Singapore, Bangladesh ink deals to boost economic relations

Singapore, Bangladesh ink deals to boost economic relations

Bangladesh and Singapore signed four Memorandums of Understanding (MoUs) at the inaugural Bangladesh-Singapore Business Forum on Tuesday (Mar 13).

SINGAPORE: Bangladesh and Singapore signed four Memorandums of Understanding (MoUs) at the inaugural Bangladesh-Singapore Business Forum on Tuesday (Mar 13).

One of them will see International Enterprise (IE) Singapore and the Bangladesh Investment Development Authority working together to facilitate the entry of Singapore companies, including SMEs, into Bangladesh.

Another MoU will see both countries collaborate on developing and delivering capacity building programmes for public service officers, in support of the Digital Bangladesh Vision 2021 Programme. The agreement also aims to enhance and sustain the start-up ecosystem in Bangladesh.

Another deal between the Singapore Manufacturing Federation (SMF) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) aims to open doors for Singapore companies going into Bangladesh, providing them with a source of business contacts in the country, as well as opportunities to collaborate with FBCCI members.

The fourth MoU builds on a deal that was signed between the SMF and the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) in 1997. 

Under the deal, MCCI will facilitate Singapore companies to be connected to manufacturers and businesses in Dhaka.

Bangladesh Prime Minister Sheikh Hasina, who is on her first official visit to Singapore, oversaw the signing of the MoUs with Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang

Mr Lim said that with Bangladesh’s economy growing between 6 to 7 percent over the past decade, and remaining “strong and resilient despite a challenging external environment”, presents a variety of opportunities for Singapore companies.

He said that Bangladesh has been actively encouraging foreign direct investments into the country, and that coupled with “the growing appetite on both sides to deepen linkages”, presents opportunities for Singapore companies that have expertise not only in infrastructure, “but also urban solutions and logistics - areas which Bangladesh is looking to swiftly develop”.

Mr Lim added that Bangladesh companies should also take advantage of Singapore “as a base to deepen knowledge of and venture into the Southeast Asia region”.

Source: CNA/rw

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