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.

The Minister mentioned recent policy reforms by Bangladesh for foreign investors including increasing the number of economic zones, duty free facilities provided by many countries and profit repatriation measures that she found encouraging.

Responding to a question she said that Bangladesh’s textiles, footwear and leather sectors have huge potentials of exports in Malaysia to balance the trade imbalance, now in favor of Malaysia. 

The export to Bangladesh from Malaysia is 1.3 billion dollar whereas Malaysia imports products worth only $800,000 annually, she said quoting recent statistics.

The minister said there are around 500,000 overseas workers in the plantation sector in her country and among them 200,000 are Bangladeshis.

Terming Bangladeshi workers loyal and hardworking she said her ministry tries its best to provide best possible living conditions to the overseas workers.

During her visit Minister Kamaruddin met Prime Minister Sheikh Hasina, Finance Minister AHM Mustafa Kamal, Commerce Minister Tipu Munshi and local business leaders, among others.

Meanwhile, a delegation of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) led by its President Syed Almas Kabir met Zuraida Kamaruddin on Thursday.

At the meeting, Almas Kabir shared the ideas of cooperation in the palm industry and joint venture on processing factories in Bangladesh, investment opportunities in agro-processing industries and taking advantage to set up a Special Economic Zone for Malaysia.

Among others, High Commissioner of Malaysia to Bangladesh Haznah Md Hashim, Deputy High Commissioner Amir Farid Abu Hasan, Director of Malaysian Timber Council Khairul Anwar, BMCCI past presidents Syed Moazzam Hossain, Md. Alamgir Jalil,iImmediate past President Raquib Mohammad Fakhrul, Vice President Shabbir Ahmede Khan, Hon. Secretary General Md. Motaher Hushan Khan, Secretary General Rubaiyat Ahsan, Director Kazi Shah Muzakker Ahmadul Hoque and concerned officials from both sides were also present during the meeting.