‘Bangladesh, a potential destination for Singaporean investment’

Businesses from Singapore can invest in Bangladesh's different sectors, including information technology, pharmaceuticals and hospitality, as the south Asian country offers a wide range of facilities to the foreign investors, trade experts said today.

They spoke at a meeting held at a city hotel today where representatives from different local conglomerates highlighted Bangladesh's investment climate for the delegates of visiting Singapore Business Federation (SBF).

The SBF and Howlader Maria & Co (HmAC), Bangladeshi Chartered Accountancy firm, jointly organised the business networking event.

Maria Haolader, founder and CEO of the HmAC; Soo Wei Chai, executive director of the global division of the SBF, along with business leaders and officials from both the countries were present at the meeting.

Thanking the participants from both Singapore and Bangladesh business houses, Maria said the networking event represents how they feel about doing business in Bangladesh and matching business to business for further growth and expansion.

While giving a brief about Bangladesh economy and its business prospects, Maria said: "Bangladesh has an inspiring story of growth and development aspiring to be an upper middle-income country by 2031. It has a strong track record of growth and development, even in times of elevated global uncertainty."

Bangladesh, like many other countries, faces global economic challenges, she said and added that rising commodity prices and a surge in imports in the second half of FY22 resulted in widening of the balance of payment (BoP) deficit and a rise in inflation.

However, Bangladesh's GDP is expected to grow by 7.2 per cent in 2022 and 6.6 per cent in 2023, she added.

Maria said HmAC is closely working with Singapore Business Federation in Business expansion and foreign investment enhancement in Bangladesh.

The Singapore delegation from multiple sectors shared their investment plans and tried to find out business opportunities in different sectors such as IT, agriculture and construction.

They also said Bangladeshi businesses can also expand their business by investing in Singapore.