Malaysia is looking for a greater collaboration with Bangladesh on trade and investment with particular focus on agricommodities like palm oil, rubber and timber, says visiting Malaysian Plantation Industries and Commodities Minister Zuraida Kamaruddin on Friday.
“Bangladesh is a potential country for us to enhance trade relations,” she said, adding that Malaysian companies are keen to inject more investment in these areas.
While talking to a small group of journalists at a city hotel in the evening, Kamaruddin said they want to strengthen their presence in South Asia and beyond showing Malaysia’s clear dominance in agricommodities.
She appreciated the business environment in Bangladesh which is “improving a lot” and described the policies of the government of Bangladesh as “very friendly” for foreign investment.
She said Malaysian palm oil export to Bangladesh grew by 13 per cent in December 2021-January 2022 period and termed this sharp increase “very encouraging.”
Total agricommodity trade export value from Malaysia to Bangladesh in 2021 was RM 846 million.
She said Malaysia is now looking for ways to establish “downstream industries” in Bangladesh for the commodities, which are under her ministry, especially top three commodities - palm oil, rubber and timber.
The minister said Malaysian businesspeople are actively considering setting up joint venture industries in Bangladesh.
To see the near potential we can work on south Asian countries, she said.
She said the growing infrastructure projects, housing projects, furniture and footwear industry in Bangladesh pushed the demand for Malaysian timber and rubber.
So, she said, there can be so many downstream factories here, which will process and use these products.