Singapore: In a push to bolster economic ties and attract foreign investments, Bangladesh’s State Minister for Foreign Affairs, Shama Obaed Islam, has reaffirmed the country’s openness to investment from around the world. Addressing a gathering of Bangladeshi businesspeople and professionals in Singapore, she highlighted the government’s initiatives to create a more investment-friendly environment in Bangladesh.
According to United News of Bangladesh, the event was organized by the Bangladesh Chamber of Singapore and featured discussions on expanding trade, commerce, and investment opportunities between Bangladesh and Singapore. The meeting also focused on the potential of skilled and unskilled migration and further strengthening economic relations between the two nations. The President of the Bangladesh Business Chamber of Singapore briefed the State Minister on the Chamber’s activities, emphasizing its role in promoting business relations and facilitating exchanges.
State Minister Shama Obaed informed attendees about a recently approved bill related to investment in Bangladesh, aiming to streamline coordination among government and private sectors. She outlined various initiatives in renewable energy, artificial intelligence, technology, pharmaceuticals, and education. Stressing the need to diversify exports to address Bangladesh’s trade deficit with Singapore, she noted that jute-based products could be lucrative in the Singaporean market.
The proposal to establish a joint Bangladesh-Singapore Chamber was also put forward, with hopes of fostering trade and business cooperation. Business community members highlighted data centres as a promising investment area and discussed the potential benefits of a Free Trade Agreement (FTA) between the two countries. They suggested organizing roadshows, simplifying banking processes, and setting up a one-stop service for Singaporean investors.
Participants from various professions, including doctors, engineers, and IT professionals, attended the session, identifying sectors like elderly caregiving as potential employment opportunities. They proposed bilateral agreements to enhance cooperation in this area and suggested initiatives such as affordable training courses for work permit holders and engaging former migrant workers as trainers.
Addressing concerns about high migration costs due to recruiting agency exploitation, the State Minister assured efforts to establish a transparent recruitment process. She emphasized the government’s commitment to broadening employment opportunities and reducing reliance on traditional sectors by exploring fields like IT, data analysis, and artificial intelligence.
The interactive sessions provided a platform for direct engagement with the business community and Bangladeshi professionals in Singapore, focusing on investment expansion, skilled employment opportunities, and improved migration governance. In closing, the State Minister encouraged participants to submit written proposals to address challenges effectively, reaffirming the government’s dedication to supporting expatriate Bangladeshis worldwide, including those in Singapore.