Enhanced bilateral cooperation in logistics, infrastructure and investment topped the agenda during a meeting between the Dhaka Chamber of Commerce and Industry and a visiting Singaporean business delegation on Thursday.
The 12-member team was led by Derek Loh, non-resident high commissioner of Singapore to Bangladesh.
They met with DCCI president Taskeen Ahmed at the chamber office during their visit.
Welcoming the delegation, Taskeen Ahmed highlighted Singapore鈥檚 significant investment footprint in Bangladesh, noting it is the second-largest foreign investor with an investment of nearly $1.78 billion across various sectors.
The bilateral trade between the two countries reached $2.64 billion in the past financial year.
Taskeen said that Singapore鈥檚 global reputation in efficient port and logistics management presented strong potential for collaboration.
He invited Singaporean investors to explore opportunities in Bangladesh鈥檚 port operations, logistics, infrastructure, renewable energy, IT, agriculture and healthcare sectors.
Taskeen also urged Singapore鈥檚 support in enhancing the skills of Bangladeshi SME entrepreneurs to increase export competitiveness.
Technical assistance in modernising the jute and agriculture sectors was also sought.
On the global front, Taskeen welcomed the US decision to suspend the imposition of additional tariffs for 90 days, calling it a relief for global trade, while hoping for a long-term resolution through diplomatic dialogue.
High commissioner Derek Loh emphasised the importance of reducing production and logistics costs to make business operations more competitive.
He expressed Singapore鈥檚 interest in working closely with Bangladesh to boost port efficiency and infrastructure development.
Derek Loh also stressed the need for reforms and automation in Bangladesh鈥檚 revenue sector and highlighted the benefits of adopting environmental, social and governance standards in industries.
While ESG compliance may initially increase investment costs, Loh said that it would improve export competitiveness in the long term.
He added that Singapore was keen on supporting Bangladesh in strengthening its logistics capacity and had recently increased investments in renewable energy, citing its potential to lower production costs.
DCCI senior vice-president Razeev H Chowdhury, vice-president Md Salem Sulaiman and board members were also present at the meeting.