'More than 100 Malaysian factories could be relocated in Bangladesh'

More than 100 Malaysian factories would be relocated in Bangladesh as the Malaysian government is encouraging their entrepreneurs to shift their factories in other countries due to manpower crisis.

President of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) Syed Moazzam Hossain gave the information while talking to BSS, the agency reports on Saturday.

Many Malaysian entrepreneurs are ready to shift their factories in other countries, including Bangladesh, because of rising labour costs, rapid socio-economic progress and improvement in the people’s living standard.

“Many factories in Malaysia are facing manpower crisis. The Malaysian government is encouraging the entrepreneurs to shift their factories. If Bangladesh can seize the opportunity, more than 100 factories will come in the country,” the BMCCI president said.

“During my visit to Malaysia’s economic zones, I saw that many factories in different sectors; including textile, electronics, furniture and pharmaceuticals; were closed due to increasing manpower cost. We are trying to shift the factories to Bangladesh,” he added.

He said BMCCI has already proposed the Malaysian entrepreneurs to take a Special Economic Zone (SEZ) for relocating their factories in Bangladesh as the country’s government is providing all sorts of supports to the investors.

“Malaysian entrepreneurs are showing their keenness to shift their factories in Bangladesh. They have already proposed their government to give permission of a SEZ in Bangladesh aimed at taking the advantages of the country’s low labour cost,” he added.

Moazzam Hossain urged Bangladesh government to take necessary initiatives for attracting the Malaysian investors.

He urged the authorities concerned to take necessary initiatives for creating more skilled manpower so they can provide proper supports to the factories.

The BMCCI president laid emphasis on signing Free Trade Agreement (FTA) between Bangladesh and Malaysia to boost bilateral trade and investment.

“The demand of Bangladeshi products, including garments and ceramics, in the Malaysian market is very good. Under the FTA, Bangladesh can increase its export to Malaysia,” he added.

Highlighting the importance of skilled workforce for economic development, Moazzam Hossain said, if Bangladesh can send skilled workers to Malaysia with proper training, the remittance from the Southeast Asian country will double.

He said around 0.7 million Bangladeshi expatriates are working in Malaysia and they send around 2.0 billion dollars remittance yearly.

“If Bangladesh can send skilled the manpower, the number of Bangladeshi expatriate will double in Malaysia. Then the amount of remittance will also double,” he added.