Singapore believes there is scope to further expand trade and investment ties with Bangladesh. The country is interested in increasing partnerships with Bangladesh in areas such as port management, logistics, aviation, the digital economy and capacity building. A joint working group also continues to work towards paving the way for a possible free trade agreement (FTA) between the two countries.

Singapore’s outgoing Chargé d’Affaires Mitchell Lee made the remarks at a reception in Dhaka on Monday, marking Singapore’s 61st National Day.

He said Bangladesh and Singapore have maintained longstanding relations and established diplomatic relations in February 1972. An important foundation of this relationship is Bangladeshi migrant workers employed in Singapore, particularly their participation in the construction and maritime services sectors.

Citing Bangladesh Bank data, he said Singapore is the ninth-largest source of remittances to Bangladesh, amounting to around $136.9 million.

He said the two countries’ merchandise trade stood at 3.9 billion Singapore dollars in 2025, equivalent to around $3 billion. Singapore’s cumulative foreign direct investment (FDI) in Bangladesh also stands at around 3 billion Singapore dollars, or $2 billion.

Mitchell Lee said these figures demonstrate the scale of the economic relationship between the two countries. But there is scope to expand the relationship further.

In November 2022, Bangladesh and Singapore signed a memorandum of understanding (MoU) on trade and investment, which established a framework for forming a joint working group on closer economic cooperation. The working group will work on a possible FTA between the two countries.

The outgoing chargé d’affaires said Singapore remains optimistic about Bangladesh’s long-term potential and seeks to partner with Bangladesh in areas such as port management, logistics, the aviation sector, the digital economy and in capacity building.

He also stressed the importance of not limiting bilateral relations to trade and investment alone. Highlighting various initiatives taken by the Singapore High Commission over the past two years, Mitchell Lee said efforts had been made to strengthen people-to-people ties through university discussions, visa and consular networking sessions, culinary workshops, film screenings and art exhibitions.