Shama Seeks Stronger Trade, Investment and Job Ties with Singapore

State Minister for Foreign Affairs Shama Obaed Islam has called for greater trade and investment cooperation with Singapore alongside expanded opportunities for skilled Bangladeshi professionals in the city-state.

She made the call while exchanging views with Bangladeshi businesspeople, professionals and migrant workers in Singapore on Monday, according to a foreign ministry press release received here today.

The Bangladesh Chamber of Singapore organised the interaction at a local hotel, where entrepreneurs briefed the state minister on business opportunities and challenges and offered proposals for strengthening bilateral economic ties.

Shama underscored economic diplomacy as a key tool for expanding trade and attracting investment, saying Singapore, as a major global business hub, holds significant potential for investment in Bangladesh that could also generate employment.

She said the government was working to create a more investment-friendly environment and had established a separate wing at the foreign ministry to coordinate with government and private-sector stakeholders on migration, trade and investment issues.

Highlighting Bangladesh’s trade deficit with Singapore, Shama stressed diversifying exports and developing new export sectors through research, innovation and appropriate policy support.

She identified jute and jute-based products as having potential in the Singapore market and proposed establishing joint Bangladesh-Singapore Chamber comprising businesses, entrepreneurs and investors from both the countries.

Such a platform, she said, could play a crucial role in promoting trade and investment and expanding bilateral business cooperation.
During the interaction, business representatives identified data centres as a potential area for Singaporean investment in Bangladesh and highlighted the possible benefits of a Bangladesh-Singapore Free Trade Agreement (FTA).

They said an FTA could benefit Bangladeshi companies in sectors such as steel, shipbuilding and ship recycling through duty-free access to the Singapore market.

The business community also proposed road shows and trade fairs to showcase Bangladeshi products, a one-stop service for Singaporean investors and simplified procedures for opening bank accounts.

Professionals and migrant workers, meanwhile, identified elderly caregiving as a promising new employment sector for Bangladeshis and called for greater diversification into skilled fields such as IT, data analysis, cybersecurity and artificial intelligence.

Participants also raised concerns over high migration costs and alleged exploitation by some recruiting agencies.

Shama said the government was working to bring recruitment under a transparent system to reduce exploitation and migration costs while reviewing opportunities under Technical and Vocational Education and Training (TVET).

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

The state minister also highlighted potential cooperation in renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and TVET.

“Bangladesh is open for investment from all over the globe,” she said, encouraging expatriate Bangladeshi entrepreneurs to explore investment opportunities at home.

Shama asked participants to submit their proposals in writing so the government could pursue appropriate measures with relevant ministries and agencies.

She reaffirmed the government’s commitment to working for the welfare of expatriate Bangladeshis, including those living in Singapore.