views on bilateral business issues.

The Bangladeshi chartered accountancy firm Howlader Maria & Co (HmAC) and the Singapore Business Federation (SBF), the country's apex business chamber, jointly organised the event to connect local businesses with global ones to boost bilateral growth and opportunities.

While giving a brief about the Bangladesh economy and its business prospects, Maria Haolader, founder and CEO of HmAC, said, "Bangladesh has an inspiring story of growth and development aspiring to be an upper middle-income country by 2031. It has a strong track record of growth and development, even in times of elevated global uncertainty."

Stating that Bangladesh, like many other countries, faces global economic challenges, she said rising commodity prices and a surge in imports in the second half of FY22 resulted in widening the Balance of Payments (BoP) deficit and accelerating inflation.

The Singapore delegation from multiple sectors shared their investment plans and tried to find out business opportunities in different sectors such as IT, agriculture, construction etc.

At the event, they learned the risk factor of business investments, talked to each other about whether they can acquire or merge businesses in the country, and explored new investment opportunities.

Local companies also hoped to forge connections with other concerns of these companies from the Singapore delegation.