The exposition was organised in a bid to explore prospective business cooperation and introduce Malaysia’s quality products to Bangladesh.
The organisers from both countries expressed their satisfaction over the achievements from the fair though they were also a bit disappointed for the countrywide shutdown enforced by opposition that hit the fair Sunday.
“Around 150 business negotiations were held between Malaysian and Bangladeshi businesses in a bid to look for business co-operation, four MoU (memorandum of understanding) were signed among the organisations of two countries and some 7000 visitors visited the showcase,” Syed Moazzam Hossain, president of BMCCI, told the FE at the Winter Garden, the fair ground.
“This is a huge response,” said Mr. Moazzam Hossain. He told the FE that many Malaysian businessmen showed their interest to set up industries in Bangladesh and invest in infrastructure project, low-cost housing, communication sector, special economic zones, business services, automotives and other projects.
He said, “Bangladesh and Malaysia are promoting a growing relationship as Kuala Lumpur is a reliable and effective source of diversified products and services and making wide network with the local business community and Bangladesh is also contributing to the age-old and time-tested friendship.”
Referring to Malaysian businessmen, Mr. Moazzam said the tax in Bangladesh is very high, so they wanted implementation of FTA (Free Trade Agreement) with Bangladesh immediately.
He also said: “Bangladesh needs to remove barriers in foreign direct investment to lessen the trade gap as Bangladesh has been suffering from a constant trade deficit with Malaysia.”
Foreign Minister Dipu Moni inaugurated the second edition of the biennial trade exhibition Friday while Industries Minister Dilip Barua attended a cultural show and gala dinner Saturday.
Deputy Minister of Domestic Trade and Consumerism of Malaysia Dato Tan Lian Hoe was also present during inauguration.
Attending a discussion Saturday, Dilip Barua urged the Malaysian business community to come forward with more investments in Bangladesh.
The minister said, “Bangladesh is a country of full of potentials where there are great opportunities for foreign investors to select the prospective sectors to investing.
On behalf of the government Dilip Barua promised all-out support and cooperation for Malaysian investment.
This is the second “Showcase Malaysia” where about 50 Malaysian large and medium companies including manufacturers, exporters, traders, educational institutions, service providers from telecommunication, banking, airlines and tourism, health care and medical will take part in the showcase.
Earlier, BMCCI has organised the first Bangladesh-Malaysia Business Forum in 2004 in Dhaka with a grand success where top business leaders and dignitaries were present.
The products were displayed in the fair include information technology, education, food and beverage, machineries and industrial products, electric and electronics, automobiles and spare parts, halal foods, herbal products, infrastructuredevelopment, cosmetics and chemicals, palm oil, health care products and services, real estate and housing, animal feeds, spices, fashion design, shoes and bags and furniture.
Pubali Bank Ltd. and Robi, a Malaysian-financed telecom operator of Bangladeshi were sponsors of the fair where The Financial Express was the media partner.