singapore bangladesh relations final

8/6/2019 Singapore Bangladesh Relations Final

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M. Shahidul Islam

Research Associate, ISAS.


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Outline

Historic ties between Singaporeand Bangladesh

Current relations

- Trade, investment and other

economic relations

- Political relations

Future prospects


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Singapore-Bangladesh Historic Ties

A tale of two accidental nations

-Singapore was a society that was supposed to have failed but

the fact is that it hasn't.

-Bangladesh was doomed to fail but it hasnt.the place is and always will be a basket case- Henry Kissinger

in 1971

The historic relations between Singapore/MalayArchipelago and the Indian subcontinent

- Singapore and Penang were part of the Bengal Presidency till

1867.


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Singapore-Bangladesh Historic

Ties

The golden age of Bengal-Bengal ranked 9th with Netherlands topped the list in 1770s

The decline of Bengal

- For a state that was once supposed to think today what India

thought tomorrow. The rise and rise of Singapore

- From a 'backward fishing village' to a near-first world country

The emergence of Bangladesh and renewed ties

with Southeast Asia

- East Asian dynamism, Look east policy, etc


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Singapore-Bangladesh Contemporary

Relations

Close relations between States:Convergence ofOutlookand Interest

-Best example: India-Singapore relations Common interest:- believe in Free-market economy

- seeking a balanced and multi-polar world

- common objectives in key global issues:

- WTO, climate change/environment, terrorism etc.


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Singapore-Bangladesh Economic

Relations


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Relations

In 2007, Bangladesh was Singapores 36th largest trading

partner and 27th largest export destination

In 2006, Singapore was the 9th largest investor in Bangladesh

Singapores investments in key sectors:

- telecom, textiles, electronic & electrical goods, knit ware,

readymade garments, chemicals etc


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Relations

Singapore is becoming a favorite destination toBangladeshi tourists

- Bangladeshi tourists in Singapore:77,000 in 2007 , 64,000 in 2006

More Bangladeshis preferring Singapore as a workplace,with some setting home

- Bangladeshis employed in Singapore:27,651 in 2008 (January- June), 6,870 in 2002 ,

Singapore is drawing a sizable Bangladeshi students too


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Some setbacks for Singapore and search for new

engines of growth

Some recent setbacks for Singapore:

- Financial crisis, export plunge, problems in its hinterlandMalaysia

Singapore exploring new engines of growth- Possibility of more small-sized economic engines likeVietnam

Countries like Bangladesh can possibly fillup some gap

- Steady growth rate of 5-6 percent for the last 15 years,sizable domestic market, low-cost production destination,favorable demography etc


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Possible Relocation of Singapores

Sunset Industries

Possible relocation of Singaporessunset industries in Bangladesh

Bangladeshs intellectual capability

- success in labour-intensive manufacturing produces(RMG, Footwear etc)

- emerging ship-building nation

An EPZ for Singaporean businesses inBangladesh?

- Currently 8 EPZs are in operation, govt. recentlyapproved a separate EPZ for Korea


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Globalization of Bangladesh

Brand Singapore can help Bangladesh to globalizeits brands

Need for more presence of Bangladeshi

companies in Singapore Indias success can be emulated-

- 3200 Indian co. have presence in Singapore.

But there are some constraint too:

cost of doing business, intellectual property

right, political instability, etc.


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Learning from the Singapore Model?

What is the Singapore Model?- State capitalism, outward-looking export-led growth, PPP, property

rights, etc.

Rapid urbanization in Bangladesh and learning from

Singapore- Both are two most densely populated countries

- Singapore-China experience

- Singapores expertise: eco-city, waste and water management etc

could be useful for Bangladesh

- Singapores service sector too offer some lessons for Bangladesh


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Cooperation through Multilateralism

Singapore: ASEANChampion/thought leader?

Sub-regional cooperation

The rise of India and Singapore-India engagements

Singapore can take the advantage

of Indo-Bangla geographicproximity


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Conclusions

Bangladesh is becoming a meaningfuleconomic partner of Singapore steadily.

Room for exploitation of economic

complementarities. A common outlook on economic and

security affairs.

But need to work out on some structuralissues.

singapore bangladesh relations final

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