Bangladesh Seeks Stronger Trade, Investment Ties with Singapore, Expanding Jobs for Skilled Workers

Bangladesh's State Minister for Foreign Affairs, Shama Obaed Islam, has emphasized the need to strengthen trade and investment cooperation with Singapore while expanding employment opportunities for skilled Bangladeshi professionals in the city-state.

She made the remarks on Monday during an exchange meeting with Bangladeshi business leaders, professionals, and migrant workers in Singapore, according to a press release issued by the Ministry of Foreign Affairs on Tuesday.

During the meeting, the state minister proposed establishing a Bangladesh–Singapore Chamber, a joint platform bringing together entrepreneurs, investors, and business representatives from both countries.

She said such a chamber could play a significant role in promoting bilateral trade, attracting investment, and strengthening business cooperation between Bangladesh and Singapore.

The discussion was organized by the Bangladesh Chamber of Singapore at a local hotel in Singapore. Business representatives briefed the state minister on existing opportunities and challenges while presenting recommendations to enhance bilateral economic relations.

Highlighting economic diplomacy as a key tool for expanding trade and attracting foreign investment, Shama Obaed said Singapore, one of the world's leading global business hubs, has considerable potential to increase investment in Bangladesh, which could also generate new employment opportunities.

She noted that the government is working to create a more investment-friendly environment. In addition, the Ministry of Foreign Affairs has established a dedicated wing to coordinate migration, trade, and investment issues with both public and private stakeholders.

Referring to Bangladesh's trade deficit with Singapore, the state minister stressed the importance of export diversification through research, innovation, and supportive policy measures. She also pointed to the significant potential for Bangladeshi jute and jute-based products in the Singaporean market.

Business leaders identified data centers as a promising sector for Singaporean investment in Bangladesh and highlighted the potential benefits of a Bangladesh–Singapore Free Trade Agreement (FTA).

They said an FTA could allow Bangladeshi exports to enter Singapore duty-free, benefiting industries such as steel, shipbuilding, and ship recycling.

The business community also proposed organizing roadshows and trade fairs to promote Bangladeshi products, introducing a one-stop service for Singaporean investors, and simplifying procedures for opening bank accounts.

Professionals and migrant workers identified elderly caregiving as an emerging employment sector for Bangladeshis in Singapore. They also called for greater employment diversification in high-skilled fields such as information technology (IT), data analytics, cybersecurity, and artificial intelligence (AI).

Participants expressed concern over high migration costs and the risk of exploitation by some recruiting agencies.

In response, Shama Obaed said the government is working to make the recruitment process more transparent to reduce migration costs and prevent exploitation. She added that opportunities under Technical and Vocational Education and Training (TVET) are also being reviewed to better prepare workers for overseas employment.

She said discussions with relevant ministries and stakeholders are continuing to expand employment opportunities for Bangladeshis abroad.

The state minister also highlighted the potential for bilateral cooperation in renewable energy, artificial intelligence, technology, pharmaceuticals, information and communications technology (ICT), education, and technical and vocational education.

Stating that "Bangladesh is open to investment from all parts of the world," she encouraged Bangladeshi entrepreneurs living abroad to explore investment opportunities in their home country.

She also requested participants to submit their recommendations in writing so the government could coordinate with relevant ministries and agencies to take appropriate action.

Reaffirming the government's commitment to the welfare of Bangladeshis overseas, Shama Obaed said the administration remains dedicated to supporting expatriate Bangladeshis in Singapore and around the world