The commitment of Bangladesh and Malaysia to beneficial cooperation and the enhancement of current relations to greater heights is a source of hope.Since the establishment of diplomatic ties between the two countries after Malaysia recognized Bangladesh on January 31, 1972, both nations have made significant strides in consolidating their bilateral relations. The foundation of Bangladesh-Malaysia relations was laid when the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, visited Malaysia in 1973. Subsequent visits by the Former King of Malaysia, His Majesty Tuanku Abdul Halim Muadzam Shah, and Prime Minister Tun Dr. Mahathir Mohamad in 1983, 1993, and other events such as the D-8 Summit in Dhaka in March 1999 and the First Bangladesh-Malaysia Business Forum in December 2004 further strengthened ties.
Foreign Office Consultations, initiated in May 2017 and followed by the second session on February 28, 2018, addressed various issues, including bilateral trade, investment, manpower, consular affairs, and Rohingya matters. The trade relations between the two nations, which began with the establishment of diplomatic ties in 1972, have evolved significantly. Malaysia, being a major trading nation in the world and a regional hub among the ASEAN countries, has seen expanding trade with Bangladesh. In recent years, Bangladesh has become Malaysias second-largest trading partner in South Asia, after India. In the fiscal year 2018-19, exports to Malaysia reached a new high of $277.23 million, marking a growth of 19.3 percent. Key export items include readymade garments, vegetables, potatoes, cereals, fruit juice, fish, crustaceans, footwear, pharmaceuticals, plastics, tea, and spices. Bangladesh is Malaysias 30th largest trading partner and the 20th largest export destination, highlighting its growing economic importance. Despite thepandemic, trade between Malaysia and Bangladesh recorded approximately $2.6 billion in 2019, up from $2.4 billion the previous year.
The rapid economic development, strategic geographical locations, and active engagement in the immediate regions, coupled with their longstanding relationship across various spheres, position both Bangladesh and Malaysia as crucial bilateral partners for development. The diversity of their bilateral relationship is reflected in active and cooperative engagements spanning various sectors. These include trade and investment, manpower, education, aviation, tourism, sports, defense, science and technology, narcotics control, human trafficking, and emerging areas such as electronic commerce. The subsequent sections will provide insights into the events that unfolded in 2023, further illustrating the depth and breadth of their multifaceted relationship.
Bangladesh experienced a positive trend in remittances from Malaysia during the fiscal year 2023-2024, showcasing a consistent rise in financial contributions. The upward trajectory began in July with remittances amounting to 116.66 million USD, followed by 83.26 million USD in August and 63.32 million USD in September. Notably, October witnessed a significant surge, reaching 124.72 million USD, and this positive momentum continued into November, with remittances further increasing to 142.83 million USD. The year concluded on a high note in December, recording the highest remittance inflow at 151.25 million USD. According to data from the Export Promotion Bureau (EPB), Bangladesh witnessed a 10.08% growth in exports to Malaysia during the fiscal year 2023, reaching $371.85 million, as compared to $337.81 million in the previous fiscal year, FY22.
This positive trend highlights the strong and growing financial ties between Bangladesh and Malaysia, contributing to the economic well-being of individuals and fostering closer economic cooperation between the two nations.
.Attendees gathered at the Malaysia Healthcare Wellness Fair 2023, which took place at the Aloki Convention Center in Gulshan on October 14, 2023. The event showcased representatives from four distinguished medical facilities in Malaysia: Institute Jantung Negara (IJN) or National Heart Institute, and Prince Court Medical Centre in Kuala Lumpur, KPJ Ampang Puteri Specialist Hospital in Selangor, and Mahkota Medical Centre in Melaka. These representatives were present to offer information about their medical services to the Bangladeshi community. The fair, organized to commemorate World Mental Health Awareness Month, was hosted by Malaysia Healthcare in collaboration with Malaysia Healthcare Travel Council (MHTC) and their referral partner in Bangladesh, GD Assist Ltd. Featuring various engaging activities, workshops, and discussions, the one-day event aimed to promote healthcare and community well-being, bringing together 16 health and wellness providers from both Malaysia and Bangladesh.
In 2023, Bangladesh and Malaysia deepened their diplomatic and economic ties, marking significant milestones in their relationship. The Foreign Office Consultations and discussions on a bilateral free trade agreement highlighted the commitment to boost trade and investment. The 6th Showcase Malaysia, organized by the Bangladesh-Malaysia Chamber of Commerce, showcased the vibrancy of economic collaborations. Efforts to attract Bangladeshi students to Malaysia and initiatives like the Malaysia Healthcare Wellness Fair demonstrated the focus on people-to-people connectivity. Diplomatic engagements at the ASEAN Regional Forum and successful trade missions underscored the strategic importance both nations place on regional cooperation and economic growth. The positive trend in remittances from Malaysia to Bangladesh further strengthened financial ties. In summary, the multifaceted relationship between Bangladesh and Malaysia in 2023 reflects a shared commitment to collaboration, growth, and prosperity.
The writer is a Research Associate at the KRF Center for Bangladesh and Global Affairs (CBGA)
