Commerce Adviser Sk. Bashir Uddin today said that Bangladesh wants to boost bilateral trade relations with Malaysia alongside ensuring balanced trade.
Bashir said this when Malaysian High Commissioner to Bangladesh Mohd Shuhada Othman met him at his office at Bangladesh Secretariat on Monday.
During the meeting, they discussed issues related to bilateral trade and future investment prospects between the two countries.
The Commerce Adviser said that Free Trade Agreements (FTAs) are important to increase bilateral trade and investment, said a Commerce Ministry press release.
"Bangladesh has already started negotiations with Korea, Japan and Singapore for signing FTAs. Negotiations need to start soon to boost trade between Malaysia and Bangladesh, which will ultimately benefit both the countries," he added.
Mentioning that suitable environment is now prevailing in Bangladesh for strengthening bilateral relations with many countries in the current context, the Commerce Adviser said that the Malaysian labour market is very important for Bangladesh as a large part of the country's foreign currency reserves come from remittances sent by Bangladeshi expatriates in Malaysia.
"We want to create a strong position there through export of skilled manpower," Bashir said seeking more Malaysian investment in the Special Economic Zones in Bangladesh.
Calling upon Malaysia to increase palm oil exports to Bangladesh, Bashir said that during the upcoming Holy Month of Ramadan, the demand for edible oil increases manifold in Bangladesh. Besides, there is also a demand for palm oil in the country, he added.
The Malaysian High Commissioner said that Malaysia has made huge investments in the electric chips and semiconductor sectors.
"This sector requires a lot of skilled manpower, including semiconductor designers. We want to provide Bangladeshi students with opportunities to work there (Malaysia) through imparting necessary training and education," he added.
The High Commissioner also promised to enhance cooperation in creating skilled human resources.
Mohd Shuhada Othman said that the popularity of halal food is increasing worldwide while the halal food market in Malaysia is worth $113 billion. By 2031, the global market size of such food would reach $6 trillion.
"As a Muslim country, Bangladesh should prepare for seizing the halal food market," he said assuring to provide all-out cooperation in the production and certification of halal food.
Official data showed that the bilateral trade volume between Bangladesh and Malaysia in the fiscal year 2023-2024 (FY24) were $2,878.20 million where Bangladesh imported goods worth $2,583.70 million from Malaysia against the exports of $294.50 million. —BSS
