DHAKA, Feb 24, 2022 (BSS) - Commerce Minister Tipu Munshi today stressed
the need for signing Free Trade Agreement (FTA) with Malaysia in order to
boost trade, commerce and investment of the two countries.
"Bangladesh has a long-standing trade and economic relationship with
Malaysia. There is a need for signing FTA to boost trade and investment. The
discussion in signing FTA between the two countries has advanced a lot and it
will be possible to sign the FTA if Malaysia comes forward. If the FTA is
signed, both the countries will be benefitted," he said.
The Commerce Minister said this when a 14-member delegation of Malaysia,
led by its Minister on Plantation, Industry and Commodity Datuk Hajah Zuraida
Binti Kamarunddin, met him at his secretariat office today, said a press
release.
According to official data, Bangladesh exported goods worth $306.57
million to Malaysia in the last fiscal year (FY21) against imports of
$1,576.89 million. The major Bangladeshi exportable items to Malaysia are
RMG, jute-made goods, light engineering and leather products.
Mentioning that there is a huge demand for Malaysian palm oil, furniture,
chocolates and fruits in Bangladesh, Tipu said Malaysia would be benefitted
if they set up factories of such products in Bangladesh since the country has
skilled human resources and less production cost.
As Bangladesh imports a huge volume of palm oil from Malaysia, the Commerce
Minister said Bangladesh would remain grateful if Malaysia lowers the price
of palm oil considering the global edible oil price trend.
He also noted that Malaysia would become more benefitted if they invest in
furniture and agro-processinga sectors in Bangladesh availing various
investment-related facilities.
Terming Bangladesh as a strategic business partner and a friendly nation of
Malaysia, the visiting Industry Minister said that there is a scope for
further boosting the trade and economic relations with Bangladesh while they
are very much interested to increase it further.
Commerce Ministry additional secretaries AHM Shafiquzzaman, Nur Md Mahbubul
Haque, and other members of the Malaysian delegation were present, among
others, on the occasion.
