Malaysia prioritises fostering investment in Bangladesh: Shuhada Othman

The newly appointed Malaysian High Commissioner to Bangladesh, Mohd Shuhada Othman, emphasised on Sunday his priorities of boosting investment in Bangladesh and strengthening business ties between the two nations.

He made the remarks at a programme of reception in his honor hosted by Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) at a hotel in Dhaka.

Welcoming the newly appointed High Commissioner, BMCCI President Shabbir A Khan highlighted the deep-rooted ties between Bangladesh and Malaysia, emphasizing strong partnerships across various domains, including trade, investment, education, healthcare, and tourism.

The President expressed confidence that under the leadership of His Excellency bilateral relations would strengthen further by finding new avenues for collaboration and investment.

He reaffirmed BMCCI’s commitment in promoting trade and investment opportunities and looking forward to working closely with the High Commission to enhance cooperation and build a dynamic partnership that benefits both nations to strengthen the relationship between two nations greater than ever. He wished His Excellency a successful and fulfilling tenure in Bangladesh.

The High Commissioner confirmed his commitment to maintain ongoing relations with Bangladesh and the business community, with a focus on minimizing the trade gap.

Mohd Shuhada Othman also recognized the support provided by BMCCI in the past and sought the Chamber’s continued assistance in his future initiatives.

His Excellency also believes that there are substantial opportunities across various sectors for Malaysian investment in Bangladesh.

Distinguished ambassadors and high commissioners commended BMCCI for organizing such an event, highlighting the efforts of BMCCI to enhance bilateral relations between Bangladesh and Malaysia.

The reception programme was moderated and ended with a vote of thanks from Secretary General Md Motaher Hoshan Khan.

Bangladesh's export target to Malaysia for FY 2023-24 was set at $430 million and Bangladesh achieved $293.51 million in exports, which was a 9.56% decrease compared to the same period of the previous fiscal year which was $324 million.

However, Bangladesh's total imports from Malaysia amounted to $2,604 million during the FY 2023-24 period, which was much lower than FY 2022-23 which was $3491.7 million. This has resulted in a sizable trade gap of $2,311 million between Bangladesh and Malaysia, which was previously $3,110 million.

Bangladesh exports to Malaysia mostly Textiles and Garments, Leather and Leather Goods, Jute and Jute Products, Fish and Seafood, Pharmaceuticals and Imports Electrical and Electronic Equipment, Palm Oil, Machinery and Mechanical Appliances, Rubber and Rubber Products, Chemicals from Malaysia.