Bangladesh seeks greater flow of direct Singaporean investment

Foreign Secretary Masud Bin Momen has encouraged for a greater flow of FDI from Singapore, particularly in the economic zones of Bangladesh during the Third Foreign Office Consultations (FOC) between the two countries at the Ministry of Foreign Affairs in Dhaka on Wednesday. 

Terming Singapore as an important investor country in Bangladesh, he has expressed interest for the direct investment inflow for mutual benefit, reads a Foreign Ministry press release.

At the FOC, Masud Bin Momen led the Bangladesh delegation, while a five-member Singapore delegation was led by Luke Goh, Second Permanent Secretary (Ministry of Foreign Affairs) and Permanent Secretary (Ministry of Law) of Singapore.

The two sides elaborately discussed the potential areas of collaboration in agro-processing and agricultural research and capacity building.

Bangladesh and Singapore agreed to further strengthen bilateral synergies and best utilise the existing complementarities with a view to adding greater momentum to the current pace of economic cooperation for mutual benefits.

Holding after a hiatus of more than eight years, the FOC reviewed the whole gamut of the bilateral relations, including cooperation in the areas of trade and commerce, investment, power, energy, connectivity, blue economy, halal trade, tourism and culture, capacity building, education, health, security, agriculture and ICT in addition to regional and global issues of mutual interests.

The two sides noted the importance of exchanging more high-level visits to add greater impetus to the ongoing bilateral relations. Both sides expressed optimism that the FOC would help inject further vigour and momentum into the existing excellent bilateral relations for making it more collaborative, substantial and meaningful in the days ahead.

The two sides also stressed the importance of adequate follow up on the decisions reached during the FOC and other bilateral mechanisms.

The two sides took stock of the progress made vis-à-vis the proposed bilateral FTA and expressed determination for its conclusion at the earliest possible time in order to raise the bilateral trade and economic cooperation to its desired level.

The both sides lauded the regular functioning of the Bangladesh-Singapore Joint Working Group formed under the recently signed Memorandum of Cooperation (MoC) in this regard. Given the existing bilateral trade, foreign secretary urged the Singaporean side to seriously consider Bangladesh as a source country for their imports of quality items at very competitive prices including RMG, pharmaceuticals, leather and jute products, ceramics, plastic and bicycles etc in order to make it more balanced.

Both sides appreciated that Bangladeshi nationals currently working in Singapore are making admirable contributions to both countries' economies. Bangladesh expressed its readiness to provide the adequate human resources – both skilled and semi-skilled - such as, welders, medical technicians, security personnel, gardeners, cleaners, agriculture workers, domestic workers, etc. to help sustain the momentum of Singaporean economy.

Bangladesh also expressed its interests for greater cooperation from Singapore in the arena of human resource development through training and knowledge-sharing.

Foreign Secretary Masud Bin Momen requested Singapore to play a more pro-active role bilaterally and within the ASEAN framework for making possible an expeditious repatriation of the Rohingya people from Bangladesh to their homeland in Myanmar. He also sought an expeditious inclusion of Bangladesh as a Sectoral Dialogue Partner of ASEAN.

Earlier, Derek Loh, the Non-resident Ambassador of Singapore to Bangladesh, on behalf of the visiting Singaporean delegation, paid their rich tribute to the memory of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and all martyrs of 15 August, 1975 by placing a floral wreath at the portrait of Bangabandhu at Dhanmondi-32 and at Banani graveyard on the National Mourning Day.