A delegation comprising high-level officials from the Ministry of Trade and Industry (MTI) of Singapore paid a visit to BGMEA on July 6.
The visiting team led by Dr Francis Chong, Senior Director, Emerging Markets, MTI, included Ms Audrey Tan , Director (South Asia), Enterprise Singapore (ESG); Ms Sheela Pillai, Head of Mission, Singapore Consulate in Dhaka; Ms Uma Muniandy, Deputy Director, Emerging Markets, MTI; Arjun Jayaraman, Assistant Director, Emerging Markets, MTI, and Benjamin Chu, Development Partner, South Asia, ESG.
During the visit, they met with BGMEA Vice President Shahidullah Azim to discuss potential for trade and investment opportunities between Singapore and Bangladesh.
BGMEA Director Abdullah Hil Rakib and Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam were also present at the meeting.
The issue of free trade agreement (FTA) between the two countries was in discussion in the meeting with focus on how both sides could work together to reap mutual trade benefits.
BGMEA Vice President Shahidullah Azim said Bangladesh is preparing for the next phase of development with massive infrastructure development including sea ports, road and rail connectivity and airports.
He also said the government of Bangladesh has undertaken massive infrastructure development projects to meet the increasing demand of growing trade and industries.
With developing infrastructure, a young and vibrant workforce, strategic location, Bangladesh has emerged as an ideal place for investment, Shahidullah Azim said while inviting investors from Singapore to explore business opportunities in Bangladesh.
He said investors from China, Japan and South Korea are making investment in the special economic zones in Bangladesh.
Singapore might also make investment in potential sectors like recycling industry, textile machinery, man-made fibre and technical textiles, light engineering and shipbuilding, he added.
The BGMEA Vice President said Singapore total apparel imports from the world was USD 2.33 billion in 2022 where Bangladesh’s share was only 6.86 percent.
Singapore could increase its apparel import form Bangladesh, he said.
He also called for finding ways to reduce trade deficit between Bangladesh and Singapore.