More Investments in Bangladesh’s Power Sector
March 27, 2008 – 12:00 amMalaysia Keen to Invest in Power Sector
Malaysia has shown deep interest to invest in power sector, construct the Dhaka-Chittagong Elevated Express Highway and recruit skilled Bangladeshi manpower. Malaysian High Commissioner in Dhaka Dato Abdul Malek bin Abdul Aziz said this at a press conference at the National Press Club in the city on Tuesday.
The high commissioner opined that quick decision in the power and energy sector if Bangladesh really intends to woo foreign direct investment (FDI) in the sector. Malaysia has mainly invested in the information technology (IT), shipbuilding, telecom, power and food and beverage sectors with total investments in Bangladesh till November, 2007, standing at US$ 1.337 billions. Abdul Malek said a high-powered Malaysian delegation will arrive in the city to explore new investment opportunities in Bangladesh and informed the press that one-to-one business matching sessions, to be organised jointly by MATRADE and BMCCI at Dhaka Sheraton Hotel.
To question of reducing bilateral trade gap, Dhaka must diversify its export basket and add new products to offer Malaysian consumers. Malaysia also interested to establish Hal Shopping Mall in Bangladesh through which they want to develop Halal Products in Bangladeshi for local consumption as well as for export to third countries. He also said Dhaka should offer leather, knitwear, ceramic and pharmaceutical to Kuala Lumpur as these products have high demand in the Malaysian market.
On export of manpower and harassment of some Bangladeshis in Kula Lumpur, the high commissioner told the press that 230,000 Bangladeshis are working in the SE Asia, adding that the incidence of harasmant of workers is very insignificant.
Abdul Malek also opined that prompt and timely decision, consistency and continuity in policy, security to entrepreneurs and transparency in bureaucracy will give Bangladesh an edge over its competitors in wooing foreign direct investment (FDI).
Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) is organizing the Showcase-Malaysia-2008 for the first time in Bangladesh in collaboration with Malaysia High Commission in Bangladesh and Malaysia South-South Association (MASSA), Malaysia External Trade Development Corporation (MATRADE) and Ministry of Entrepreneurs and Cooperative Development (MECD). Foreign Adviser Iftekhar Ahmed Chowdhury will inaugurate the three-day trade show at the Dhaka Sheraton Hotel on Thursday.Syed Moazzam Hossain, Secretary General of BMCCI, has requested high commissioner to pursue Malaysian investors to invest in textiles, clothing, ceramic and porcelain and pharmaceutical sectors in joint ventures in a bid to tap the European and the USA markets. Hossain said local textile sector needs investment worth several billion dollars and Malaysian entrepreneurs can set up textile mills in joint venture with 100 per cent ownership. Moazzam Hossain said Bangladesh enjoys special privilege including Generalised System of Preference (GSP) to the USA and the EU markets and Malaysia can tap this opportunity. He urged the high commissioner to import more Bangladeshi goods in the days to come as Kula Lumpur enjoys a huge trade surplus with Dhaka.
Bangladesh exported goods worth US$ 16.90 million in 2006-2007 to Malaysia, while exports to Bangladesh valued at of US$ 384.16 millions during the same year. He also mentioned as labour cost is rising in SE Asian country, Malaysia can shift labour intensive industries to low cost destination like Bangladesh that offers congenial environment and special export processing zones (EPZs). “As a measure to reduce the trade gap we will participate in the INTRADE Malaysia 2008 exhibition to be held in Kuala Lumpur in November this year as we participated in the previous events,’ Moazzam. The main objective of the showcase is to provide a platform for business communities of Bangladesh and Malaysia to establish and foster business linkages and collaborations.
About 50 Malaysian companies including manufacturers, exporters, traders, educational institutions, service providers like, telecommunication, banking, airlines, health care and medical, tourism, shipping, etc. are participating in showcase with their products and services including food and beverages, palm oil, pharmaceutical products, herbal, health supplement, cosmetics, personal care products, household items, home appliances, gift and decorative items, electrical and electronic products, generators, children play ground equipment, rubber roller for printing, drinking water vending machine, automotive products, lead acid batteries, shipping services, tours and travel services, furniture, etc.
Source: Pakistan Defence
Tags: bangladesh, investments, malaysia, power sector
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