The chief adviser urged Singapore to help recover the billions of dollars smuggled from Bangladesh and reduce the cost of migration from Bangladesh. Muhammad Yunus.
On Sunday (November 10), Singapore’s High Commissioner to Bangladesh, Derek Lowe, met with the Chief Adviser at the Tejgaon office in Dhaka. In an almost hour-long discussion, Professor Yunus told Ambassador Low, “A lot of money has been laundered from Bangladesh to many countries including Singapore.” We need full cooperation from Singapore.
Ambassador Lowe promised to cooperate.
According to the Chief Adviser’s Press Wing, Professor Yunus urged Singapore to work with Dhaka to significantly reduce the cost of recruiting workers from Bangladesh.
He said the interim government wants to reduce the cost of immigration so that expatriates can send more money to their families.
“We can create a model structure with Singapore to reduce recruitment costs,” said the chief adviser.
Assuring support, the High Commissioner advised Bangladesh to digitize its foreign recruitment system to reduce the risk of human trafficking and labor exploitation.
The bilateral meeting also discussed trade and investment cooperation, foreign policy of the interim government, shipping, education and health care of the respective peoples.
Professor Yunus said that Bangladesh is now ready for business as the economy has recovered well just three months after the fall of the dictatorial government. Now is the right time to do business in this country.
Bangladesh proposed a free trade agreement with Singapore in 2021, said Francis Chong, senior director of Singapore’s Ministry of Trade and Industry. A feasibility study on the proposed FTA has been completed and both countries will now determine the scope of how to begin negotiations for a free trade agreement.
Low said Singapore would be happy to share its expertise in water treatment and waste energy management. He proposed cooperation between the food companies of both the countries.
Regarding the foreign policy of the interim government, Prof. Yunus said that his government is maintaining good relations with its neighbors and is trying to revive SAARC as a platform for greater engagement with its South Asian neighbors.
He sought Singapore’s support for Bangladesh’s inclusion as a sectoral dialogue partner of ASEAN. In response, Derek Lowe said that his country is positive in this regard.
Professor Yunus said that since the interim government assumed power, Dhaka has received massive support from its western and eastern allies.
‘We do not distinguish between East and West. We have to build bridges everywhere,’ said Professor Yunus.
The meeting was also attended by Chief Adviser’s Special Envoy Lutfe Siddiqui, SDG Affairs Senior Secretary and Chief Coordinator Lamia Morshed and Singapore’s Charge of Affairs in Dhaka Michael Lee.
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Time.news Interview: Fighting Financial Crimes and Migrant Costs – A Conversation with Professor Muhammad Yunus
Editor: Welcome to Time.news, where we explore pressing global issues with leading experts. Today, we have the pleasure of speaking with Professor Muhammad Yunus, a prominent figure in both social business and economic development. Professor Yunus, thank you for joining us.
Professor Yunus: Thank you for having me. It’s a pleasure to be here.
Editor: Recently, you met with Singapore’s High Commissioner to Bangladesh, Derek Lowe. One of the key topics discussed was the recovery of funds smuggled from Bangladesh to various countries, including Singapore. Can you elaborate on the scale of this issue and why Singapore’s cooperation is crucial?
Professor Yunus: Certainly. There have been substantial amounts of money laundered out of Bangladesh, reaching billions of dollars. This impacts not only Bangladesh’s economy but also the integrity of financial systems globally. Singapore, being a significant financial hub, plays a pivotal role. We need full cooperation from Singapore to trace and recover these funds. Their expertise in financial regulations could greatly assist us.
Editor: You also mentioned the importance of reducing the cost of migration for Bangladeshi workers. Could you explain the current challenges and your proposed solutions?
Professor Yunus: The process of recruiting workers from Bangladesh can be prohibitively expensive, often due to middlemen and exploitative practices. This limits the remittances that these expatriates can send back home to their families. I proposed that we develop a model structure with Singapore to streamline and reduce these recruitment costs. This could enable workers to send more money home, contributing to their families’ livelihoods and, ultimately, to the economy.
Editor: Ambassador Lowe suggested digitizing Bangladesh’s foreign recruitment system. How do you see this playing a role in reducing human trafficking and labor exploitation?
Professor Yunus: Digitization can bring about transparency and reduce the risks associated with traditional recruitment methods. By creating a clear, online system for foreign employment, we can eliminate many of the middlemen who currently exploit workers. This not only protects the rights of Bangladeshis seeking employment abroad but also ensures they are not victims of human trafficking.
Editor: Moving to broader economic ties, you mentioned that Bangladesh is ready for business after a recent governmental transition. What opportunities do you see for Singaporean businesses in Bangladesh?
Professor Yunus: Bangladesh’s economy has shown remarkable resilience and recovery. There are numerous opportunities for investment in various sectors such as energy, infrastructure, and technology. In 2021, Bangladesh proposed a free trade agreement with Singapore, and with a feasibility study completed, we are now looking to define the scope for negotiations. This could open up even more avenues for trade and investment, fostering mutual growth.
Editor: What other areas of cooperation are on the table between Bangladesh and Singapore?
Professor Yunus: Our discussions encompassed a wide range of topics, including trade, foreign policy, healthcare, and education. For instance, Singapore has impressive expertise in water treatment and waste management, which could be extremely beneficial for Bangladesh. We are eager to leverage these partnerships to improve the quality of life for our citizens.
Editor: In a rapidly changing global landscape, what message would you like to convey about the importance of international collaboration?
Professor Yunus: International collaboration is vital for addressing shared challenges like economic inequality, migration issues, and environmental sustainability. Countries need to work together, share knowledge, and support each other in a spirit of partnership. Only then can we hope to build a future that benefits all.
Editor: Thank you, Professor Yunus, for sharing your insights with us today. Your ongoing efforts to promote economic development and social justice are inspiring.
Professor Yunus: Thank you! It was a pleasure discussing these important issues with you.