Singaporean non-resident HC meets BGMEA President

Loh was accompanied by Charg‚ d'Affaires of the Singapore High Commission, Mitchel Lee among others.

The meeting featured open discussions on bilateral trade, investment, logistics, port management, and logistics development strategies. Labor issues in the garment industry, U.S. tariffs, and other contemporary issues related to the apparel sector were also discussed.

The meeting took place yesterday at the BGMEA office in Uttara. BGMEA Director Rumana Rashid was also present, said a BGMEA press release today.

One of the key topics was Singapore's cooperation in Bangladesh's port management.

High Commissioner Derek Loh expressed Singapore's interest in cooperating with Bangladesh in the management of the Bay Terminal.

He noted that Singapore, ranked second globally in container traffic handling, possesses vast experience, advanced expertise, and state-of-the-art technology. 

With these capabilities, Singapore stands ready to play an effective role in enhancing Bangladesh's logistics and port management, he said.

Loh also sought BGMEA's views on how port efficiency could be improved.

BGMEA President Mahmud Hasan Khan said that such cooperation would help reduce port handling time, accelerate the shipping process, and significantly cut overall costs in import-export trade. He highlighted BGMEA's expectations regarding improving port efficiency.

The Singapore High Commissioner further stated that a Free Trade Agreement (FTA) between Bangladesh and Singapore is nearing its final stage. In this context, he sought insights into Bangladesh's current business and investment environment.

The BGMEA President highlighted Bangladesh's progress since the July-August mass uprising. He stated that in line with public expectations, several positive changes have been made, particularly in reducing business costs, improving efficiency, and ensuring transparency and accountability.

He also requested the High Commissioner to encourage Singaporean businesses to invest in Bangladesh's promising sectors. Apart from the FTA, he suggested that Singaporean investors could invest in areas such as building international-standard hospitals in Bangladesh.

The High Commissioner emphasized that ensuring 100 percent profit repatriation is a prerequisite for attracting investment and stressed the importance of guaranteeing this for investors.

The BGMEA President sought the High Commission's support in diversifying Bangladesh's exports to Singapore, particularly by creating opportunities for exporting agricultural products and fruits.

The two sides also discussed the expansion of Bangladesh's garment exports to Singapore. The High Commissioner advised BGMEA leaders to focus on producing high-value apparel, especially premium brand clothing, to increase exports to Singapore.

He also invited the BGMEA President to visit Singapore with a delegation to see the country's port operations firsthand, reports BSS.