Staff Reporter:
Improving the efficient management of Bangladesh’s ports can significantly reduce business operating costs, thereby enhancing the global competitiveness of Bangladeshi entrepreneurs, said Derek Loh, non-resident high commissioner of Singapore to Bangladesh on Thursday.
Derek Loh said the cost of business operations can be reduced to a great extent by reducing the cost of production and logistics in the industrial sector.
He made the remarks during a meeting with the DCCI President Taskeen Ahmed.
A 12-member business delegation led by Derek Loh met DCCI President Taskeen Ahmed at the chamber office in the capital on Thursday.
Derek Loh said Singapore is keen to cooperate with Bangladesh in enhancing logistic capacity and efficiency.
The envoy said Singapore has emerged as one of the hubs of global trade through efficient port management. He 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, Derek Loh emphasised the implementation of ESG (environment, 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 but it will enhance the competitiveness of export, he added.
Welcoming the delegation, Taskeen Ahmed, said Singapore is the second largest investor in Bangladesh and its entrepreneurs have already invested nearly USD1.78 billion in different sectors in Bangladesh. Bilateral trade between Bangladesh and Singapore stood at USD2.64 billion in the last fiscal year.
Taskeen invited Singaporean investors to explore opportunities in Bangladesh’s port operations, logistics, infrastructure, renewable energy, IT, agriculture and healthcare sectors.
The DCCI president called for Singapore’s cooperation in improving the skills of Bangladeshi SME entrepreneurs to expand their exports in global trade.
He stressed the need for Singapore’s technical assistance in modernising Bangladesh’s jute and agriculture sectors.
During the meeting, the DCCI president said the announcement of suspending the implementation of imposing additional tariff by the United States for 90 days is a matter of relief for global trade and investment, but he hoped that the issue should be resolved through talks at the diplomatic G-to-G levels.
The high commissioner said that in recent times, Singapore has been investing in the renewable energy sector 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.
