Bangladesh seeks Singapore investments

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SINGAPORE businesses are showing a growing interest to purchase Bangladesh because of the friendly bilateral relations and bettering economic conditions on the united states of 167 million people with a developing middle class. A organization delegation from Singapore visited Bangladesh last August to explore expense opportunities, says its High Commissioner in Singapore, Md Mustafizur Rahman.

"There are good prospects for furthering the existing mutually beneficial romance between Bangladesh and Singapore. Bangladesh can be a good destination for Singapore expenditure. Bangladesh is normally a fast-growing economy offering investment chances in areas such as for example infrastructure development, port control, electronics, real estate, technical education, health care and other provider and complex sectors," says Mr Rahman within an interview with THE BUSINESS ENTERPRISE Times to tag the Bangladesh National Day today.

"Singapore can profit from Primary Minister Sheikh Hasina's give of territory for Singapore shareholders and set up a Singapore Economic Zone in Bangladesh to create goods and services taking advantage of the reduced labour cost, liberal investment regime and the additional monetary incentives offered by the federal government for foreign expenditure in Bangladesh."

However, trade imbalance is normally a potential area of concern for Bangladesh just as the two-approach trade can be heavily skewed towards Singapore. Both countries have to find pragmatic methods to narrow the trade imbalance, he adds.

Mr Rahman says he sees growth potential in the manpower sector.

The Great Commissioner says that currently there are about 120,000 Bangladeshi staff here who are mostly employed in construction, marine and shipyard sectors. Bangladeshis are also working in the conservancy sector as cleaners in town councils and as landscapers. Some 500 Bangladeshis are in Singapore as mariners, engineers and businessmen. Many of them hold Singapore citizenship or are permanent residents.

"The typical of education in Singapore is quite high and this established fact in Bangladesh. Even so, we usually do not presently possess significant collaboration in the training sector, except a few classes being executed at some institutes for the experts and civil servants. Only about 25 students, a fairly negligible number, are currently studying in various educational establishments in Singapore. Sadly, Singapore's top notch educational system and organizations fail to attract various Bangladeshi students partly due to high tuition costs and living expenses, insufficient scholarships, absence of do the job permit during analysis and lack of employment along with other possibilities supplied in advanced countries towards the end of their review," says Mr Rahman.

"Despite these points, we nonetheless recognise that there is prospect of cooperation. Discussions are presently heading on with some academic institutions right here. I am hoping, we will be able to make some improvement in this subject. In the realm of traditions, I have to admit that the level of institutional cooperation is minimal. To improve cultural cooperation, both the governments will work on a Memorandum of Understanding," he adds.

The Bangladesh envoy says that his country and Singapore have enjoyed an agreeable relationship ever since 1972 when diplomatic ties were formally established.

"For Bangladesh, Singapore is a role model of development. The stellar transformation of Singapore from a under-developed country to a produced one within a short period of period has inspired our very own journey for financial emancipation. We have too much to study from Singapore - how it realized monetary prosperity through fostering political steadiness and maintaining public harmony, and strengthening regional cooperation," says Mr Rahman.

"We are closely linked through trade, tourism and labour flows. Numerous Bangladeshis, including federal government officials and advanced political workplace holders, visit Singapore on a regular basis for tourism and medical requirements. Singapore's relations with Bangladesh are sustained by a growing interest of its businesses to purchase and do business with Bangladesh as we import large level of goods and products and services from Singapore. Bangladesh and Singapore share a similar outlook of all global issues and have mutually supportive positions in overseas forums."

The High Commissioner says that while Bangladesh might not exactly be a priority region for Singapore to push for more powerful bilateral relations with, "the visit of Bangladesh Prime Minister Sheikh Hasina to Singapore in 2018 appears to have infused a lot of enthusiasm among the Singapore leadership to explore the prospects presented by an economically growing Bangladesh. We visit a much higher degree of interest among the neighborhood companies to accomplish business in Bangladesh."

