Speakers at an international business networking event have highlighted the business prospects and investment opportunities between Bangladesh and Singapore, and discussed the expansion of trade between both nations.
A 20-member delegation from Singapore participated in the networking event at the Pan Pacific Sonargaon Dhaka on Wednesday, where the local business community shared ideas and exchanged views on trade and investment issues.
Howlader Maria & Co (HmAC) and the Singapore Business Federation (SBF), the apex business chamber that champions the interests of the Singapore business community in trade, investment and industrial relations, jointly organised the networking event aiming to boost bilateral growth and opportunities.
The participants from Bangladesh and Singapore shared business prospects and investment opportunities in both countries.
The Singapore delegation from multiple sectors shared their investment plans and tried to find out business opportunities in different sectors, such as information technology, agriculture, and construction.
At the event, they also learned about the risk factors and explored new investment opportunities.
Local companies also explained their business specialties and urged their Singapore counterparts to invest in their businesses and make deals by pitching their business plans. They also sought joint ventures, as well as global expansions.
Thanking the participants from both Singapore and Bangladesh businesses, Maria Howlader, founder and CEO of Howlader Maria & Co (HmAC), said, “The networking event represents how we feel about doing business in Bangladesh and matching business to business for growth and expansion.”
While giving a brief about Bangladesh’s economy and business prospects, Maria Howlader said, “Bangladesh has an inspiring story of growth and development, and the country aspires to be an upper middle-income country by 2031.
“It has a strong credential of growth and development, even in the times of elevated global uncertainty.”
Stating that Bangladesh, like many other countries, has been facing global economic challenges, she said the spiraling commodity prices and a surge in imports in the second half of FY22 resulted in the widening of Balance of Payments (BoP) deficit and accelerated inflation.
Bangladesh’s GDP is expected to grow by 7.2 per cent and 6.6 per cent in 2022 and 2023, respectively, she said, adding that the GDP growth is expected to become slower in FY23 as import suppression measures may disrupt economic activities.
Maria Howlader explained, “But due to strong ready-made garment (RMG) exports, resilient remittance inflows and stable macroeconomic conditions, the future of Bangladesh’s economy is highly prospective.
“Development of infrastructural projects, economic zones, and introducing the necessary fiscal incentives will potentially contribute to the stability and growth of the economy in the upcoming days.”
Bangladesh has always been a prospective business destination for foreign investors due to its stable political environment, she said, adding, “Doing business is now easier for better investment opportunities, easy electricity supply, trading across borders, construction permits, protection of minorities and reduced tax rates and tax incentives.
“We now also have growing sectors such as information technology, textile, pharmaceuticals, agriculture, healthcare and hospitality.”
Maria continued, “I believe today’s programme will provide a great opportunity for all the Bangladeshi companies to connect with SBF for further collaboration, and for all Singapore companies which are present here to match with Bangladeshi businesses.”
She thanked the SBF and its management team for organising the event, which has opened the door for increasing Foreign Direct Investment (FDI) in Bangladesh.
“Howlader Maria & Co (HmAC) is closely working with Singapore Business Federation for business expansion and foreign investment enhancement in Bangladesh. Globalisation is the key to expanding business across the globe, while HmAC acts as the catalyst to create that important ‘nexus’ for our clients,” Maria said.
HmAC Singapore branch has been installed to facilitate investors between the two countries, she stated, adding, “We at HmAC provide a one-stop solution for all business needs including pre-entry research, rising awareness in doing business in Bangladesh, B2B matching advisory.”
HmAC also provides support over business-to-business matching, legal advice for entering the Bangladeshi market, connecting businesses to set up businesses, providing temporary or permanent office space support, HR, accounting, taxation, merger, acquisitions and auditing support, she said.
“For any support in Singapore, we have our global firm Kreston CA in Singapore,” she added.
Howlader Maria & Co Chartered Accountants is a professional firm that especially works for FDI facilitation, audit and assurance, accounting, taxation, outsourcing services and different business consulting services.
Soo Wei Chai, executive director of Global Division 3 of SBF, Shahzad Nasim, executive chairman of Meinhardt Group, Tony Hulton, group director of corporate affairs and ESG of Daraz, Saleh Ahmed, project director of Araihazar Economic Zone development project and representatives from different companies including Unique Hotel and Resorts Limited, Transcom Group, Abul Khair Group, PHP Group, DataFort Limited, SQ group, Utah Group, Expo Freight attended the networking session, among others.
