Singapore to co-op boosting BD’s logistic sector capacity
Business Desk :
A 12-member delegation led by Derek Loh, non-resident High Commissioner of Singapore to Bangladesh, met DCCI President Taskeen Ahmed here on Thursday.
During the meeting, the DCCI President Taskeen Ahmed said the announcement of suspending the implementation of imposing an additional tariff by the United States for 90 days is a matter of relief for global trade and investment. He also hoped that the issue would be resolved through talks at the diplomatic G-to-G levels.
The DCCI president pointed out that Singapore is the second largest investor in Bangladesh, and its entrepreneurs have already invested nearly $1.78 billion in different sectors in Bangladesh.
Bilateral trade volume between Bangladesh and Singapore stood at $2.64 billion in the last fiscal year, reports BSS.
He said Singapore has become one of the important hubs of global trade, especially through modern and efficient port management, and there is a lot of potential for Singaporean entrepreneurs to invest in Bangladesh’s port management, infrastructure, logistics, renewable energy, IT, agriculture and health sectors.
Taskeen Ahmed called for Singapore’s cooperation in improving the skills of Bangladeshi SME entrepreneurs to expand their exports in global trade.
The Dhaka Chamber president also stressed the need for Singapore’s technical assistance in modernising Bangladesh’s jute and agriculture sectors.
Non-resident High Commissioner of Singapore to Bangladesh Derek Loh said that the cost of business operations can be reduced to a great extent by reducing the cost of production and logistics in the industrial sector.
By improving the efficient management of Bangladesh’s ports, it is possible to reduce the business operating costs of entrepreneurs largely, which will increase the capacity of Bangladeshi entrepreneurs in global competition.
Loh said they are also keen to work in the infrastructure sector of Bangladesh. He said Singapore is keen to cooperate with Bangladesh in enhancing logistic capacity and efficiency.
He said Singapore has emerged as one of the hubs of global trade through efficient port management.
The High Commissioner also laid emphasis on the reform and automation of Bangladesh’s revenue sector.
To expand the export market of Bangladeshi products to the outside world, he emphasised the implementation of ESG (environmental, social and governance) compliance in the industry, increasing the use of renewable energy and solar power, as well as ensuring overall compliance.
Though ESG compliance will increase the cost of investment, it will enhance the competitiveness of exports, he added.
The high commissioner said Singapore has been investing in the renewable energy sector in recent times, as it helps reduce the cost of production.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md Salem Sulaiman and members of the Board of Directors were also present during the meeting.