Bangladesh has become one of the most lucrative trade and investment partners due to its journey toward sustainable development along with offering different facilities to support investments, opined experts.
They came up with the opinion during a webinar on “Exploring Business Opportunities in Bangladesh and Malaysia” jointly organised by Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) and Malaysia External Trade Development Corporation (MATRADE) on Tuesday.
Addressing the webinar, Bangladesh Investment Development Authority Director, Mohammad Ariful Haque said, “Our purchase capacity is rising and per capita income surpassed $2500 in the fiscal year 2021. The country has proven its manufacturing and export capacity and currently merchandise export share 90 per cent of total exports.”
“Strategic geographic location is favorable for Bangladesh and works as a connector between South Asia and South-east Asia. Besides, an affordable and flexible labor market also makes the country the most lucrative trade and investment partner,” he said.
“Bangladesh is one of the world’s fastest-growing economies and GDP growth of 8.2 per cent in FY 2018-19 was one of the highest in South Asia. The country offers facilities to support investments including its strategic location, secured by law against nationalisation and expropriation, and strong local market. Besides, we have Bilateral Investment Treaties (BITs) signed with 32 countries and almost all industrial sectors are open for foreign investors,” Haque said.
The country also has double taxation treaties with 28 countries while 100 per cent foreign equity is allowed along with unrestricted exit as well, Ariful Haque stated.
President of Bangladesh-Malaysia Chamber of Commerce and Industry, Syed Almas Kabir said that Bangladesh’s economy showed strong resilience with GDP growth of 6.94 per cent in 2020-21 during the Covid-19 pandemic.
“North India is now easily accessible from Bangladesh. Besides, 100 special economic zones by 2030 will generate $40 billion in export earnings and 10 million employments. The country witnessed $16 billion investment till 2021 and expected to generate $5 billion by exports in next five years which displays key developments of the country.”, Kabir said.
“Bangladesh is expected to reach the status of a high middle-income country by 2031. The country is now the 7th largest labor force globally and the labor market is highly competitive here,” he said.
“We are promoting Malaysian business destination while Bangladesh is also a good business destination. Both the countries should work together to explore more in the business sector.” Arman Yeam, senior director of MATRADE suggested.
Meanwhile, Malaysian experts said that Malaysia will sustain itself as an investment destination for high-value manufacturing. Malaysia is the heart of South-East Asia, a market of 655.9 million people with a combined GDP of USD 3.2 trillion, they said. Besides, the country is also well connected to major cities in Asia within a 4-hour flight destination from Dhaka.
The Malaysian businesspeople further said that business-friendly investment policies and a conducive e-business environment also made Malaysia a profitable investment partner.
