Staff Reporter :
Bangladesh has sought duty-free market access for its products to Malaysian market to boost trade ties between the two countries further which are on an uptrend.
Commerce Minister Tofail Ahmed said while addressing inaugural session of Bangladesh Trade and Investment Summit 2016 in Kuala Lumpur on Monday.
The Bangladesh Malaysian Chamber of Commerce and Industries (BMCCI) in collaboration with the High Commission of Bangladesh in Malaysia and Bangladesh Investment Development Authority (BIDA) hosted the event with the theme ‘Sustainable Business: Road to Progress’.
“I would like to request the Malaysian government to award duty-free market access for our products,” said Tofail Ahmed.
The trade balance between Bangladesh and Malaysia is always in favour of Malaysia, he added. Statistics show that in 2014-2015, export from Bangladesh to Malaysia was US$ 140 million while import from Malaysia to Bangladesh was US$ 1.2 billion. In 2015-2016, export from Bangladesh to Malaysia was US$ 190 million which is an indication of a strong trade relation between the two countries.
Relocation of labour-intensive industries in the textile and accessories, furniture processing, agro-processing industries, electronics industries and other Small and Medium Industries from Malaysia might be the most promising options, Tofail said.
While investment in the service sectors like tourism, healthcare and infrastructures like toll roads, bridges, power and gas generation would also be attractive to Malaysian investors, he said.
Malaysian Deputy Minister for International Trade and Investment Haji Ahmad Bin Maslam, Bangladesh High Commissioner in Kuala Lumpur Md Shahidul Islam, BMCCI President Md Alamgir Jalil, Chairman of the Organising Committee Syed Nurul Islam and Managing Director and CEO of The City Bank Limited Sohail RK Hussain, among others, spoke on the occasion.
“We strongly believe there are potential of more Bangladeshi products for Malaysian market. Bangladeshi Commodities like Ceramic tableware, pharmaceuticals, leather & leather goods, potatoes, spices, raw jute & jute sacking have better market prospect in Malaysia,” Tofail said.
Tofail Ahmed said infrastructure development is another area where Bangladesh requires a massive investment. “Other area is electricity generation. Bangladesh also wants to improvise its rail transportation, widen its national highways and modernize the better operation of its two seaports at Chittagong and Mongla to facilitate its cargo movements.”
On signing Free Trade Agreement, the Commerce Minister said they are now working on the matter.
The Malaysian Deputy Minister said the proposed FTA would certainly add momentum to the current trade relations. “It’ll be mutually beneficial for more access to each other’s markets for goods and services, and investment and removing barriers to doing business.”
Former Bangladesh Permanent Representative to the UN and Chairman of Bangladesh Study Trust Dr AK Abdul Momen, Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam, Executive Director of Policy Research Institute (PRI) Dr Ahsan H Mansur, former FBCCI President Mir Nasir Hossain, senior economist of World Bank Group, Bangladesh Dr M Masrur Reaz, former DCCI President Asif Ibrahim and Managing Director of AK Khan Ltd Salauddin Kasem Khan, were among the speakers.
The event was supported by Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA), Public Private Partnership Authority Bangladesh, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and High Commission of Malaysia in Bangladesh.
