President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmed has urged the newly elected BMCCI leaders to work towards enhancing trade with Malaysia by three fold over the next two years.
He made the call when the Board of Directors of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) by its President Md Alamgir Jalil met him at the latter’s office on Monday. The total volume of the two-way trade between Bangladesh and Malaysia has reached US$ 1,314.60 million, according to BMCCI. Bangladesh’s export is only US$ 114.60 million against Malaysia’s US$ 1.2 billion export to Bangladesh for the fiscal year 2014-2015.
The BMCCI President said Bangladesh considers Malaysia as one of major sources of Foreign Direct Investment (FDI) mentioning that Bangladesh has been significantly lagging behind in the export department that has widened its trade gap with Malaysia. “We need to take steps towards reducing this trade gap by encouraging more Bangladesh exports to Malaysia.” The BMCCI President informed the FBCCI chief that BMCCI are taking various initiatives to enhance business and investment in Bangladesh to narrow down the existing trade imbalance between Bangladesh and Malaysia.
He also said 4th ‘Showcase Bangladesh 2016’ will be held in Kuala Lumpur, Malaysia on May 17-19, aiming to promote trade and investment between the two countries.