Speakers favour FTA with Malaysia

0
18
‘Malaysia is the ninth largest investing country in Bangladesh, as it invested FDI totaling $806 million in 2019 in telecommunication and computer software and IT sectors’

As Malaysia has earned a good reputation in manufacturing electronics products, backward linkage factories for the industry could  be established through relocating many other industries in Bangladesh from the south-eastern country, experts said on Wednesday.

They also put emphasis on the need for a Free Trade Area (FTA) agreement with Malaysia to strengthen bilateral trade relations further.

They made the call at a virtual program on “Investment Opportunities in Bangladesh”, jointly organized by the Bangladesh Investment Development Authority (BIDA) and the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI).

“Malaysia is the ninth largest investing country in Bangladesh, as it invested FDI totaling $806 million in 2019 in telecommunication and computer software and IT sectors. As Malaysia has a proven track record in the electronics industry, many backward linkages of that industry can be produced in Bangladesh,” said Md. Sirazul Islam, Executive Chairman, BIDA.

Bangladesh was gradually becoming a preferred choice for investors, as the government had been offering competitive investment incentives for investors, he added.

“In the post-Covid landscape, Bangladesh can be a good destination for relocated or sunset industries,” said Islam.

Besides, investors from Malaysia could tap the tariff advantages Bangladesh enjoyed in foreign countries in multiple sectors, the BIDA executive chairman said.

Salman F. Rahman, Private Industry and Investment Adviser to the Prime Minister, emphasized taking preparations for the signing of an FTA with Malaysia. 

Salman said an FTA would take bilateral trade relations between Dhaka and Kuala Lumpur to new heights.  

“Bangladesh aspires to become an upper middle-income country by 2031, with per capita income of more than $5,000 and an economy above the $1 trillion mark,” pointed out Raquib Mohammad Fakhrul, President of BMCCI. 

Bangladesh was in the process of leveraging its strategic geographical location in the confluence of India, China and ASEAN countries where Malaysia too belonged, said Fakhrul. 

Ambassador Farooq Sobhan said the country needed to develop a special relationship with Malaysia. He laid stress on branding and image building in order to reduce the trade gap with Malaysia.

Bangladesh has adopted multi-pronged strategies to improve its investment climate. These include improving the procedures of doing business and introducing a functional One-Stop Service (OSS). 

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = ‘https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.0&appId=403175913072993&autoLogAppEvents=1’;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

Source link

Leave a Reply