Businesses from Singapore can invest in sectors like information technology, pharmaceuticals and hospitality in Bangladesh as the latter offers a wide range of facilities to foreign investors.
This was observed at a meeting at a city hotel on Wednesday where representatives of different local conglomerates highlighted Bangladesh's investment climate for the visiting Singapore Business Federation (SBF) delegates.
The SBF and Howlader Maria & Co (HmAC), a Bangladeshi chartered accountancy firm, co-hosted the business networking event.
HmAC founder and CEO Maria Howlader, SBF executive director (global division) Soo Wei Chai, Bangladesh Special Economic Zone (BSEZ) project director Saleh Ahmed, business leaders and officials joined the meeting.
Ms Maria said the networking event represents how they feel about doing business in Bangladesh and matching business to business for further growth and expansion.
While giving a brief about Bangladesh economy and business prospects, she said Bangladesh has an inspiring story of growth as it aspires to be an upper middle-income country by 2031.
"It [Bangladesh] has a strong track record of growth and development, even in times of elevated global uncertainty," she added.
Stating that Bangladesh like many other countries faces global economic challenges, Ms Maria said rising commodity prices and a surge in imports in the second half of FY22 resulted in widening balance-of-payments deficit and accelerating inflation.
However, Bangladesh's GDP (gross domestic product) is expected to grow by 7.2 per cent in 2022 and 6.6 per cent in 2023, she added.
HmAC is closely working with the SBF in business expansion and foreign investment enhancement in Bangladesh, she said.
Mr Ahmed highlighted various fiscal benefits given to both domestic and foreign investors, especially at economic zones.
The Singapore delegation from multiple sectors shared their investment plans and tried to find out business opportunities in sectors such as IT, agriculture and construction.
They said Bangladeshi businesses can also expand their business by investing in Singapore.
