Exploring new opportunities with Malaysia

Bangladesh and Malaysia already enjoy a strong relationship, with thousands of migrant workers and expats from Bangladesh going to Malaysia on a yearly basis. However, as has been editorialized numerous times in this newspaper, we must look to build upon and expand our relationship with other nations, especially those with whom we already have a strong bond.

To that end, the Malaysia Timber Council (MTC), a semi-government body, being keen to engage with Bangladeshi timber importers, furniture, and interior décor companies, and seeing the market potential in Bangladesh, is certainly welcome news.

There are already agreements in place to sign a memorandum of understanding (MoU) with Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) in the next Showcase Bangladesh to be held on February 22-23, 2023 for the exchange of information and exploring more trade and investment opportunities in Bangladesh for Malaysia.

Indeed, the fact that there are already discussions underway about potential collaboration with regard to the timber and furniture industry, and also for Malaysia to avail investment opportunities in Bangladesh's economic zones, could be a win-win for both nations and is certainly indicative of intent displayed by the relevant stakeholders. 

We will soon lose plenty of preferential treatment afforded due to us soon graduating from a least developed country (LDC) to becoming a middle income economy and thus, exploring opportunities for investment in the country, while simultaneously doing so in potentially emerging sectors such as timber and furniture is the way to go. These are the sorts of conversations and discussions that should be the norm for Bangladesh as it inches ever close to graduation.