Turning to the value of March 26, which is the Independence and National Day of Bangladesh, he says: "Upon this day in 1971, Bangladesh proclaimed independence. The nine-month extended bloody struggle for independence started beneath the leadership of the daddy of our Nation, Bangabandhu Sheikh Mujibur Rahman. This season, we are celebrating the birth centenary of Bangabandhu. Next year, we are celebrating the Golden Jubilee of our independence."

BANGABANDHU AND BANGLADESH

The Superior Commission is planning to organise a week long art exhibition afterwards this season themed on 'Bangabandhu and Bangladesh'. Additionally it is contemplating arranging a high level seminar to highlight the eyesight and aspirations of the larger than life personality."

Bangladesh is today a good politically stable region with a sound economy and is socially thriving. Its transformation has occurred especially within the last decade under the powerful and visionary leadership of Primary Minister Sheikh Hasina, who's serving her fourth term as mind of government.

"During this period, the country's market has appreciated steady growth using its rewards spreading across contemporary society. The growth has got been accompanied by significant decline in poverty, increase in employment, greater usage of health and education and increased fundamental infrastructure. This transformation has been tremendously facilitated by the achievement of the garment sector and the sustained inflow of remittances," says Mr Rahman.

"In 2009 2009, the federal government launched 'Vision 2021' - a eyesight to transform Bangladesh into a expertise based, technology driven middle income country by 2021. We've made good progress in our journey towards attaining these milestones. Interacting with the United Nation's requirements for graduating from minimal developed country status in 2018 was a watershed celebration for Bangladesh," he offers.

Over the last 10 years, the country's market has registered the average annual growth fee of above 7 %. Most macro-financial indicators possess risen steadily, and the total amount of trade remains healthful. The Spectator Index 2019 possessed highlighted that Bangladesh experienced 188 % growth of its gross domestic item (GDP) at current prices over the last 10 years. In nominal conditions, the GDP has grown from US$102 billion in '09 2009 to US$302 billion in 2019. Per capita income nowadays stands at US$1,909.

Bangladesh's sociable indicators, such as for example gender equity, girls empowerment, mortality rate, life span, immunisation and usage of water and sanitation happen to be remarkably better in comparison to many of it has the South Asian neighbours, says the Superior Commissioner. "Our micro credit program has helped rural females become economically empowered. Bangladesh in addition has achieved near self-sufficiency in food production because of its 167 million plus population. We've created an comprehensive network of 18,000 community clinics and union health centres to provide the whole population with health-care insurance. As a result, the quantity of instances of maternal, baby and child mortality, malnutrition, stunting and low excess fat declined at a substantial rate."

But Bangladesh has its challenges being a tiny country with scarce natural resources and an enormous population. " This pool area of huge employees needs to be transformed into recruiting to yield the monetary dividend. Because of this, proper education and skill expansion are a must. We must generate occupations for the youth through industrialisation, trade growth, and raising manpower export.

EXPANSION AND DIVERSIFICATION

"Manufacturing and services sectors as well as our export basket need to be expanded and diversified. We also need to find out a solution to handle the adverse effect of climate switch and sustainable urbanisation. To inject extra vibrancy in the country's economy, we need to appeal to more foreign direct investments," says Mr Rahman.

The Bangladesh Superior Commission keeps engaged in various networking activities to highlight the positive changes taking place here to people back home in Bangladesh. It keeps workshops and seminars for the business enterprise community in Singapore and meetings with Bangladeshi professionals who have made Singapore their house.

"Bangladesh considers Singapore seeing as an essential strategic partner. The Superior Commission possesses strengthened its relationship with Enterprise Singapore, the Singapore Civil Provider School and Infrastructure Asia, recently. We expect even more collaboration between both countries on obtaining very good governance in public areas service delivery, building environment friendly sustainable places in Bangladesh and in addition sharing knowledge on integrated sea-port management and in assisting sustainable infrastructure development," he adds.
Source: https://www.businesstimes.com.sg

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