Commerce Minister Tipu Munshi said that Bangladesh has long-standing trade and economic ties with Malaysia. We need to sign a ‘Free Trade Agreement (FTA)’ with the country to increase trade and investment.
He said that talks between the two countries on signing the FTA have come a long way. If Malaysia comes forward, the agreement can be signed. This will benefit both countries. Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery, and leather goods to Malaysia.
The Commerce Minister made the remarks at a bilateral meeting in his office room at the Secretariat with a 14-member delegation led by Malaysian Minister for Plantation, Industry, and Commodity Datuk Hazah Juraida bint Kamaruddin, who is visiting Bangladesh. The meeting took place on Thursday (24 February).
Tipu Munshi said that Bangladesh exported goods worth USD 306.57 million to Malaysia in the 2020-2021 fiscal year. During the same period, it imported goods worth USD 1,576.89 million. Bangladesh has a huge demand for various food products including Malaysian palm oil, furniture, chocolate, fruits. It will be more profitable for Malaysia if it sets up factories for these products in Bangladesh. There is a lot of skilled manpower here, so it will possible to produce these products at a low cost.
The Commerce Minister said that Bangladesh imports huge quantities of palm oil from Malaysia. Bangladesh will be grateful if Malaysia reduces the price of palm oil, given the current global price of edible oil. Bangladesh’s furniture industry is progressing fast. There is a lot of demand for furniture both internally and in the seven sister states of India, along with other countries.
He said that the work of setting up 100 special economic zones in important places of Bangladesh under the initiative of Prime Minister Sheikh Hasina is progressing fast. Many of them are nearing completion. Malaysia will benefit if it invests in relevant industries including furniture, agricultural products processing. The Government of Bangladesh is providing investment opportunities.
The visiting Malaysian Minister for Plantation, Industry, and Commodities said that Bangladesh is both a friend and an important business partner of Malaysia. There is potential to further grow the ongoing trade and economic ties between the two countries.
He said that there is demand in Bangladesh for Malaysian furniture, rubber products, chocolates, and dry foods. Both countries can work to increase trade and economic cooperation. Malaysia is keen to enhance trade and economic relations with Bangladesh.
