[🇧🇩] Partnership Between Bangladesh and Singapore

[Saif]

Date of Event: Jan 25, 2025 Source : https://www.thedailystar.net/opinion/views/news/singapores-role-recovering-stolen-assets-crucial-3807066

Singapore's role in recovering stolen assets is crucial

A view of the Monetary Authority of Singapore's headquarters in Singapore. FILE PHOTO: REUTERS

Impressive global rankings and statistics are a testament to Singapore's accomplishments as the world's fifth least corrupt country and the only Asian nation in the top 10. The country is also a leader in the World Justice Project Rule of Law Index, ranking 16th out of 142 countries globally and fourth regionally in 2024, indicating its strong legal and regulatory framework.

Bangladesh and Singapore share a friendly and dynamic relationship, with Bangladeshi workers being a significant part of Singapore's 1.5 million migrant workers and a substantial addition to the country's economy. Over 160,000 Bangladeshi nationals are contributing to essential sectors such as construction and marine industries in Singapore. In 2022 alone, 64,383 Bangladeshi workers were hired in Singapore, setting a record, and their remittances contribute substantially to Bangladesh's economy.

Construction contracts worth $32 billion to $38 billion are anticipated to be awarded in Singapore in 2024, with a substantial portion benefiting from Bangladeshi labour. Meanwhile, Bangladesh trains around 5,000 workers annually at specialised centres certified by the Singapore authorities to meet the country's workforce demands. These collaborations underscore interdependence of their economies and a relationship based on mutual growth.

Bangladesh at a crossroads

The ousting of Sheikh Hasina on August 5, 2024 has unleashed a wave of uncertainty as well as opportunities in Bangladesh. The interim administration, led by Chief Adviser Prof Muhammad Yunus, has vowed to root out corruption and restore good governance. The government has also formally requested the United Nations' investigation into the mass killings and human rights violations during Hasina's final months in power.

Yet, the remnant of embedded systemic corruption looms large in Bangladesh against the backdrop of social, political, and economic reforms. Allegations against the Awami League government, including mismanagement of megaproject funds and money laundering, underline the overwhelming challenges that are to follow while restructuring the nation. The Anti-Corruption Commission (ACC) has launched extensive investigations into key figures of the former administration for alleged embezzlement and laundering of billions of dollars. Specific projects under scrutiny include the Rooppur Nuclear Power Plant (RNPP) suspected of financial irregularities amounting to around $5 billion. Hence, these probes, though wearisome, represent a crucial effort to address years of unrestrained corruption, involving not only former politicians but also prominent business tycoons who have managed to evade justice by fleeing the country or stashing cash in convenient overseas destinations.

A case in systemic corruption testing Singapore's institutional integrity

At the heart of the arising corruption allegations lies the S Alam Group, led by Mohammed Saiful Alam, who has been accused of laundering over $1 billion through entities in Singapore and other countries. Alam's case has become a glaring indicator of financial systems being exploited for illicit purposes. In fact, latest investigations have revealed that Alam funnelled significant sums through shell companies, leveraging his influence to secure questionable loans worth thousands of crores from Bangladeshi banks like Islami Bank, often coupled with collateral compensating for only a fraction of the loan value.

Building on S Alam's case, Singapore's role as a destination for the said laundered funds has raised concerns about its advanced financial infrastructure being exploited to channel and shelter illicit wealth. Reports indicate that funds from Bangladesh were routed to Singapore via offshore mechanisms, raising concerns about regulatory loopholes that might have facilitated such transactions. In this regard, the ACC has requested Singapore's cooperation in tracking these funds and ensuring accountability. Addressing these allegations can help Singapore set a precedent for combating transnational financial crimes, consistent with the country's standing in global finance. There are also other controversial Bangladeshi industrial conglomerates who have built a base in Singapore.

A moral and strategic imperative for Singapore

By taking just, fair, and decisive action and ensuring its financial systems are not exploited, Singapore has an opportunity to solidify its role as a leader in upholding justice and transparency. This is no less a moral test for the country as it is of legal consequences for a nation that is globally applauded for its rule of law. Singapore cannot afford to be perceived as a safe harbour for illicit wealth, especially embezzlement of public funds that exacerbate poverty and foment political instability elsewhere. At this critical juncture of the country, it is natural for Bangladesh to expect Singapore to address these allegations by freezing suspect assets and cooperating with Bangladeshi authorities.

By tackling these challenges head-on, Singapore will not only uphold the integrity of its own systems but will also support the global fight against corruption, defending rights of the less privileged, bringing to justice those who have plundered a nation's resources and drained the banking sector. As at least 10 Bangladeshi banks are on the verge of collapse and depositors scratch their heads for the money looted from their coffers, Singapore has a responsibility to help Bangladesh retrieve the ill-gotten money that has found its way into the Singaporean shore.

