The Bangladesh business delegation will pursue their Malaysian counterparts to invest more in Bangladesh, especially in the country's infrastructure sector, said a business leader.
He said Malaysia has a newly industrialised market economy ranking third largest in Southeast Asia and 29th largest in the world which shows their expertise, technological ability and sufficient fund to invest in Bangladesh.
"Our main target will be to attract large investors of Malaysia to invest more in Bangladesh infrastructure rather than industries," chairman of the organising committee of the third 'Showcase Bangladesh-2014' Syed Nurul Islam told the FE recently.
The event is scheduled to be held on November 14-16 where as many as 46 companies are going to take part with their products and services. A press conference will be held in this connection in Kuala Lumpur tomorrow (November 12).
Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with Bangladesh High Commission in Malaysia, Malaysia South-South Association (MASSA), Malaysia External Trade Development Cooperation (MATRADE) and Malaysian Industrial Development Authority (MIDA) will host the event to be held at the Kuala Lumpur Convention Centre (KLCC).
Mr Islam, also chief executive officer (CEO) of Chittagong-based business conglomerate Well Group said the delegation will highlight the potentials, opportunities and needs of Bangladesh before the Malaysian businessmen.
"As we do not have proper roads, power and ports, these are the opportunities for the foreign investors. Local entrepreneurs now have the ability to invest in several million-dollar industries but cannot afford to invest in a multi-billion-dollar infrastructure project," said Mr Islam, adding: Bangladesh immediately requires $10 billion investment in infrastructure.
Since independence, Malaysia has had one of the best economic records in Asia, with GDP growing at an average 6.5 per cent per annum for almost 50 years. The economy has traditionally been fuelled by its natural resources, but is expanding in the sectors of science, tourism, commerce and medical tourism.
Apart from branding Bangladesh abroad, the trade show will help attract Malaysian investment to prospective areas that will contribute towards reducing the trade gap between the two countries.
Nurul Islam, also a former BMCCI president, noted there is anti-Bangladesh propaganda abroad, especially in the global media by both the external and internal forces who prevent highlighting Bangladesh's positive issues and achievements.
He said there is hardly any news about Bangladesh which is now the largest cotton importing country in the world, second largest garment exporting country in the world, the economy has been growing at over 6.0 per cent for the last 10 years and there is a huge market of 160 million population.
Green Delta Insurance Company Limited, Dhaka Bank Limited, Robi Axiata Limited, Pubali Bank Limited, CBL Money Transfer Sdn Bhd, AB Bank Limited, NCC Bank Limited and BBS Cables Ltd are sponsoring the event.
Bangladeshi companies representing banking and insurance services, readymade garments both woven and knitted, textiles, infrastructure - ICT and telecom, jute and jute products, hotel and tourism, halal and frozen foods, leather products, pharmaceuticals, herbal and Ayurvedic products, ceramic tableware, consumer, cosmetics and toiletries, handicrafts and handloom products have been participating in the showcase.
The travel partner for Showcase Bangladesh 2014 is Malaysia Airlines whilst The Royale Chulan Kuala Lumpur is the hospitality partner. The exhibition is managed by the official Event Manager Qube Integrated Malaysia Sdn Bhd.
Industries Minister Amir Hossain Amu, Commerce Minister Tofail Ahmed and Foreign Minister AH Mahmood Ali are expected to be present at the event.
Mr Nurul Islam said because of the rigorous positive campaign by the BMCCI for the last couple of years Bangladesh's exports to Malaysia have crossed $100.11 million in fiscal year (FY) 2012-13 and the country has $4.0 billion investment in Bangladesh making it the 4th largest investor here investing in telecom, power sector, machine readable passport projects.
Bangladeshi businessmen suggest all the 22 joint chambers of the country can highlight the positive issues of Bangladesh to the countries concerned to brand Bangladesh.
They also think the exposition will help Bangladesh increase its export volume to Malaysia by adding pharmaceuticals, ceramics, glass, steel and cement.
Relating to the cooperation in tourism sectors of the two countries, Mr Islam rather expressed his frustration as nothing has been happening in this area because of the inactiveness of the government.
"Malaysia has a population of only 27 million but every year about 25 million tourists visit that country. We can fetch at least 1.0 million from Kuala Lumpur to Bangladesh by formulating tourism-friendly policies," said Mr Islam, who is also in the hospitality business.
He said there are visa, airport and security issues for the development and promotion of tourism industry here which mainly depends on the government and not on the private sector.
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