Chief Adviser Professor Muhammad Yunus on Sunday (10 November) appealed to Singapore for assistance in repatriating billions of dollars siphoned out of Bangladesh, as well as in reducing the costs of labour migration from the country.
The appeal was made during a meeting with Singapore's Ambassador to Bangladesh Derek Loh, at the Chief Adviser’s office in Tejgaon, Dhaka, said a press release.
“A substantial amount of money has been illegally transferred from Bangladesh to various countries, including Singapore,” Professor Yunus stated during their hour-long discussion.
He emphasised, “We need Singapore’s full cooperation in addressing this issue.”
In response, Ambassador Loh assured Bangladesh of Singapore’s willingness to cooperate in the matter.
Professor Yunus also highlighted the need for collaboration to reduce recruitment expenses for Bangladeshi migrant workers.
He expressed that the Interim Government aims to lower migration costs to enable overseas workers to remit more funds to their families.
“We could establish a model framework with Singapore to bring down recruitment expenses,” he added.
Ambassador Loh echoed this sentiment, stating that Singapore wishes to eliminate rent-seeking behaviour in the recruitment process.
He suggested that Bangladesh consider digitalising its overseas recruitment system to mitigate the risks of human trafficking and worker exploitation.
The discussions extended to cover trade and investment, foreign policy under the interim government, and areas such as shipping, education, and healthcare.
Professor Yunus remarked that Bangladesh's economy is on a recovery path, noting significant progress three months after the end of dictatorial rule.
“This is an opportune moment for business investments in Bangladesh,” he declared.
Francis Chong, Senior Director of Singapore's Ministry of Trade and Industry, pointed out that Bangladesh had initially proposed a Free Trade Agreement (FTA) with Singapore in 2021.
He confirmed that a feasibility study has been completed and that both countries will now move forward in determining the scope of negotiations for a free trade deal.
Ambassador Loh indicated Singapore’s readiness to share expertise in water treatment and waste-to-energy management, suggesting joint efforts between the food agencies of the two nations.
Regarding foreign policy, Professor Yunus underscored the Interim Government’s commitment to fostering strong ties with neighbouring countries and revitalising the South Asian Association for Regional Cooperation (SAARC) as a platform for regional engagement.
He sought Singapore’s endorsement for Bangladesh’s inclusion as a sectoral dialogue partner in the Association of Southeast Asian Nations (ASEAN), to which Ambassador Loh responded positively.
Professor Yunus noted that the interim government has garnered substantial support from both Western and Eastern allies, remarking, “We do not differentiate between East and West. Building connections across all regions is essential.”
Present at the meeting were Lutfey Siddiqi, special envoy to the chief adviser; Lamiya Morshed, senior secretary and principal coordinator of the SDG Affairs; and Michael Lee, Charge d'affaires of Singapore in Dhaka.
