Singapore has expressed strong interest in expanding its trade and investment cooperation with Bangladesh, with special focus on the Bay Terminal project and agricultural imports, aiming to strengthen bilateral economic ties and reduce the trade imbalance between the two countries.
The interest was conveyed during a meeting between Singapore’s Non-resident High Commissioner to Bangladesh Derek Loh and Commerce Minister Khandakar Abdul Muktadir at the Secretariat in Dhaka on Tuesday, according to a press release.
During the discussion, the Singaporean envoy highlighted the Bay Terminal project as a key area of potential investment, estimating that total investment in the project could range between $800 million and $1 billion. He said the initiative would play an important role in modernising Bangladesh’s trade infrastructure and expanding port capacity.
He further noted that improved port efficiency would help reduce demurrage costs and shipping delays, resulting in significant savings for importers and exporters while enhancing Bangladesh’s competitiveness as an investment destination.
The envoy also reaffirmed Singapore’s interest in deepening economic cooperation with Bangladesh through increased investment, trade diversification, food security collaboration and support for green and sustainable development initiatives.
Commerce Minister Muktadir said Bangladesh is keen to further expand trade and investment relations with Singapore, adding that the country is becoming an increasingly attractive destination for foreign investors due to policy reforms, infrastructure development and a growing skilled workforce.
He highlighted opportunities for cooperation in agriculture, food processing, renewable energy, logistics, port infrastructure and environmentally friendly industries. He also said the government is working to create a more enabling environment for foreign investment to support export diversification and sustainable growth.
The Singapore envoy also expressed interest in increasing agricultural imports from Bangladesh to meet rising demand for fresh produce in the city-state.
He noted that Singapore currently relies heavily on agricultural imports from countries such as Australia, New Zealand, the United States, several European nations and Japan, and said Bangladesh could become a competitive alternative supplier.
Senior officials from the Ministry of Commerce were also present at the meeting.
Both sides expressed optimism that enhanced cooperation in trade, investment and infrastructure would open new opportunities for long-term economic partnership between Bangladesh and Singapore.
