Syed Moazzam Hossain, the newly elected president lauded his future plan for the Malaysian chamber to develop a databank of the repatriated workers of Bangladeshi workers from Malaysia to employ them in Bangladesh and utilize their skill for building Bangladesh economy, develop economic zone for Malaysian investors, restructure policy issues and remove complexities to attract more foreign investment from Malaysia, remove tax barriers for Bangladeshi product export in Malaysia and negotiate import policies with National Board of Revenue (NBR), identify existing problems and solve those through organizing luncheon meetings, workshop and seminars with the industry insiders and stakeholders and make single country exposure at Malaysia to make easy excess of products in that market.
He also wants to shade focus on extensive research and development for the expansion of market and industrial growth besides regular activities of the BMCCI through organizing trade events and exhibitions, promote and foster trade, services, investment and joint ventures between Malaysia and Bangladesh, increase interaction and contacts with Malaysia and Bangladesh trade organizations and encourage people-to-people contact and cultural relationship between the two countries to uphold the industries exposure.
Bangladesh Malaysia Chamber of Commerce & Industry (BMCCI) is a non-profit service oriented organization. It has been working with a mission to foster strategic capabilities among the business communities through different sources like, organizing Business Forums, Trade Fairs, and exchange of business delegations.
BMCCI consist of 257 Bangladeshi companies and 250 Malaysian conglomerates. In 2016, Bangladesh exported $1.50 million worth goods to Malaysia mainly ready-Made-garments (RMG) products, food items, frozen fish, vegetables, jute, jute products, handicrafts and ethnic products.
On the other hand, Bangladesh imported from Malaysia goods like electronic equipment, Petroleum and liquefied natural gas, Wood and wood products, Palm oil, Rubber, Textiles and Chemicals worth $1.8 billion.
Malaysian Foreign Direct Investment (FDI) in Bangladesh is worth about $6 billion.
20 Malaysian firms were interested to invest in IT sector and memorandum of understanding (MoU) were signed with the government but lack of infrastructure those companies did not start business in the country. The IT Park at Jessore will attract more Malaysian companies in the country to do business and help growth of the sector.
Syed Moazzam Hossain said due to bureaucratic complexities and corruption foreign companies are becoming less interested to invest in Bangladesh economy.
He said “If we can facilitate foreign companies with suitable tax facilities, bureaucratic simplicities more FDI will come to invest in Bangladesh,”
“Malaysian companies are interested to invest in real estate business, tourism, IT and manufacturing plants but we have to assure investment friendly environment for them and uphold economic boost. For attracting foreign investment in our country, policymakers have to have vast knowledge on bilateral agreement, free trade agreement and so on,” he opined.
According to him, Malaysian investors seeks profit guarantee but in Bangladesh they do not get such investment environment which need to be ensured to attract FDI and business cooperation from Malaysia.
The 5th Bangladesh product showcase fair in Bangladesh will happen in 2018, he hoped it will attract more Malaysian buyers in the country and grow chamber business. Malaysia South-South Association (MASSA) is a non-profit business association, comprising members who are from the Malaysian business sector. The main purpose of MASSA is to promote trade and investment with developing South-South countries. It espouses the dynamic vision of the Malaysian business community. The main purpose of MASSA is to promote trade and investment with developing South-South countries. It espouses the dynamic vision of the Malaysian business community and aims to enhance the global reach of its members.
The Government follows the policy of a free market economy in Bangladesh. The private sector has been identified as the main vehicle for the development of the economy. Poverty reeducation through rapid economic growth is the core development strategy. In accordance with that, the Government’s policy on investment offers a lucrative package to attract foreign investment.
Tax holiday for industries within and outside the Export Processing Zones (EPZ), duty-free import of machinery and raw materials for export-oriented industries and100 percent foreign equity allowed. Full repatriation of dividend and capital allowed upon exit. Bonded Warehouse and back-to-back Letter of Credit facility allowed for export-oriented industries. Avoidance of double taxation based on bilateral agreements. Foreign investment in Bangladesh is guaranteed by an Act of Parliament against forfeiture and nationalization.
But there is no free trade agreement (FTA) among prospective countries and our export import policies do not include, it requires amendment and the policy is still in the draft stage. The BMCCI president demanded for preferential trade with Malaysia and products like ceramic, food items, frozen foods should enjoy tax free export facilities.
NBR did not agree for FTA facilities fearing loosing tax revenue in case of importing Malaysian products.
The BMCCI president told the New Nation that Bangladesh economy will remain import oriented rather than export oriented as manufacturing facilities in the country is not growing that much and lacks appropriate guideline from the government to expand the export oriented manufacturing sector.
Moreover, NBR is not facilitating FTA though it is essential for expansion of export market of the country. NBR should consider the fact and provide some facilities on some product import and lobby such policy in the export markets for getting more commercial ventures. Bangladesh should counter more bilateral trade agreement with the countries which are export destinations.
Syed Moazzam Hossain also emphasized on development of Bangladesh tourism sector as it has tremendous potentiality to be proliferated.
“The global hospitality industry is worth about $3 to 4 trillion. Bangladesh has failed to develop the sector as a attractive destination, we need a appropriate focus on the sector and attract international tourists,” Moazzam said.
He has also mentioned “Bangladesh need to develop a tourism complaint environment which could help economy through earning more foreign currencies. We need to develop hygiene food facilities, tourist friendly international airport facilities, information management, ensure comfort ability, prepaid taxi and contemporary transport facility management along with development of the tourism sites like Kuakata and other popular destination of the country sustainably for the tourism sector development of the country,”
The renewable energy sector is also a potential sector for FDI in the country which needs appropriate attention from the government and emphasis on the sector may solve energy shortage problem of the country.
