Mannan for expanding trade with Malaysia

Planning Minister MA Mannan laid emphasis on expanding bilateral trade and investment with Malaysia.

The minister made the remarks while meeting with the members of the newly elected Executive Committee of the Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI), led by its President Syed Almas Kabir at Planning Ministry in the city, said a press release on Thursday.

In his speech, Mannan assured all possible assistance for the development of trade and investment opportunities in Bangladesh. He thanked BMCCI President Syed Almas Kabir and other leaders for their commendable role in developing bilateral trade relations between Bangladesh and Malaysia.

“We need to encourage product diversification along with other potential export items,” he said, suggesting creating a sector-specific policy demand.

Syed Almas Kabir briefed the planning minister about the various activities and goals of BMCCI.

Many Malaysian companies have expressed interest in investing in Bangladesh’s newly created Special Economic Zone (SEZ), said the BMCCI president.

He also proposed to sign FTA with Malaysia to ensure Bangladesh’s

interest. He also proposed to take initiative to relocate. Malaysia’s Sun-Set Industries to Bangladesh.

Besides, Syed Almas Kabir informed the minister about the plans of BMCCI to organize the flagship program “Showcase Bangladesh” in Kuala Lumpur, Malaysia in September 2022.

Malaysia is the ninth largest investors in Bangladesh. By the end of June 2021, the total FDI stock of Malaysia in Bangladesh was 791.69 million US dollars.

The telecommunications sector currently tops the list; besides, construction sector, textile, chemical and pharmaceuticals are also in good position. Readymade garments account for about 70 per cent of our total exports to Malaysia.