Prof Syed Munir Khasru is chairman of the Institute for Policy, Advocacy, and Governance (IPAG), an international think tank.​

 

[Saif]

How Singapore’s transport policies can inspire Dhaka’s growth

As the city continues to grow and evolve, adopting best practices from around the world is crucial.

www.thedailystar.net

How Singapore’s transport policies can inspire Dhaka’s growth

MRT reduces greenhouse gas emissions by efficiently transporting large numbers of passengers, significantly reducing reliance on individual car travel. FILE PHOTO: MARUF AREFIN MIM

Singapore, one of Southeast Asia's busiest cities, is known for its efficiency. During a recent visit, I was amazed by how seamlessly this small city with a high population density operates without much human involvement in managing traffic, thanks to its revolutionary transport system. The success of Singapore provides a powerful blueprint for cities like Dhaka.

After its independence in 1965, the Singaporean government identified and developed an integrated transport strategy to accommodate a growing population projected to reach 3.4 million by 1992. A traffic study conducted by the Singapore State and City Planning Department in 1967 identified that an improved traffic system with a focus on public transport was essential for the country's growth. This study led the government to invest in the Mass Rapid Transit (MRT) system, with construction starting in 1983 and operations beginning in 1987. This network has since provided millions of residents with a fast and reliable means of transportation.

Later, in 1995, Singapore established the Land Transport Authority (LTA), which introduced various strategies to manage the private vehicle population, including the Vehicle Quota System (VQS), a life-changing system that caps the number of new vehicles registered in the city, thereby mitigating traffic congestion.

Today, Singapore's transport system is recognised globally for its efficiency and effectiveness. It has a well-connected network of roads, buses, MRT system, and Light Rail Transit (LRT) lines linking various neighbourhoods. While travelling, I spoke to a migrant named Shri, who has been living in Singapore for the last six years. He mentioned that he can travel to any part of the city using public transport and has relied on it exclusively during his time there. He also noted that even though he can afford a car in Singapore, he has never felt the need to buy one.

In the late 2020s, Bangladesh started its journey towards implementing a citywide MRT system. So far, one route from Uttara to Motijheel has been established through the MRT project. Considering the cost and time of travel, I would rate the MRT as the best option for getting around Dhaka.

Apart from saving travel time, the MRT system offers other benefits, such as environmental, social, and economic advantages that are worth discussing.

MRT reduces greenhouse gas emissions by efficiently transporting large numbers of passengers, significantly reducing reliance on individual car travel. MRT systems promote sustainable land-use patterns, helping preserve green spaces and natural habitats.

Some of the social benefits of MRT include providing social equity, accessibility for all, and security, especially for women and the elderly.

There are many researched economic benefits of MRT. For instance, workers are more productive as they avoid travel-related fatigue, it creates jobs for the community, and MRT stations often become commercial hubs due to increased traffic within and around these areas.

Dhaka can also benefit from implementing a VQS similar to Singapore's model. The revenue generated from VQS can be reinvested into public transport infrastructure such as MRTs or LRTs. While it may discourage private vehicle ownership, this shift is essential to encourage reliance on public transport, reducing the pressure on roads from private transportation.

Transport planners and policymakers in Dhaka should always encourage the use of public transport and ride-sharing services like Uber and Pathao, which can reduce road congestion and pollution. Encouraging public transport and ride-sharing services will also create job opportunities in the commercial passenger vehicle sector. It's important to remember that Dhaka's transport network was never designed to accommodate private vehicles for every household—it was originally designed for rickshaws, other vehicles and pedestrians. However, as the city continues to grow and evolve, adopting best practices from around the world and seeking better solutions is crucial.

Paid parking in commercial areas

In the 1990s, Dhaka introduced a paid parking system near the New Market area. However, this system was very informal, with no accountability for the funds collected. Most people believed the fee was paid for car security, even though the driver was usually with the vehicle. Formalising paid parking or banning street parking in core commercial areas such as Motijheel, Gulshan, Uttara, Dhanmondi, and Karwan Bazaar can effectively manage traffic congestion.

In major cities around the world, high hourly parking rates discourage unnecessary vehicle use while ensuring that those who need to park have access to limited spaces. This approach not only reduces the number of cars on the road but also encourages commuters to seek alternative transport methods, further easing traffic flow in busy commercial areas.

Ticket pricing and local buses

Setting a minimal ticket price for travelling three stations (approximately 3 to 4 kilometres) on the MRT is vital for maintaining the viability of the local bus system. Affordable fares ensure that public transport remains accessible to all residents. I have noticed that due to the MRT, local buses travelling from Mirpur to Motijheel have fewer commuters than before and are experiencing losses. I spoke to some conductors and bus drivers who mentioned that they only get passengers after 8 pm when the MRT shuts down or is not operational. This is concerning for local buses, and the authorities need to ensure their viability so they can support the public transport system when the MRT is not operational.

The potential benefits of MRT systems extend beyond mere transportation—they can transform cities into thriving, accessible, and environmentally friendly spaces. As Bangladesh moves forward with its MRT project, it has the opportunity to not only improve urban mobility but also foster a healthier, more sustainable, and equitable urban environment for its citizens.

Mir A Faruque is principal strategic planner for the Australian local government.​