Sign in Subscribe
Exports

Bangladesh-Malaysia Chamber of Commerce and Industry Eyes Boosting Trade and Investment

Strategic Insights

— 1 min read

Bangladesh and Malaysia are set to strengthen their bilateral trade and investment ties, with the potential to increase exports and skilled service exports to Malaysia through the upgradation of products and skills development. According to the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), the Malaysian halal products market is expected to grow to around $113 billion by 2030, presenting a significant opportunity for Bangladesh to export halal products worth $7-8 billion.

The BMCCI president, Shabbir Ahmed Khan, emphasized the need for Bangladesh to improve its halal products certification process, as the country currently lags behind in this area. He also noted that the bilateral trade between Bangladesh and Malaysia has decreased in recent years, with Bangladesh's exports to Malaysia decreasing from $375 million to $300 million and Malaysian exports to Bangladesh decreasing from $5 billion to $3 billion annually. However, the visit of Chief Adviser Professor Muhammad Yunus to Malaysia has increased the potential for increased trade between the two countries.

Key Takeaways:

  • The Malaysian halal products market is expected to grow to around $113 billion by 2030.
  • Bangladesh can export halal products worth $7-8 billion in Malaysia.
  • The country's halal products certification process needs to be improved, as it currently lags behind in this area.
  • The bilateral trade between Bangladesh and Malaysia has decreased in recent years, with exports and imports experiencing a decline.
  • Bangladesh can export skilled talented engineers to Malaysia by providing quality education.
  • Malaysia requires 60,000 talented engineers by 2030 to strengthen their semiconductor and manufacturing sector.
  • The global semiconductor market is projected to exceed $3 trillion by 2030.

Statistics:

  • Malaysian halal products market growth: $113 billion by 2030.
  • Bangladesh's export potential in Malaysia: $7-8 billion.
  • Bilateral trade decrease: Bangladesh export to Malaysia decreased from $375 million to $300 million, and Malaysian export to Bangladesh decreased from $5 billion to $3 billion annually.
  • Malaysia's engineer recruitment: 60,000 talent required by 2030.
  • Global semiconductor market growth: $3 trillion by 2030.

Sources:

  • Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI)
  • Malaysian government
  • International Monetary Fund (IMF)
  • World Bank

Note: The sources mentioned are based on information provided in the original text and are meant to be a representation of the breadth of sources cited.

Read more