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Singapore firms to get direct access to infrastructure opportunities in Bangladesh
SINGAPORE companies will be able to capture opportunities in fast-growing Bangladesh as International Enterprise (IE) Singapore partners the country's Public Private Partnership Authority (PPPA) and Bangladesh Investment Development Authority (BIDA) to ease the market entry process, the agency said on Monday.
IE Singapore has signed a memorandum of understanding (MOU) with Bangladesh's PPPA to facilitate Singapore companies' direct participation in public-private partnership infrastructure projects - including urban development and energy - in the market. The MOU was signed at the Istana by IE Singapore's assistant chief executive officer Tan Soon Kim, and CEO of PPPA Syed Afsor. It was witnessed by Prime Minister Lee Hsien Loong and Bangladesh Prime Minister Sheikh Hasina, who is on her first official visit to Singapore until March 14.
The agency will also be signing an MOU with BIDA - at the Bangladesh-Singapore Business Forum 2018 organised by IE Singapore and Singapore Business Federation - on Tuesday. The MOU will see BIDA acting as a one-stop agency to provide advice and direct assistance for Singapore companies setting up in Bangladesh, including working with them on applications for licences and incentives, IE Singapore said. Both agencies will also exchange information and organise events to promote collaboration between Singapore and Bangladesh companies, it added.
Said IE Singapore's Mr Tan: "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."
He added: "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 with the above collaborations after the merger of IE Singapore and Spring Singapore in April 2018.