State minister proposes formation of Bangladesh-Singapore chamber

State Minister for Foreign Affairs Shama Obaid Islam has stressed the need to further strengthen trade, investment and skilled manpower cooperation with Singapore. She said Singapore, as a global business hub, can play an important role in creating investment and employment opportunities for Bangladesh.

She made the remarks at an exchange meeting organised by the Bangladesh Chamber of Commerce in Singapore at a local hotel on Tuesday, August 11.

At the meeting, Bangladeshi businessmen highlighted their ongoing businesses, prospects and various challenges in Singapore. They stressed the expansion of trade, investment, opportunities in skilled and unskilled labour markets, and further strengthening economic ties between the two countries.

The president of the Bangladesh Business Chamber of Singapore outlined the organisation's various activities and said the chamber is playing an important role in developing business relations between Bangladesh and Singapore and increasing communication between entrepreneurs of both countries.

The state minister said the government is placing special emphasis on expanding Bangladesh's trade and attracting foreign investment through economic diplomacy. The government is working to create an investment-friendly environment in Bangladesh, and an investment-related bill has recently been approved by the cabinet.

She informed that a separate wing has been created in the Ministry of Foreign Affairs to coordinate matters related to manpower export, trade and investment, which will work in coordination with relevant government and private stakeholders.

Shama Obaid said there are significant opportunities for cooperation between the two countries in renewable energy, artificial intelligence, technology, pharmaceuticals, IT, education, and technical and vocational education and training (TVET).

Noting Bangladesh's trade deficit with Singapore, she stressed the need to diversify export products. She said jute and jute products could be promising for Bangladesh in the Singaporean market, requiring research, innovation and effective policy support.

The state minister proposed forming a joint Bangladesh-Singapore chamber comprising businessmen from both countries. In her view, such an initiative could play an important role in expanding trade, investment and business cooperation.

At the meeting, businessmen identified data centre establishment in Bangladesh as a promising investment sector. They also discussed the possibility of a Bangladesh-Singapore free trade agreement (FTA), which could allow Bangladeshi companies in sectors such as steel, shipbuilding and ship recycling to enjoy duty-free access to the Singaporean market.

Business representatives proposed organising exhibitions of Bangladeshi products in Singapore, launching a one-stop service for Singaporean investors, simplifying the process of opening bank accounts, and organising business workshops and trade fairs.

Additionally, representatives from sectors including doctors, engineers, shipbuilding workers, IT professionals, transport and construction participated in the meeting. They identified the elderly care sector as promising for creating new employment opportunities for Bangladeshi workers in Singapore.