DHAKA (Bernama): Bangladesh Prime Minister Tarique Rahman's visit to Malaysia will give fresh impetus to efforts to secure a bilateral free trade agreement (FTA), a Dhaka-based business body said.
The June 21 to 22 trip, besides focusing on broadening the Malaysia-Bangladesh partnership, carries immense diplomatic symbolism as Kuala Lumpur is Tarique's first foreign destination since he became prime minister in February.
"It is a short but very significant visit. We expect it to give fresh momentum to our economic relations. There is likely to be a discussion on finalising an FTA," Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) president Mohammad Anwar Shahid told Bernama in an interview.
He said the visit fits well with Bangladesh's "look east" policy and its efforts to develop closer engagements with ASEAN.
The Bangladesh premier will fly to China for a visit at the end of his Malaysia trip.
The BMCCI expects Tarique's discussions in Kuala Lumpur to cover areas like halal industry cooperation, education, technology and manpower recruitment.
As Bangladesh will progress from least developed country (LDC) status to a developing country this year, expanding trade and attracting Malaysian investment have assumed greater significance for the country, Anwar Shahid said.
Annual bilateral trade is around US$2.6 billion, with Bangladesh's merchandise exports to Malaysia amounting to only US$300 million.
"An FTA will help close this trade gap and expand opportunities across industries, especially in the halal sector, in which Malaysia is a global leader and Bangladesh has huge growth potential," Anwar Shahid said.
Malaysia is among the top 10 investors in Bangladesh and there is new interest in logistics, vehicle manufacturing, energy and infrastructure projects.
"Bangladesh has a fast growing economy, investment-friendly policies, and enjoys political stability.
The prime minister is expected to reinforce these advantages to attract more Malaysian investments," the BMCCI chief said. -- BERNAMA
