IE Singapore partners Bangladesh’s Public Private Partnership Authority and Bangladesh Investment Development Authority to help Singapore companies, including SMEs, enter the fast-growing market
MR No.: 011/18
Singapore, Monday, 12 March 2018
Singapore companies can look forward to capturing opportunities in the fast-growing market of Bangladesh as International Enterprise (IE) Singapore partners Bangladesh’s Public Private Partnership Authority (PPPA) and Bangladesh Investment Development Authority (BIDA) to ease the market entry process. IE Singapore and PPPA signed a Memorandum of Understanding (MOU) today to facilitate Singapore companies’ direct participation in Public-Private Partnership (PPP) infrastructure projects in the market.
Witnessed by Singapore Prime Minister Lee Hsien Loong and Bangladesh Prime Minister Sheikh Hasina, the MOU was signed at the Istana today by Mr Tan Soon Kim, Assistant Chief Executive Officer (CEO) of IE Singapore and Mr Syed Afsor, CEO of PPPA. Ms Sheikh Hasina is on her first official visit to Singapore from 11 March to 14 March 2018 with a 70-strong delegation.
IE Singapore-PPPA MOU
Bangladesh and Singapore enjoy strong economic ties, with Singapore being its third import partner1. Singapore is also the fourth largest investor in Bangladesh with net cumulative investments of about S$1.2 billion2. Singapore companies such as Fish & Co., Sushi Tei and TransferTo have presence in the market.
Bangladesh is one of the world’s fastest growing economies, with a strong average GDP growth of 6.3% over the last decade3. As Bangladesh develops, there is a surge in demand for infrastructure solutions, especially in power, energy, transport and logistics and ports. The government also announced an increase in budget for transport and power by 38.1% and 44.1% respectively in 2018.
With this MOU, IE Singapore and PPPA will work together to identify PPP projects across urban development, ports, airports, power and energy that suitable Singapore companies can take part in.
Singapore infrastructure companies have been gaining traction in Bangladesh. For example, Sembcorp has a power plant4 in Sirajganj and Sinenergy is developing a solar farm in Sutiakhali.
IE Singapore-BIDA MOU
To make it easier for Singapore companies, especially SMEs, to venture into Bangladesh, IE Singapore will sign a MOU with BIDA tomorrow, 13 March 2018. The MOU will see BIDA acting as a one-stop agency to provide advice and direct assistance for Singapore companies setting up in Bangladesh. This includes working with them on applications for licenses and incentives. Both agencies will also exchange information and organise events to promote collaboration between Singapore and Bangladesh companies.
The MOU will be signed by Ms Kathy Lai, Acting CEO of IE Singapore and Mr Kazi M Aminul Islam, Executive Chairman of BIDA at the Bangladesh-Singapore Business Forum 2018 organised by IE Singapore and Singapore Business Federation (SBF). The signing will be witnessed by Prime Minister Sheikh Hasina and Singapore Minister for Trade and Industry (Trade) Lim Hng Kiang.
Mr Tan Soon Kim, Assistant CEO of IE Singapore, said, “As a growing economy, there are many specific opportunities in selected sectors, particularly in infrastructure, transport and energy, which aligns well with the strengths of our companies. These MOUs provide a good platform for Singapore companies to enter the market more easily and participate in the growth journey of the country. IE Singapore will continue to work closely with our Bangladeshi partners to identify areas of collaboration and promote business partnerships between Singapore and Bangladesh companies.”
Enterprise Singapore will continue the above efforts when IE Singapore and SPRING Singapore merge in April.
For media enquiries and/or photos, please contact:
Ms Cheryl HOW
Corporate Communications Group
DID: +65 6433 4655
About International Enterprise Singapore
IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global.
We attract and anchor global trading companies in Singapore by promoting our unique advantages as a global trading hub. Today, Singapore is home to a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.
Through our network of over 35 overseas centres and comprehensive assistance programmes, we partner Singapore companies to strengthen their global competitiveness.
IE Singapore will merge with SPRING Singapore to form Enterprise Singapore in Q2 2018. Enterprise Singapore will enable the growth of Singapore companies through an integrated support network to build business capabilities and access overseas markets.
Visit www.iesingapore.gov.sg for more information.
1 CIA World Factbook
2 Bangladesh Bank
3 World Bank
4 Sembcorp’s Sirajganj power plant is the second largest independent power plant in Bangladesh.