Tofail seeks duty-free access to Malaysia

Commerce Minister Tofail Ahmed yesterday asked Malaysia to enhance trade ties by providing duty-free access to all Bangladeshi products, and its entrepreneurs to invest in building production houses for export from here.

Only 19 Bangladeshi products now enjoy duty-free access apart from facing some tariff and non-tariff barriers.

Tofail was addressing the inauguration of a three-day trade show, "Showcase Malaysia 2015", in the capital's Pan Pacific Sonargaon Hotel. The Bangladesh Malaysia Chamber of Commerce and Industry is hosting it for the fourth time.

He hoped Malaysia would continue playing a role in Bangladesh's development. Tofail said the country's "very liberal investment policy" could allure bigger Malaysian investment.

Acknowledging Bangladesh's potential, Malaysian High Commissioner in Dhaka Norlin Binte Othman said Malaysian companies were here to see for themselves business opportunities on offer.

Chairman of the fair's organising committee, Syed Moazzam, said there was immense potential for joint ventures with Malaysian companies in areas like health, tourism and food processing units.

The show has 55 stalls representing manufacturers, exporters, traders, educational institutions, service providers and telecommunications, banking, information technology, tourism and healthcare sectors. In the last fiscal year, Bangladesh exported goods worth US$ 140.09 million to Malaysia while Malaysia's export to Bangladesh was worth US$ 1287.5 million.