Bangladesh, Singapore for strengthening bilateral ties

Bangladesh and Singapore Strengthen Bilateral Synergies for Economic Cooperation

Bangladesh and Singapore held a bilateral consultation in Dhaka on Wednesday, where they agreed to strengthen further bilateral synergies and best utilize the existing complementarities to add greater momentum to the current pace of economic cooperation for mutual benefits.

Potential Areas of Collaboration

• Agro-processing
• Agricultural research and capacity building

During the consultation, the foreign ministry press release highlighted that the two sides elaborately discussed the potential areas of collaboration in agro-processing and agricultural research and capacity building.

Foreign Office Consultations

The consultation was the third foreign office consultations between the two countries. The Bangladesh delegation was led by foreign secretary Masud Bin Momen, while a five-member Singapore delegation was led by Luke Goh, second permanent secretary of the Ministry of Foreign Affairs and permanent secretary (Ministry of Law) of Singapore.

Key Discussions

• Repatriation of Rohingyas from Bangladesh to Myanmar
• Inclusion of Bangladesh as a sectoral dialogue partner of ASEAN
• Cooperation in trade and commerce, investment, power, energy, connectivity, blue economy, halal trade, tourism and culture, capacity building, education, health, security, agriculture, and information communication technology
• Regional and global issues of mutual interests

The key discussions during the consultation covered various aspects of bilateral relations and cooperation in areas such as trade and commerce, investment, power, energy, connectivity, blue economy, halal trade, tourism and culture, capacity building, education, health, security, agriculture, and information communication technology. The discussions also included regional and global issues of mutual interests.

Importance of High-Level Visits

Both sides emphasized the importance of exchanging more high-level visits to add greater impetus to the ongoing bilateral relations.

FOC Outcome

Both sides expressed optimism that the foreign office consultations (FOC) would help inject further vigor and momentum into the existing excellent bilateral relations for making it more collaborative, substantial, and meaningful in the days ahead. Adequate follow-up on the decisions reached during the FOC and other bilateral mechanisms was also stressed.

Bilateral Free Trade Agreement

The progress made regarding the proposed bilateral Free Trade Agreement was reviewed, and both sides expressed determination for its conclusion at the earliest possible time to raise bilateral trade and economic cooperation to its desired level. The regular functioning of the Bangladesh-Singapore Joint Working Group formed under the recently signed Memorandum of Cooperation in this regard was also lauded.

Import Opportunities for Singapore

Foreign Secretary Masud Bin Momen urged Singapore to consider Bangladesh as a source country for their imports of quality items at very competitive prices. This includes items such as RMG, pharmaceuticals, leather and jute products, ceramics, plastic, and bicycles, among others, to make the trade more balanced.

Foreign Direct Investment (FDI)

Masud Bin Momen highlighted Singapore as an important investor country in Bangladesh and encouraged a greater flow of foreign direct investment (FDI) from Singapore, particularly in the economic zones of Bangladesh, for mutual benefit.

SDGs, Targets, and Indicators

1. SDG 2: Zero Hunger

   • Target 2.3: By 2030, double the agricultural productivity and incomes of small-scale food producers, in particular women, indigenous peoples, family farmers, pastoralists, and fishers, including through secure and equal access to land, other productive resources and inputs, knowledge, financial services, markets, and opportunities for value addition and non-farm employment.
   • Indicator: The potential areas of collaboration in agro-processing and agricultural research mentioned in the article can contribute to increasing agricultural productivity and incomes of small-scale food producers.

2. SDG 8: Decent Work and Economic Growth

   • Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
   • Indicator: Strengthening bilateral synergies and utilizing complementarities in economic cooperation can contribute to sustaining per capita economic growth.

3. SDG 17: Partnerships for the Goals

   • Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources, to support the achievement of the sustainable development goals in all countries, in particular developing countries.
   • Indicator: The bilateral consultation between Bangladesh and Singapore demonstrates efforts to enhance the global partnership for sustainable development and promote collaboration between countries.

Table: SDGs, Targets, and Indicators

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Source: newagebd.net

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