Photo: Collected
Bangladesh is keen to enhance bilateral trade relations with Malaysia and ensure balanced trade between the two countries, said Commerce Adviser Sk Bashir Uddin on Monday. He came up with the information during a meeting with Malaysian High Commissioner to Bangladesh Mohd Shuhada Othman at the Secretariat.
The discussion focused on bilateral trade and potential future investments.
Highlighting the significance of free trade agreements (FTAs) in boosting trade and investment, the commerce adviser said that Bangladesh has already initiated talks with South Korea, Japan, and Singapore for FTAs.
He stressed the need for immediate discussions between Malaysia and Bangladesh to expand trade, which would benefit both nations.
Noting that Malaysia's labor market is vital for Bangladesh, the adviser said "A significant portion of our foreign reserves comes from remittances sent by Bangladeshi expatriates in Malaysia. We aim to establish a strong presence there through the export of skilled manpower," he said.
The adviser also urged Malaysian investors to take advantage of Bangladesh's special economic zones.
He also urged the traders to increase palm oil exports to Bangladesh, particularly during Ramadan when the demand for edible oil surges.
During the meeting, Malaysian High Commissioner to Bangladesh Mohd Shuhada Othman said Malaysia has made substantial investments in the electric chips and semiconductor sectors, which require a large number of skilled professionals, including semiconductor designers.
He expressed Malaysia's willingness to train and educate Bangladeshi students to create opportunities for them in these industries. He also pledged to strengthen cooperation in developing skilled human resources.
Mentioning the growing global demand for halal food, Othman said Malaysia's halal food market is currently valued at 113 billion dollars and it would reach 6 trillion dollars by 2031.
As a Muslim-majority country, Bangladesh should prepare for this lucrative market, he said adding the Malaysian government will provide full support in halal food production and certification.
In the fiscal year 2023-24, bilateral trade between Bangladesh and Malaysia amounted to 2,878.20 million dollars. Bangladesh imported goods worth 2,583.70 million dollars from Malaysia and exported products worth 294.50 million dollars to the Southeast Asian nation.
Messenger/JRTarek
