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Bangladesh Investment Development Authority (BIDA) and a state agency of Singapore will collaborate to expand business and investment opportunities in Bangladesh.
To this effect, the two organisations inked a memorandum of understanding (MoU) in a signing ceremony at the BIDA headquarters in the city's Agargaon area on Wednesday.
BIDA Executive Member Mohsina Yasmin and director of Enterprise Singapore Group (ESG) Audrey Tan inked the MoU on behalf of their respective sides, a statement said.
ESG is an agency under the Ministry of Trade and Industry of the Government of Singapore.
BIDA Executive Chairman Lokman Hossain Miah attended the signing ceremony as the chief guest.
Speaking on the occasion, he said types of businesses and strategies have transformed a lot compared to those of two decades ago. Businesses now largely depend on use of technologies.
"In line with this, BIDA has been providing various investment services, including trade and investment policy modernisation, OSS, and investment aftercare for providing smart services to investors."
Highlighting the bilateral relations between Bangladesh and Singapore, he noted that this MoU would help to enhance mutual trust and friendship along with bilateral trade and investment.
The BIDA chief sought further investment in Bangladesh's different sectors from Singapore.
Senior Director of Singapore Ministry of Trade and Industry Francis Chong said Singapore has been investing in various service sectors in Bangladesh, including power, telecommunication, textiles, RMG, agribusiness, and food.
Singapore has the third largest FDI stock in Bangladesh. Currently more than 167 Singaporean companies are operating here, which have availed many services from BIDA.
As a result of signing the MoU, the number of Singaporean companies in Bangladesh and the volume of FDI will increase in future, he added.
Audrey Tan said Bangladesh is one of the safest and most profitable destinations for investment. So Singapore is particularly interested in this country.
Top officials of BIDA and Singapore's ministries of trade and industry, foreign affairs, and ESG were present at the event.