Arafat Hasan: A Malaysian diplomat has recently said that Bangladesh will be a ‘great market’ for investors with huge opportunities, but which the investors need to be made aware of.
“Awareness needs to be created among the Malaysian investors about the challenges and opportunities for them in Bangladesh to strengthen the trade relations between Bangladesh and Malaysia,” said Muzzafar Shah Hanafi, Malaysian Consul (Trade) at Consulate General in Chennai, India, reports UNB.
Muzzafar, whose mandate as a Malaysian trade envoy also requires him to look after trade issues in Bangladesh, gave an exclusive interview to UNB during his recent visit to Dhaka.
He said that Bangladesh itself can also use Malaysia as a gateway to other Southeast Asian markets like Singapore, Thailand and Indonesia.
In turn, the geographic location of Bangladesh also makes it significant for Malaysia, as an entry point to many South Asian markets including Pakistan, Nepal and northern part of India which will help Malaysia with reduced shipping cost and time, added Muzzafar.
Muzzafar also suggested organizing seminars and business meetings frequently between the two countries so that a better understanding about Bangladesh’s trade and investment opportunities can be created, noting that people in Bangladesh are willing to pay higher prices for high quality products.
He noted that the steady economic growth of Bangladesh, given its huge population, will lead to a higher purchasing capacity.
He said Malaysian products such as foods, cosmetics, toiletries, luxury items and some other items have high demand in Bangladesh, but there are not much Malaysian products in the Bangladeshi Market currently while among the food products, fast-moving consumer goods such as biscuits, noodles, chips and snacks of Malaysia are of high quality.
Muzzafar alleged that though Malaysian investors are aware about the opportunities of the market, they do not have proper knowledge on how to enter into the market and invest here.