SINGAPORE: Singapore and Bangladesh have signed a memorandum of cooperation on trade and investment (MCTI), Singapore's Ministry of Trade and Industry said on Friday (Nov 18).
The signing took place during Minister-in-charge of Trade Relations S Iswaran's trip to Bangladesh from Nov 15 to Nov 17, MTI said.
During his trip, Mr Iswaran called on Bangladesh Prime Minister Ms Sheikh Hasina. They reaffirmed the close ties between Singapore and Bangladesh and discussed how to deepen bilateral economic ties.
The MCTI - signed with Bangladesh Minister of Commerce Mr Tipu Munshi - sets out the scope for the deepening of economic relations between the countries, said MTI.
"Under the MCTI, a senior officials bilateral working group will be established to identify initiatives in areas such as renewable energy, logistics, trade facilitation and standards, to increase trade and investment flows."
“The MCTI is a significant milestone in economic cooperation between Bangladesh and Singapore, as we mark 50 years of diplomatic ties. It will help Singapore companies diversify their markets by tapping on the strong growth potential of Bangladesh," said Mr Iswaran.
"Bangladesh is a fast-growing market with economic growth averaging 6 per cent to 7 per cent between 2011 and 2021. It is expected to be among the 30 largest economies in the world by 2030."
While in the country, Mr Iswaran also met with the Ms Hasina's private industry and investment adviser Salman F Rahman and other Bangladeshi state ministers.
Mr Iswaran’s visit was complemented by a business mission jointly organised by Enterprise Singapore and the Singapore Business Federation, said MTI.
Delegates on the mission met officials from various government organisations, were hosted by Bangladesh businesses and start-up accelerators, and went on various site visits across Dhaka.