Dhaka Chamber seeks Malaysian support to boost exports, investment

The Dhaka Chamber of Commerce and Industry (DCCI) has sought Malaysia’s support to facilitate exports of Bangladeshi products and services to the ASEAN (Association of Southeast Asian Nations) region and urged Malaysian businesses to invest in Bangladesh.

DCCI President Taskeen Ahmed made the call during separate bilateral trade and investment discussions with the National Chamber of Commerce and Industry of Malaysia (NCCIM) and the Federation of Malaysian Manufacturers (FMM) in Kuala Lumpur on September 25 and 26.

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At the “Malaysia-Bangladesh Business Forum: Bridging Business and Building B2B Partnership”, organised by the NCCIM, Taskeen sought support for expanding exports of readymade garments, pharmaceuticals, electronics, IT-enabled services, jute and jute products, and food products to ASEAN markets.

He also called upon Malaysian entrepreneurs to invest in Bangladesh to tap into its large domestic market and use the country as a base for expanding exports to other South Asian markets.

NCCIM President Norsyahrin bin Hamidon said Bangladesh is one of Malaysia’s most important trading partners in South Asia and that greater business engagement could help expand bilateral trade and investment.

Although Malaysia primarily exports petroleum products to Bangladesh, there is significant scope for increasing the presence of Malaysian-made products in Bangladesh’s large and growing middle-class consumer market, he said.

Hamidon called on Malaysian entrepreneurs to take more active initiatives to tap into this potential.

At the forum, DCCI Senior Vice President Razeev H Chowdhury presented a keynote paper on Bangladesh’s trade and investment potential.

At the “Strategic Forum on Malaysia-Bangladesh Business & Trade Opportunities”, organised by the FMM today, FMM President Jacob Lee Chor Kok said there was considerable scope for taking the existing bilateral relationship to a new level through greater private-sector engagement.

There was also scope to explore new areas of economic cooperation between the two countries, while increased interaction between the private sectors could help strengthen bilateral trade and investment, he said.

Lee also acknowledged the contribution of Bangladeshi workers to Malaysia’s economic development and prosperity.

Bangladesh has consistently provided skilled, hardworking and quality manpower to Malaysia, making important contributions to various sectors of the Malaysian economy, he said.

When these workers eventually return to Bangladesh, they will be able to apply the skills, experience and specialised knowledge gained in Malaysia to the country’s economic development and industrialisation, he added.

Manjurul Karim Khan Chowdhury, Bangladesh’s high commissioner to Malaysia; Rashidi Said, senior director of the Asia-Pacific Economic Cooperation and Regional Groupings Division of Malaysia’s Ministry of Investment, Trade and Industry; and Naim Abdul Rahman, director of the Central, West, South Asia and Africa Section of the Malaysia External Trade Development Corporation, among others, also spoke at the forum.

Meanwhile, the DCCI and FMM signed a memorandum of understanding (MoU) to strengthen cooperation in bilateral trade and investment.

The Dhaka Chamber president, along with his counterpart in the Federation of Malaysian Manufacturing, signed the MoU on behalf of their respective organisations.

Entrepreneurs from Bangladesh and Malaysia participated in around 70 business-to-business (B2B) matchmaking sessions, exchanging information on business and investment opportunities and exploring potential areas of cooperation.