BMirror Desk:
The Board of Directors of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) led by its President Shabbir A Khan had a courtesy call on to H.E. Ahasanul Islam (Titu), M.P., Hon’ble State Minister, Ministry of Commerce in his office to discuss ways and means to promote bilateral trade and investment between Bangladesh and Malaysia and to achieve a stronger economic tie between the two brotherly Countries.
BMCCI President focused on the current state of Bangladesh-Malaysia trade scenario which favours Malaysia with a large trade deficit. Bangladesh exports $371.86 million to Malaysia during the July-June 2022-23 period. While Bangladesh’s total imports of goods & services from Malaysia amounting to $3.49 billion during the same period.
The discussion highlighted the need to enhance people-to-people contact to bridge the gap and foster a deeper understanding of each other’s markets and business opportunities. The Hon’ble State Minister appreciated the role of BMCCI and emphasized the importance of conducting market research to identify products that Malaysia imports. He believes this could help minimize the trade deficit between the two countries.
One of the key topics discussed was signing a Free Trade Agreement (FTA) between Malaysia and Bangladesh. BMCCI leader expressed their keen interest in working with the Ministry to fulfill the requirements for signing an FTA between the two countries, sharing expertise and knowledge on trade-related issues, facilitating partnerships between stakeholders, advocating greater access to markets, and promoting trade between the two countries. The Hon’ble State Minister also expressed a positive stance on signing a Free Trade Agreement (FTA) with Malaysia, stating that Bangladesh could leverage the FTA as the country graduates to Middle-Income status in 2026.
Malaysia is currently ranked as the 9th largest foreign direct investor in Bangladesh. BMCCI recognizes that the conventional approach of conducting business sessions or seminars may not resonate with potential foreign investors, who are often seeking engaging platforms to explore investment opportunities. To address this challenge, BMCCI informed the Honourable Minister that BMCCI will lead a delegation to SEMICON SOUTHEAST ASIA 2024, the largest international and prestigious exhibition in the Southeast Asia region. This move aims to facilitate technology transfer and collaboration between Bangladeshi and Malaysian industries for the upcoming next-level digital world in Bangladesh while Malaysia is ahead of many developed countries in producing Semiconductor & Micro Chips.
Mr. Shabbir A Khan informed the Honourable Commerce Minister that BMCCI promoting the mobility of skilled engineers between Bangladesh and Malaysia, to benefit both countries. Through collaboration, BMCCI can contribute to addressing the skills gap in Malaysia and fostering the development of a highly skilled workforce that can drive the growth and progress of both nations.
The Honourable Commerce Minister commended the BMCCI’s initiative to upskill Bangladeshi engineers through collaboration with Malaysian tech experts, recognizing the potential for Bangladeshi skilled manpower to contribute to Malaysia’s thriving technology sector.
BMCCI’s Secretary General Mr. Md. Motaher Hoshan Khan, and Joint Secretary General Mr. Rubaiyat Ahsan are present at the meeting.
