BMCCI, FBCCI discuss ways to foster stronger economic ties between Bangladesh, Malaysia

The newly elected Board of Directors of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) led by its President Shabbir A Khan has paid a courtesy call on Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in his office to discuss ways to promote bilateral trade and investment between Bangladesh and Malaysia and make a stronger tie between two the chambers.

During the meeting, the president of BMCCI Shabbir A Khan expressed his gratitude to FBCCI for the continuous support in enhancing business, investments, and overall development works. BMCCI also sought insights from FBCCI on how the two organisations can work together to foster stronger economic ties, facilitate market access, and promote business growth and development, reads a press release.

One of the key topics discussed was signing a Free Trade Agreement (FTA) between Malaysia and Bangladesh. BMCCI expressed its interest in working with FBCCI to fulfill the requirements for signing an FTA between the two countries by advocating for policies, sharing expertise and knowledge on trade-related issues, facilitating partnerships between stakeholders, advocating for greater access to markets, and promoting trade between the two countries.

Both FBCCI and BMCCI share the belief that Bangladesh's substantial trade deficit can be significantly reduced through Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), and other trade arrangements. Both FBCCI and BMCCI expressed their commitment to collaborate in addressing this issue.

Shabbir A Khan is seeking support from FBCCI to advocate for policies promoting the mobility of skilled workers between Bangladesh and Malaysia, to benefit both countries. Through collaboration, BMCCI and FBCCI can contribute to addressing the skills gap in Malaysia and fostering the development of a highly skilled workforce that can drive the growth and progress of both nations.

President Mahbubul Alam emphasised the significance of sending skilled workers abroad while taking into account the specific sectoral demands of Malaysia. He pledged to closely collaborate with the Bangladesh-Malaysia Chamber to create more employment opportunities for skilled Bangladeshi workers.

Additionally, the President of FBCCI encouraged BMCCI to proactively pursue initiatives aimed at attracting foreign direct investment (FDI) from Malaysia into Bangladesh. He extended a cordial invitation to Malaysian investors to explore the investment opportunities available within Bangladesh's 100 economic zones, recognising that exchange rate concerns may discourage potential investors.

Mahbubul Alam expressed his heartfelt gratitude to the BMCCI leaders and shared their valuable insights during the meeting. He mentioned his membership and connection with BMCCI and looks forward to working closely with BMCCI to promote bilateral trade and investment between Bangladesh and Malaysia.

BMCCI's Sr Vice President Anwar Shahid, Secretary General Md Motaher Hoshan Khan, Director M Mahmudur Rashid and Director SM Ziaul Hoque were present at the meeting.