Experts at a webinar have urged the business communities of Bangladesh and Malaysia to explore business opportunities and enhance trade and investment relations between the two countries.
They made the call at the webinar on ‘Exploring Business Opportunities in Bangladesh And Malaysia’, reports BSS citing a press release.
Malaysia External Trade Development Corporation (MATRADE), the export promotion agency of Malaysia, in collaboration with the Bangladesh – Malaysia Chamber of Commerce and Industry (BMCCI) organized the webinar.
This was the first MATRADE and BMCCI collaboration to promote trade between the two countries in two years.
The webinar hosted by MATRADE on Zoom platform attracted 347 participants from both Malaysia and Bangladesh.
Haznah Md Hashim, Malaysian High Commissioner to Bangladesh, delivered the keynote speech with Syed Almas Kabir, President of BMCCI, and Amran Yem, Senior Director at MATRADE provided the remarks on behalf of their organisations.
Speakers included Md. Ariful Hoque, Director of Registration and Incentives-1 (Commercial) of Bangladesh Investment Development Authority (BIDA), Roswaidin Mohd Zain, Director of Malaysia Investment Development Authority (MIDA) in Mumbai, and Muzzafar Shah Hanafi, Trade Commissioner of MATRADE Chennai.
With their presentation, they highlighted and updated Malaysian companies on the new export and investment opportunities in Bangladesh, promoted Bangladesh as an attractive export destination, and promoted Malaysia as an attractive investment destination to Bangladeshi companies.
Motaher Husan Khan, Hon. The Secretary-General of BMCCI, moderated the whole session and conducted a question-answer session.
As Malaysia and Bangladesh celebrate 50 years of the establishment of diplomatic relations this year, the webinar was organised to make the relations between the two brotherly countries continue to grow and as a celebration of this auspicious milestone for the two great nations.
The objectives of the webinar are to update Malaysian and Bangladeshi companies on the new business and investment opportunities in both friendly countries, to promote Bangladesh as an attractive business destination, and to promote Malaysia as an attractive investment destination to Bangladeshi companies.
Malaysian High Commissioner Haznah Md. Hashim, in her keynote address, encouraged more Malaysian companies to leverage the strong Malaysian branding among local Bangladeshis, not only to expand their business in Bangladesh but also to look into investments in Bangladesh. She also remarked on the importance of having a trade agreement in place to further spur the bilateral trade activities between Malaysia and Bangladesh.
Meanwhile, Syed Almas Kabir, President of BMCCI, elaborated on the government of Bangladesh’s strategic plan, Bangladesh Vision 2041 which Bangladesh is aiming to achieve high-income status by the year 2041.
Syed Almas Kabir also highlighted the growing interest among Bangladesh corporations in investing in Malaysia. He delightfully informed that the BMCCI is going to organise a showcase of Bangladesh 2022 in Kuala Lumpur, Malaysia in September 2022 and urged cooperation from all.
According to Muzzafar Shah Hanafi, “the webinar served as a platform to update industry players from both Malaysia and Bangladesh on possible partnerships. We believe there is surging demand for goods and services as the world gradually enters the post-pandemic phase. The session also was organized to inform MATRADE services and the upcoming marketing to the mission to Dhaka, tentatively this coming August.”
Last year, bilateral trade between Malaysia and Bangladesh grew 76.6 per cent valued at RM 10.66 billion (USD 2.57 billion). Bangladesh imports from Malaysia stood at RM 9.36 billion ($2.26 billion), an increase of 83.2 per cent.
Meanwhile, Bangladesh’s export to Malaysia increased by 50.6 per cent, valued at RM 1.3 billion ($314 million).
Top trading goods between the two countries were petroleum, plastic articles, garments, machinery equipment, and palm oil.