Invest more in Bangladesh

Bangladesh yesterday urged Malaysian investors to take up new investment ventures in the fast-growing manufacturing, services and infrastructure scoters to help the country reach newer heights of development.

Dhaka also sought technological support from Kuala Lumpur as it has developed expertise in the area.

Officials and entrepreneurs of Bangladesh made the call while addressing the inaugural session of a three-day trade show -- “Showcase Bangladesh2014”, which began at the Kuala Lumpur Convention Centre.

Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with Bangladesh High Commission in Malaysia, Malaysia South-South Association, Malaysia External Trade Development

Cooperation and Malaysian Industrial Development Authority hosted the event for the third time.

Speaking at the function, Malaysian Deputy Minister for International Trade and Industry Dato Lee Chee Leong said there is much that Bangladesh and Malaysia can do for further expansion of bilateral trade and investment. “Events like Showcase Bangladesh provide us with a good platform to explore the business potential,” he said.

Malaysia's investment in Bangladesh is currently concentrated on energy and telecommunications sectors, he pointed out. “The involvement of Malaysian companies in Bangladesh can be further expanded.”

Several areas like infrastructure, power generation, telecommunications, education and hospitality have been identified as potential sectors for Malaysian involvement and investment in Bangladesh, mentioned Lee Chee Leong.

He said Malaysia would be an ideal gateway for Bangladeshi companies wanting to expand their businesses in the region as Malaysia will assume the chairmanship of Asean next year.

Bangladesh High Commissioner to Malaysia Atiqur Rahman said Malaysia is among the top 10 investors in Bangladesh, but there is enough scope for further investment.

Relocation of labour-intensive industries, including the textiles and textiles accessories; furniture processing and agro-processing industries, from Malaysia might be the most promising options, said the diplomat.

BMCCI president Nasir A Choudhury, secretary general Raquib Mohammad Fakhrul, treasurer Syed Almas Kabir, chairman of the fair organising committee Syed Nurul Islam and former BMCCI president Syed Moazzem Hossain spoke, among others.

About 60 Bangladeshi companies from banking and insurance services, readymade garments, textiles, infrastructure, ICT and telecom and other sectors have joined the showcase with their products and services.