Dhaka: Commerce Adviser Sk. Bashir Uddin today expressed Bangladesh's intention to enhance bilateral trade relations with Malaysia while ensuring balanced trade. Bashir made these remarks during a meeting with Malaysian High Commissioner to Bangladesh Mohd Shuhada Othman at his office in the Bangladesh Secretariat.
According to Bangladesh Sangbad Sangstha, the discussion centered on bilateral trade issues and the potential for future investments between the two nations. The Commerce Adviser emphasized the significance of Free Trade Agreements (FTAs) in bolstering trade and investment, highlighting that Bangladesh is already in negotiations with Korea, Japan, and Singapore for FTAs. He stressed the urgency of initiating similar negotiations with Malaysia, which he believes will be mutually beneficial.
Bashir noted the favorable conditions in Bangladesh for strengthening international relations and highlighted the importance of the Malaysian labor market for Bangladesh, given the substantial foreign currency reserves generated from remittances by Bangladeshi expatriates in Malaysia. He expressed the desire to enhance Bangladesh's position through the export of skilled manpower and sought increased Malaysian investment in Bangladesh's Special Economic Zones.
He also urged Malaysia to boost palm oil exports to Bangladesh, especially in anticipation of the heightened demand during the upcoming Holy Month of Ramadan. The Malaysian High Commissioner, Mohd Shuhada Othman, acknowledged Malaysia's significant investments in the electric chips and semiconductor sectors and expressed a willingness to provide training and educational opportunities for Bangladeshi students to work in Malaysia.
Othman pledged to enhance cooperation in developing skilled human resources and pointed out the growing global demand for halal food, with the Malaysian market valued at $113 billion. He encouraged Bangladesh to capitalize on the expanding halal food market, assuring support in production and certification efforts.
Official data revealed that the bilateral trade volume between Bangladesh and Malaysia for the fiscal year 2023-2024 was $2,878.20 million. Bangladesh imported goods worth $2,583.70 million from Malaysia, while exports to Malaysia stood at $294.50 million.