Commerce Minister Tipu Munshi on Thursday urged Malaysia to invest in Bangladesh taking advantage of huge manpower at an affordable cost.

He also emphasized signing of FTA between two countries for enhancing trade as products of both countries have been meeting demands of consumers.

The commerce minister came up with remarks during a meeting with a 14-member delegation led by Malaysian Minister for Plantation, Industry and Commodities Datuk Hajah Zuraida Binti Kamarunddin at his secretariat office.

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Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery and leather goods to Malaysia.

Munshi said Bangladesh exported goods worth USD $ 306.57 million to Malaysia in the fiscal year 2020-2021, while imported goods worth $1576.89 million. Bangladesh has a huge demand of various Malaysian products including palm oil, furniture, chocolate and fruits.

Malaysia will get huge profit if it sets up factories of these products in Bangladesh, he said.

Visiting Malaysian Minister Datuk Hajah Zuraida said Bangladesh is a friend of Malaysia and an important business partner.

“Ongoing trade and economic relations between the two countries have the potential to grow. In particular, there is a demand for Malaysian furniture, rubber products, chocolate and sugary food products in Bangladesh,” she said.

Both countries can work to increase trade and  boost economic cooperation and Malaysia is keen to enhance trade with Bangladesh, Datuk Hajah Zuraida said.

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Additional commerce secretaries AHM Shafiquzzaman, Nur Md Mahbubul Haque, Malaysian deputy (plantation) secretary Mad Zaidi bin Mohd Karli, deputy under-secretary Jaime Yeoh, palm oil board director Dato Dr. Ahmad Parveez bin Ghulam Kadir, among other, were present in the meeting.