Play store
State Minister for Foreign Affairs Shama Obaed Islam has called for stronger trade and investment ties with Singapore, while seeking expanded opportunities for skilled Bangladeshi professionals in the city-state.
She made the call during an interaction with Bangladeshi businesspeople, professionals and migrant workers in Singapore on Monday, according to a Foreign Ministry press release.
Organised by the Bangladesh Chamber of Singapore at a local hotel, the meeting brought together entrepreneurs who briefed the state minister on business opportunities and challenges and proposed measures to deepen bilateral economic cooperation.
Shama described economic diplomacy as a key tool for boosting exports and attracting foreign 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 was working to create a more investment-friendly environment and had established a dedicated wing at the Foreign Ministry to coordinate with government agencies and private-sector stakeholders on migration, trade and investment.
Highlighting Bangladesh’s trade deficit with Singapore, Shama stressed the need to diversify exports and develop new export sectors through research, innovation and supportive policies.
She identified jute and jute-based products as promising areas for the Singaporean market and proposed forming a joint Bangladesh-Singapore Chamber bringing together businesses, entrepreneurs and investors from both countries.
Business representatives identified data centres as a potential area for Singaporean investment in Bangladesh and highlighted the possible benefits of a Bangladesh-Singapore free trade agreement (FTA).
They said an FTA could help Bangladeshi industries, including steel, shipbuilding and ship recycling, gain duty-free access to the Singaporean market.
The business community also proposed organising roadshows and trade fairs to promote Bangladeshi products, establishing a one-stop service for Singaporean investors and simplifying procedures for opening bank accounts.
Professionals and migrant workers identified elderly caregiving as a promising new employment sector for Bangladeshis and called for greater access to skilled jobs in areas such as information technology, data analysis, cybersecurity and artificial intelligence.
Participants also raised concerns over high migration costs and alleged exploitation by some recruitment agencies.
Shama said the government was working to establish a more transparent recruitment system to reduce exploitation and migration costs. She said the government was also reviewing opportunities under Technical and Vocational Education and Training (TVET) programmes to expand skilled employment abroad.
The state minister highlighted further areas for Bangladesh-Singapore cooperation, including renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and TVET.
“Bangladesh is open for investment from all over the globe,” she said, urging expatriate Bangladeshi entrepreneurs to explore investment opportunities in the country.
Shama asked participants to submit their proposals in writing so the government could take appropriate measures with relevant ministries and agencies.
She also reaffirmed the government’s commitment to protecting the interests and welfare of Bangladeshis living and working in Singapore.