Commerce minister Tofail Ahmed Monday urged Malaysia to give duty-free market access for Bangladesh products to further boost trade ties between the two countries, reports Bangladesh Sangbad Sangstha. ‘We expected that Malaysia, like other countries, would also award us duty-free market access. But it is yet to happen. I would like to request the Malaysian government to award duty-free market access for our products,’ he said. He made the request while addressing the inaugural session of the Bangladesh Trade and Investment Summit 2016 in Kuala Lumpur, said a press release here. The Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with the High Commission of Bangladesh in Malaysia and Bangladesh Investment Development Authority (BIDA) hosted the event with the theme ‘Sustainable Business: Road to Progress’. The event was supported by Bangladesh Economic Zones Authority, Bangladesh Export Processing Zones Authority, Public Private Partnership Authority Bangladesh, Federation of Bangladesh Chambers of Commerce and Industry and High Commission of Malaysia in Bangladesh. The trade balance between Bangladesh and Malaysia is always in favour of Malaysia. In 2014-2015, export from Bangladesh to Malaysia was $ 140 million while import from Malaysia to Bangladesh was $ 1.2 billion. In 2015-2016, export from Bangladesh to Malaysia was $ 190 million, which is an indication of a strong trade relation between the two countries. Tofail said the present government has undertaken an initiative to set up 100 Economic Zones throughout the country. ‘Malaysia can take the advantage of this opportunity and select an Economic Zone for Malaysian business,’ he added. He called upon the Malaysian investors to undertake new investment ventures in fast growing manufacturing, services and infrastructure sectors. Relocation of labour-intensive industries in the textile and accessories, furniture processing, agro-processing industries, electronics industries and other Small and Medium Industries from Malaysia might be the most promising options, he said. While investment in the service sectors like tourism, healthcare and infrastructures like toll roads, bridges, power and gas generation would also be attractive to Malaysian investors, he added. ‘Malaysia and Bangladesh stand as natural allies. Closer cooperation in investment and trade between the two countries would bring immense impact on the development of their economies,’ he added. UNB adds: A Malaysian company will build a 30- megawatt solar power plant in Chittagong in partnership with a Bangladeshi firm. A memorandum of understanding (MoU) was signed between the two companies – Solar MNERGY Resources and Sanzi Textiles Mills Limited, a concern of Well Group of Industries – at Royal Chulan Hotel in Kuala Lumpur on the sidelines of the first-ever Bangladesh Trade and Investment Summit 2016. Chairman and CEO of Well Group of Industries Syed Nurul Islam and Noorul Amin B Abdul Guduse signed the MoU of behalf their respective sides. Sanzi Textiles Mills Limited signed another MoU on the sane day with another Malaysian company, BNG Global Holding Limited, for building a housing project in Chittagong. As per the agreed terms and conditions, Sanzi will arrange a piece of land near Chandgaon Police Station for the proposed project. The total land area will be of 3695.25 sqm, while the total floor area will be of 23351.11 sqm, according to the MoU. BNG Holding will arrange the funding required for the housing project as per plan approved by the Chittagong Development Authority (CDA). Commerce minister Tofail Ahmed, Bangladesh high commissioner in Kuala Lumpur Md Shahidul Islam and former FBCCI president Mir Nasir Hossain were present at the MoUs signing ceremony.
