Bangladesh open to global investment: Shama Obaed

Bangladesh is open to investment from across the globe, State Minister for Foreign Affairs Shama Obaed Islam said, urging Bangladeshi businesspeople and professionals living abroad to explore investment opportunities in the country.

She also emphasised the importance of economic diplomacy in expanding trade and attracting investment, saying the government has been working to create a more investment-friendly environment.

Shama  made the remarks while exchanging views with Bangladeshi businesspeople and professionals in Singapore on Monday. The event was organised by the Bangladesh Chamber of Singapore, with members of the business community, professionals and migrant workers attending, according to the Ministry of Foreign Affairs.

The state minister said Singapore, as a major global business hub, has significant potential to invest in Bangladesh and contribute to employment generation.

She informed the participants that the Cabinet has recently approved a bill related to investment in Bangladesh. She also said a separate wing has been created in the Foreign Ministry to coordinate with relevant government and private-sector stakeholders to address issues related to manpower migration, trade, commerce and investment.

The government is pursuing initiatives in renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and Technical and Vocational Education and Training (TVET), she has said.

Shama Obaed noted that Bangladesh has a trade deficit with Singapore and stressed the need to diversify exports to the country. She highlighted research, innovation and appropriate policy support as important for developing new export sectors.

Referring to the jute sector, she said jute and jute-based products can be lucrative commodities for the Singaporean market.

She also called for establishing a joint Bangladesh-Singapore chamber comprising businesspeople, entrepreneurs and investors from both countries, saying it can play an important role in promoting trade and investment and expanding business cooperation.

Business community seeks wider investment

The president of the Bangladesh Business Chamber of Singapore briefed the state minister on the organisation’s activities and highlighted its role in promoting business relations and facilitating exchanges and visits between the two countries.

Business representatives identified data centres as a potential area for investment in Bangladesh and highlighted the potential benefits of a Free Trade Agreement (FTA) between the two countries.

They said Bangladeshi companies in the steel, shipbuilding and ship-recycling sectors can benefit from duty-free access to the Singaporean market under an FTA. They also proposed organising roadshows to showcase Bangladeshi products in Singapore.

The representative suggested establishing a one-stop service for Singaporean investors, simplifying the process of opening bank accounts, organising business workshops and arranging trade fairs.

Representatives from various professions, including doctors, engineers, shipbuilding workers, service-sector employees, logistics and transport workers, construction workers and IT professionals, have also attended the session.

Participants identified elderly caregiving as a promising sector for future employment opportunities for Bangladeshi workers in Singapore. They suggested that a bilateral agreement can help develop cooperation in the sector.

They also proposed arranging some medical treatment in Bangladesh at significantly lower costs than in Singapore and establishing cooperation between hospitals in the two countries under a government-to-government framework.

The participants raised concerns over the high costs faced by aspiring migrant workers, attributing the high migration costs in Singapore to exploitation by some recruiting agencies.

They suggested engaging former migrant workers as trainers at training centres in Bangladesh and introducing affordable training courses for work permit holders in Singapore.

The state minister has assured them that the government has been working to make the recruitment process more transparent to reduce exploitation and migration costs.

Participants also called for diversifying Bangladesh’s overseas employment market, suggesting greater focus on sectors such as IT, data analysis, cybersecurity and artificial intelligence instead of relying heavily on traditional sectors such as construction and logistics.

They said Singapore’s service sectors offer significant opportunities for skilled foreign professionals.

Responding to the proposals, Shama said the government is reviewing opportunities in the TVET sector and continuing discussions with relevant ministries and stakeholders to expand employment opportunities for Bangladeshi workers.

The interaction sessions have provided a platform for direct engagement between the government and Bangladeshi businesspeople, professionals and migrant workers in Singapore. Discussions focused on expanding investment and trade, increasing skilled employment opportunities, improving migration governance and strengthening the economic partnership between Bangladesh and Singapore.

At the end of the discussions, Shama requested the participants to formally submit their proposals in writing so that appropriate measures can be taken in coordination with relevant ministries and government organisations.