Chittagong suitable destination for Singaporean investment: Envoy
Chittagong, June 3 (UNB) – The High Commissioner of Singapore to Bangladesh, Chan Heng Wing said here Sunday that Chittagong could be a very suitable destination for Singaporean investment.
He said Singaporean investors are no more interested to carry on with their industries in China as the labour cost has become very expensive over there, and as a result they are now looking for new destination to relocate their industries.
Chan said that during the current trip to the country, his intention is to know the overall economic condition and investment environment of Bangladesh, particularly in Chittagong.
The envoy made the remarks while exchanging views at a meeting with the leaders of Chittagong Chamber of Commerce and Industry (CCCI) at the chamber premises.
CCCI president Murshed Murad Ibrahim, former president MA Latif MP, senior vice president Mahbubul Alam, directors Mahfuzul Hoque Shah and M Shahin Alam, and Consul of Singapore Darryl Lau and Derek Chua were present at the meeting, according to a CCCI press release.
The Singaporean envoy emphasized infrastructural development, improvement in supply chain management and creating skilled human resources to increase the flow of foreign investment in Bangladesh.
MA Latif said many countries are now showing interest to invest in Bangladesh with Japan and USA waiting in the pipeline with new ventures.
He said that the government should take prompt initiative to overcome electricity crisis within next couple of years to capitalize on the expected foreign investment.
CCCI president Murad Ibrahim informed the High Commissioner that Chittagong has three export processing zones (EPZs) -- one is public while other two are private, mostly occupied by foreign companies.
He sought Singaporean expertise for developing the country’s power sector as the power crisis is hindering industrialization in Bangladesh.
Mahbubul Alam urged the High Commissioner to take initiative for resuming Chittagong-Singapore direct flight by Silk Air. He also requested to make the Visa process easier for business people.
Mahfuzul Hoque Shah requested the envoy persuade Singaporean investors to set up educational institutions like universities and medical colleges in Bangladesh following the Singaporean model.
He said Singaporean investors are no more interested to carry on with their industries in China as the labour cost has become very expensive over there, and as a result they are now looking for new destination to relocate their industries.
Chan said that during the current trip to the country, his intention is to know the overall economic condition and investment environment of Bangladesh, particularly in Chittagong.
The envoy made the remarks while exchanging views at a meeting with the leaders of Chittagong Chamber of Commerce and Industry (CCCI) at the chamber premises.
CCCI president Murshed Murad Ibrahim, former president MA Latif MP, senior vice president Mahbubul Alam, directors Mahfuzul Hoque Shah and M Shahin Alam, and Consul of Singapore Darryl Lau and Derek Chua were present at the meeting, according to a CCCI press release.
The Singaporean envoy emphasized infrastructural development, improvement in supply chain management and creating skilled human resources to increase the flow of foreign investment in Bangladesh.
MA Latif said many countries are now showing interest to invest in Bangladesh with Japan and USA waiting in the pipeline with new ventures.
He said that the government should take prompt initiative to overcome electricity crisis within next couple of years to capitalize on the expected foreign investment.
CCCI president Murad Ibrahim informed the High Commissioner that Chittagong has three export processing zones (EPZs) -- one is public while other two are private, mostly occupied by foreign companies.
He sought Singaporean expertise for developing the country’s power sector as the power crisis is hindering industrialization in Bangladesh.
Mahbubul Alam urged the High Commissioner to take initiative for resuming Chittagong-Singapore direct flight by Silk Air. He also requested to make the Visa process easier for business people.
Mahfuzul Hoque Shah requested the envoy persuade Singaporean investors to set up educational institutions like universities and medical colleges in Bangladesh following the Singaporean model.
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