A delegation of high-level officials from the Ministry of Trade and Industry (MTI) of Singapore visited BGMEA on Thursday.
The visiting team led by Dr Francis Chong, Senior Director at Emerging Markets in the MTI, included Audrey Tan, Director (South Asia) at Enterprise Singapore (ESG), Sheela Pillai, Head of Mission at Singapore Consulate in Dhaka, Uma Muniandy, Deputy Director at Emerging Markets in the MTI, Arjun Jayaraman, Assistant Director at Emerging Markets in the MTI and Benjamin Chu, Development Partner at South Asia in the ESG.
During the visit, they met with BGMEA Vice President Shahidullah Azim to discuss potential 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 came up in the discussion in the meeting with focus on how both sides could work together to reap mutual trade benefits, according to a BGMEA media release.
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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 Bangladesh government has undertaken massive infrastructure development projects to meet the increasing demand of growing trade and industries.
With developing infrastructure, a young and vibrant workforce, and a 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.
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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 the gross apparel import from the world by Singapore was $2.33 billion in 2022 where Bangladesh’s share was only 6.86 percent.
Singapore could increase its apparel imports from Bangladesh, he said.
He also called for finding ways to reduce the trade deficit between Bangladesh and Singapore.
Read more: Bangladesh working to secure strong position as high-value garments sourcing hub: BGMEA chief