DCCI, Singapore Discuss Strengthening Bilateral Ties

A productive meeting between the Dhaka Chamber of Commerce and Industry (DCCI) and a visiting 12-member Singaporean business delegation focused on enhancing bilateral cooperation in logistics, infrastructure, and investment. The delegation, led by Derek Loh, the non-resident High Commissioner of Singapore to Bangladesh, met with DCCI President Taskeen Ahmed on Thursday at the Chamber office.

President Taskeen Ahmed welcomed the delegation and underscored Singapore's substantial investment footprint in Bangladesh, noting it is the second-largest foreign investor with approximately USD 1.78 billion invested across various sectors. He also highlighted that bilateral trade between the two nations reached USD 2.64 billion in the last fiscal year.

Taskeen emphasized that Singapore’s global expertise in efficient port and logistics management presents significant opportunities for collaboration. He invited Singaporean investors to explore ventures in Bangladesh's thriving sectors such as port operations, logistics, infrastructure, renewable energy, IT, agriculture, and healthcare.

Additionally, Taskeen urged Singapore to support capacity-building efforts for Bangladeshi SMEs to enhance their export competitiveness. He also called for technical assistance in modernizing Bangladesh’s jute and agriculture sectors.

On the global stage, Taskeen welcomed the U.S. decision to suspend additional tariffs for 90 days, which he described as a positive step for global trade. He expressed hope for a long-term resolution through diplomatic engagement.

High Commissioner Derek Loh stressed the importance of reducing production and logistics costs to increase the competitiveness of businesses. He expressed Singapore's readiness to collaborate with Bangladesh on improving port efficiency and infrastructure development.

Loh also pointed out the need for reforms and automation in Bangladesh’s revenue sector, emphasizing the long-term benefits of adopting Environmental, Social, and Governance (ESG) standards in industries. While acknowledging that ESG compliance might initially raise investment costs, he noted that it would enhance export competitiveness in the future.

Loh further highlighted Singapore's growing interest in supporting Bangladesh’s logistics capacity and renewable energy investments, which have the potential to lower production costs and boost industrial competitiveness.

The meeting also saw the participation of DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, and other Board members, all of whom engaged in discussions aimed at fostering stronger economic ties between the two nations.