KUALA LUMPUR, Nov 14: Bangladesh and Malaysia have a modest trade and investment value with tremendous growth potential, said a Malaysian deputy minister at a function here today (Friday).
"Trade and investment value is relatively modest between Bangladesh and Malaysia and has tremendous potential to grow," said Malaysian Deputy Minister for International Trade and Industry Dato Lee Chee Leong.
He was speaking as the guest of honour at the inaugural ceremony of the 3rd Showcase Bangladesh 2014 in the Malaysian capital.
Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), Bangladesh High Commission in Malaysia, Malaysia South-South Association (MASSA), Malaysia External Trade Development Cooperation (MATRADE) and Malaysian Industrial Development Authority (MIDA) have jointly organised the three day event.
Total trade with Bangladesh was valued at US$ 1.67 billion in 2013, an increase of 5.7 per cent from a year earlier. In the first nine months of the current year, Malaysia's exports to Bangladesh amounted to US$ 978.8 million while imports from Bangladesh were US$ 87.7 million.
Bangladesh is the 3rd largest trading partner of Malaysia, he said, adding there is much that the two countries can do to further jack up two-way trade and investment. "Events like Showcase Bangladesh provide a good platform for us to explore the business potential," he added.
He said his country's investment in Bangladesh is currently concentrated in energy and telecommunications sectors.
"Malaysian investment is concentrated in energy and telecommunication sectors in Bangladesh. The involvement of Malaysian companies in Bangladesh can be further expanded," he said.
He identified areas for potential investment such as infrastructure, power generation, education, communication and hospitality.
"This showcase presents various opportunities to network. I urge our Malaysian and Bangladeshi businesses to make full use of the business making sessions," Mr Leong said.
Referring to the webpage of Showcase Bangladesh to better facilitate trade and investment promotion between Bangladesh and Malaysia, he said such online information sharing is very useful for creating awareness about each other's markets.
Being recognised as a leader in Islamic finance and the halal industry, the Malaysian Deputy Minister invited Bangladeshis to explore opportunities in the sectors to facilitate trade and help diversify the range of products and services.
Chee Leong said Malaysia will be an ideal gateway for Bangladeshi companies wanting to expand their businesses in the region as Malaysia will assume the Chairmanship of ASEAN next year.
Bangladeshi officials and entrepreneurs urged Malaysian investors to take up new investment ventures in the fast growing manufacturing, services and infrastructure scoters to help Bangladesh reach the newer height of development.
Apart from investing in large infrastructure projects, including roads and power generation, they also urged the Malaysian counterparts to provide technological support to Bangladesh, given the expertise the Southeast Asian nation has developed.
Bangladesh High Commissioner in Kuala Lumpur Atiqur Rahman said Malaysia is among the 10 largest investors in Bangladesh but there is enough scope for further investment.
"I call upon the Malaysian investors to undertake new investment ventures in our fast growing manufacturing, services and infrastructure sectors," he said.
Relocation of labour-intensive industries in the textile and the textile and accessories, furniture processing, agro-processing industries from Malaysia might be the most promising options while investment in the services sectors like tourism, healthcare, infrastructure like toll roads, bridges, power and gas generation would also be attractive to Malaysian investors, said the diplomat.
"Closer cooperation in investment and trade between the two countries would bring immense impact on the development of two economies," he said adding that Malaysians will surely change its idea about Bangladesh once they visit the country.
Chairman of the organising committee Syed Nurul Islam said Bangladesh is close to achieving its goal of becoming a middle-income country. "It's not a big challenge to become a middle-income country. What's challenging is to cross the hurdle," he added.
Mr Islam, also former BMCCI president and CEO of the Well Group of Industries, said the Bangladeshi companies are in Malaysia to promote brand Bangladesh depicting its strong economy, smoother banking sector and facilities and environment for foreign investors.
"Bangladesh is contributing to the Malaysian economy and its overall development process through its human resources engaged in various sectors in Malaysia," the business leader said.
About 60 Bangladeshi companies representing banking and insurance services, readymade garments, textiles, infrastructure, ICT and telecom and other sectors are participating in the Showcase with their products and services.
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