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  • Last Update : 10:24 am

Minister: Singapore to invest in IT, power, housing sector

  • Published at 03:00 pm July 11th, 2018
web-commerce-minister-tofail-ahmed-singapore-business-federation-meeting-pid-11-07-2018-1531320976837.jpg
Commerce Minister Tofail Ahmed, second from right, leads the Bangladesh side during a meeting with a visiting delegation of Singapore Business Federation at Pan Pacific Sonargaon hotel in Dhaka on Wednesday, July 11, 2018 PID

At present, 150 Singapore companies are doing business in Bangladesh, and the trade volume of both countries is now over $4 billion

Commerce Minister Tofail Ahmed on Wednesday said Singapore businessmen have decided to make big investments in Bangladesh’s special economic zone (SEZ).

“They (Singaporean businessmen) prefer the IT, power, and housing sectors for investment in Bangladesh,” he told reporters at a hotel in Dhaka, after a meeting exchanging views with a visiting Singapore business delegation.

Initially, the prime minister spoke of allocating 202.343 hectare (500 acres) of land for their investment in the SEZ, said Tofail, adding: “More land could be allocated if it (investment) looks satisfactory.”

Referring to the import of LNG and the discovery of a new gas field, along with the work of installing a nuclear power plant, the commerce minister told the delegation that “there will be no crisis of power and gas for industry here.”

The Singapore delegation arrived here on July 7 and will stay till July 13.

At present, 150 Singapore companies are doing business in Bangladesh, and the trade volume of both the countries is now over $4 billion, which is expected to increase further.

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