Singapore’s Minister-in-Charge of Trade Relations S Iswaran has signed a memorandum of cooperation on trade and investment (MCTI) with Bangladesh Minister of Commerce Tipu Munshi.
The MCTI was signed during Iswaran’s trip to Bangladesh, which took place from Nov 15 to 17.
It will see the establishment of a senior officials bilateral working group to identify initiatives in areas such as renewable energy, logistics, trade facilitation and standards, to increase trade and investment flows.
“The MCTI is a significant milestone in economic cooperation between Bangladesh and Singapore, as we mark 50 years of diplomatic ties. It will help Singapore companies diversify their markets by tapping on the strong growth potential of Bangladesh,” says Iswaran.
“Bangladesh is a fast-growing market with economic growth averaging 6% to 7% between 2011 and 2021. It is expected to be among the 30 largest economies in the world by 2030. I was glad to meet several Singapore companies who have already set up a base here to pursue significant opportunities in Bangladesh,” he adds.