Last but not the least, he hoped that potential sectors of the country need to be reevaluated for sustainable economic development and make Bangladesh a better destination for investment.
He believes that we should focus on production in Bangladesh and export to Malaysia and other destination for further economic developments so that Bangladesh will be turned quickly into exportable country.
He also wants to shade focus on extensive research and development for the expansion of market and industrial growth besides regular activities of the BMCCI through organizing trade events and exhibitions, promote and foster trade, services, investment and joint ventures between Malaysia and Bangladesh, increase interaction and contacts with Malaysia and Bangladesh trade organizations and encourage people-to-people contact and cultural relationship between the two countries to uphold the industries exposure.
Bangladesh Malaysia Chamber of Commerce & Industry (BMCCI) is a non-profit service oriented organization. It has been working with a mission to foster strategic capabilities among the business communities through different sources like, organizing Business Forums, Trade Fairs, and exchange of business delegations.
BMCCI consist of 257 Bangladeshi companies and 250 Malaysian conglomerates. In 2016, Bangladesh exported $1.50 million worth goods to Malaysia mainly ready-Made-garments (RMG) products, food items, frozen fish, vegetables, jute, jute products, handicrafts and ethnic products.
On the other hand, Bangladesh imported from Malaysia goods like electronic equipment, Petroleum and liquefied natural gas, Wood and wood products, Palm oil, Rubber, Textiles and Chemicals worth $1.8 billion.
Malaysian Foreign Direct Investment (FDI) in Bangladesh is worth about $6 billion.
20 Malaysian firms were interested to invest in IT sector and memorandum of understanding (MoU) were signed with the government but lack of infrastructure those companies did not start business in the country. The IT Park at Jessore will attract more Malaysian companies in the country to do business and help growth of the sector.
Syed Moazzam Hossain said due to bureaucratic complexities and corruption foreign companies are becoming less interested to invest in Bangladesh economy.
He said “If we can facilitate foreign companies with suitable tax facilities, bureaucratic simplicities more FDI will come to invest in Bangladesh,”
“Malaysian companies are interested to invest in real estate business, tourism, IT and manufacturing plants but we have to assure investment friendly environment for them and uphold economic boost. For attracting foreign investment in our country, policymakers have to have vast knowledge on bilateral agreement, free trade agreement and so on,” he opined.
According to him, Malaysian investors seeks profit guarantee but in Bangladesh they do not get such investment environment which need to be ensured to attract FDI and business cooperation from Malaysia.
The 5th Bangladesh product showcase fair in Bangladesh will happen in 2018, he hoped it will attract more Malaysian buyers in the country and grow chamber business. Malaysia South-South Association (MASSA) is a non-profit business association, comprising members who are from the Malaysian business sector. The main purpose of MASSA is to promote trade and investment with developing South-South countries. It espouses the dynamic vision of the Malaysian business community. The main purpose of MASSA is to promote trade and investment with developing South-South countries. It espouses the dynamic vision of the Malaysian business community and aims to enhance the global reach of its members.
The Government follows the policy of a free market economy in Bangladesh. The private sector has been identified as the main vehicle for the development of the economy. Poverty reeducation through rapid economic growth is the core development strategy. In accordance with that, the Government’s policy on investment offers a lucrative package to attract foreign investment.
Tax holiday for industries within and outside the Export Processing Zones (EPZ), duty-free import of machinery and raw materials for export-oriented industries and100 percent foreign equity allowed. Full repatriation of dividend and capital allowed upon exit. Bonded Warehouse and back-to-back Letter of Credit facility allowed for export-oriented industries. Avoidance of double taxation based on bilateral agreements. Foreign investment in Bangladesh is guaranteed by an Act of Parliament against forfeiture and nationalization.
But there is no free trade agreement (FTA) among prospective countries and our export import policies do not include, it requires amendment and the policy is still in the draft stage. The BMCCI president demanded for preferential trade with Malaysia and products like ceramic, food items, frozen foods should enjoy tax free export facilities.
NBR did not agree for FTA facilities fearing loosing tax revenue in case of importing Malaysian products.
The BMCCI president told the New Nation that Bangladesh economy will remain import oriented rather than export oriented as manufacturing facilities in the country is not growing that much and lacks appropriate guideline from the government to expand the export oriented manufacturing sector.
Moreover, NBR is not facilitating FTA though it is essential for expansion of export market of the country. NBR should consider the fact and provide some facilities on some product import and lobby such policy in the export markets for getting more commercial ventures. Bangladesh should counter more bilateral trade agreement with the countries which are export destinations.
Syed Moazzam Hossain also emphasized on development of Bangladesh tourism sector as it has tremendous potentiality to be proliferated.
“The global hospitality industry is worth about $3 to 4 trillion. Bangladesh has failed to develop the sector as a attractive destination, we need a appropriate focus on the sector and attract international tourists,” Moazzam said.
He has also mentioned “Bangladesh need to develop a tourism complaint environment which could help economy through earning more foreign currencies. We need to develop hygiene food facilities, tourist friendly international airport facilities, information management, ensure comfort ability, prepaid taxi and contemporary transport facility management along with development of the tourism sites like Kuakata and other popular destination of the country sustainably for the tourism sector development of the country,”
The renewable energy sector is also a potential sector for FDI in the country which needs appropriate attention from the government and emphasis on the sector may solve energy shortage problem of the country.
Last but not the least, he hoped that potential sectors of the country need to be reevaluated for sustainable economic development and make Bangladesh a better destination for investment.
He believes that we should focus on production in Bangladesh and export to Malaysia and other destination for further economic developments so that Bangladesh will be turned quickly into exportable country.
