Exports to Bangladesh to Reach US$1 Billion


MALAYSIA’S exports to the People’s Republic of Bangladesh is expected

to breach US$1 billion (USD1=RM3.39) in the 12 months ending June this

year.

Bangladeshi

High Commissioner to Malaysia, A.K.M. Atiqur Rahman said between July

2008 and June 2009, Malaysia’s exports to the republic stood at

US$691.2 million.

“Bangladesh is expected to sign a huge deal to buy crude palm oil from Malaysia.

“If this happens, Malaysia’s exports to Bangladesh, for the first time, will exceed US$1 billion,” he said.


Atiqur Rahman was speaking to reporters after a briefing on the

upcoming “Showcase Bangladesh 2010”, an exhibition of various

Bangladeshi products and services.

He said crude palm oil would continue to remain the main import from Malaysia after petroleum and diesel.

The

High Commissioner was also optimistic that Bangladesh exports to

Malaysia would reach US$35 million in June 2010, from US$31.28 million

recorded in the same period last year.

Atiqur Rahman said

although the trade imbalance was huge and in Malaysia’s favour, the

Bangladeshi government was working hard to attract more investments and

imports from Malaysia and other developed countries.

He also

said Malaysia was the sixth largest investor in Bangladesh with

investments totalling US$1.34 billion in the telecommunication and

infrastructure sectors.

“The Bangladeshi government has introduced many incentives and interesting packages to foreign investors.

“The

significant ones are the duty-free rule imposed on foreign investments

and a new system to ease the current obligations imposed on foreign

investors to repatriate 100 per cent of their profits back to their

origin country,” said Atiqur Rahman.

He said Malaysia can now diversify its investments rather than invest in the same sectors.

“For instance, Malaysia can really assist Bangladesh in the tourism sector as it is an expert in this field,” he said.

In

a related development, Atiqur Rahman said he had made a request to

International Trade and Industry Minister Datuk Mustapa Mohamed that

the Malaysian government reduce tax, which was between 30 and 40 per

cent, on Bangladeshi imports into the country.

Atiqur Rahman

pointed out that there should be zero tax on some beneficial products

imported from Bangladesh like ceramic, pharmaceuticals and silk

material.

“We are not disputing the quality of products in the

Malaysian market but we are sure Bangladesh can produce better products

at cheaper prices,” he said.

Source : Business Times

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