A visiting business delegation from Singapore expressed strong interest in enhancing bilateral cooperation between Bangladesh and Singapore in the logistics sector.
The delegation made this expression during a meeting with the Dhaka Chamber of Commerce and Industry (DCCI) leaders at its Motijheel office in the capital on Thursday.
The 12-member Singaporean business delegation was led by Derek Loh, non-resident High Commissioner of Singapore to Bangladesh.
During the meeting, the DCCI President Taskeen Ahmed said the announcement of suspending the implementation of imposing additional tariff by the United States for 90 days is a matter of relief for global trade and investment.
He hoped that the issue should be resolved through talks at the diplomatic and government to government or G-to-G levels.
He pointed out that Singapore is the second largest investor in Bangladesh and its entrepreneurs have already invested nearly US$ 1.78 billion in different sectors in Bangladesh.
He said that bilateral trade between Bangladesh and Singapore stood at US$2.64 billion during the last fiscal year.
He said Singapore has become one of the important hubs of global trade, especially through modern and efficient port management.
Mr Taskeen Ahmed said that there is a lot of potential for Singaporean entrepreneurs to invest in Bangladesh's port management, infrastructure, logistics, renewable energy, IT, agriculture and health sectors.
He stressed on Singapore's cooperation in improving the skills of Bangladeshi SME entrepreneurs to expand their exports in global trade.
He also highlighted the need for Singapore's technical assistance in modernising Bangladesh's jute and agriculture sectors.
High Commissioner Derek Loh said that the cost of business operations could be reduced to a great extent by reducing the cost of production and logistics in the industrial sector.
He said that by improving the efficient management of Bangladesh's ports, it is possible to reduce the business operating costs of entrepreneurs largely, which will increase the capacity of Bangladeshi entrepreneurs in global competition.
He said that Singaporean businessmen are also keen to work in the infrastructure sector of Bangladesh.
He said Singapore is keen to cooperate with Bangladesh in enhancing logistic capacity and efficiency.
He said Singapore has emerged as one of the hubs of global trade through efficient port management.
He also laid emphasis on the reform and automation of Bangladesh's revenue sector.
To expand the export market of Bangladeshi products to the outside world, he emphasised the implementation of ESG (Environment, Social and Governance) compliance in the industry, increasing the use of renewable energy and solar power, as well as ensuring overall compliance.
He said that the ESG compliance will increase the cost of investment, but it will also enhance the competitiveness of export.
The Singaporean envoy said that in recent times, Singapore has been investing in the renewable energy sector as it helps reducing cost of production.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman and members of its board of directors were present at the meeting among others.
talhabinhabib@yahoo.com
