Singapore businesses keen to invest in infrastructure, power, ICT sectors

Singapore-based investors on Tuesday expressed their interests to invest in infrastructure, power, tourism and information and communication technology sectors of Bangladesh. ‘Bangladesh’s economy has achieved more than seven per cent growth in last couple of years and the country has emerged as a potential market for its growing middle class people,’ Teo Siong Seng, chairman of Singapore Business Federation, told the Bangladesh-Singapore business forum at Sonargaon Hotel in Dhaka. He said there was huge potential of the infrastructure, power and energy, tourism, ICT and ship-building sectors of Bangladesh and Singaporean businessmen were interested to make investment in the sectors. ‘This business forum would be helpful to enhance the trade and investment cooperation between the two countries,’ Seng said. The Federation of Bangladesh Chambers of Commerce and Industry and Bangladesh Business Chamber of Singapore jointly organised the event. Inviting Singaporean companies for making investment in power sector, the state minister for power, energy and mineral resources, Nasrul Hamid, said the government had adopted a master plan to generate 60,000 MW of electricity by 2041, which would need more than $40 billion investment within 5-6 years. Nasrul asked the Singaporean businessmen to invest in the sector. Bangladesh had emerged as a lucrative market as the country’s economy remained one of the top performers in Asia, with an average annual growth of more than 6 per cent and with the benefits of demographic dividend, said Enamul Huque, managing director and head of global banking section of Standard Chartered Bank, Bangladesh. Bangladesh would continue to welcome Singapore’s investments, particularly in power generation, energy and infrastructure, telecommunications, light engineering and agro-based industries, he said. Kazi M Aminul Islam, executive Chairman of Bangladesh Investment Development Authority, said Bangladesh had become one of the best places in the globe for making investment as the economy of the country was growing rapidly. The government of Bangladesh has a political will and commitment to ensure trade and investment-friendly environment in the country, he said. Aminul said due to the government policy a generation of new entrepreneurs was developing in the country’s readymade garment, leather and pharmaceutical sectors. Md Shaful Islam Mohiuddin, president of FBCCI, invited the Singaporean businesses in investing special economic zones saying that government had offered a lucrative package for investment in the zones.

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