Singapore has expressed its keen interest in cooperating with Bangladesh to enhance the capacity and efficiency of its logistics sector, leveraging its global expertise in modern port management and trade facilitation.
The offer was made during a meeting between a 12-member business delegation from Singapore, led by Derek Loh, the non-resident High Commissioner of Singapore to Bangladesh, and leaders of the Dhaka Chamber of Commerce and Industry (DCCI) on Thursday, April 10. The delegation visited the DCCI office to explore opportunities for strengthening economic ties between the two nations.
During the meeting, Derek Loh emphasised the importance of reforming and automating Bangladesh’s revenue sector to improve trade efficiency. He highlighted that efficient port management and reduced logistics costs could significantly lower the cost of business operations, enhancing the competitiveness of Bangladeshi entrepreneurs in global markets.
Loh also stressed the implementation of ESG (Environmental, Social, and Governance) compliance in industries, promoting the use of renewable energy and solar power, and ensuring overall regulatory compliance. While acknowledging that ESG compliance might increase investment costs initially, he noted that it would ultimately boost Bangladesh’s export competitiveness and align the country with global trade standards.
Singapore, which has emerged as one of the world’s leading hubs for global trade through its cutting-edge port management systems, is eager to share its expertise with Bangladesh.
Loh expressed interest in investing in Bangladesh’s port management, infrastructure, logistics, renewable energy, IT, agriculture, and healthcare sectors, emphasising the potential for collaboration in these areas.
Taskeen Ahmed, President of DCCI, welcomed Singapore’s proposal and highlighted the importance of resolving trade-related challenges through diplomatic dialogue. He expressed relief over the United States’ recent decision to suspend the imposition of additional tariffs for 90 days, terming it a positive development for global trade and investment.
Ahmed noted that Singapore is Bangladesh’s second-largest investor, with Singaporean entrepreneurs having already invested nearly $1.78 billion across various sectors. Bilateral trade between the two nations stood at $2.64 billion in the last fiscal year, reflecting the strong economic partnership between them.
The DCCI president called for Singapore’s cooperation in improving the skills of Bangladeshi SME entrepreneurs to expand their footprint in global trade.
He also urged for technical assistance in modernising Bangladesh’s jute and agriculture sectors, which remain critical to the country’s economy.
Loh iterated Singapore’s commitment to supporting Bangladesh in reducing production and logistics costs, which could enhance the competitiveness of local businesses. He highlighted that efficient port management could significantly reduce operational costs for entrepreneurs, enabling them to compete more effectively on the global stage.
The high commissioner also mentioned Singapore’s growing focus on investments in the renewable energy sector, noting its potential to reduce production costs and promote sustainable development.
Razeev H Chowdhury, Senior Vice President of DCCI, Md Salem Sulaiman, Vice President, and members of the DCCI Board of Directors, also attended the meeting.