Malaysia, Bangladesh Bilateral Trade To Improve In Second Half Of 2015

KUALA LUMPUR, July 30 (Bernama) -- Bilateral trade between Malaysia and Bangladesh, which fell 26.4 per cent as of May this year, is expected to improve in the second half, amid a better economic environment. From January to May 2015, bilateral trade declined to US$412 million from US$560 million during the same period of last year. "Bilateral trade will increase by five per cent (in the second half of the year. This is my expectation," said the Malaysia External Trade Development Corporation's (Matrade) Chief Executive Officer, Dzulkifli Mahmud. Last year, exports to Bangladesh was worth US$1.2 billion (RM4 billion), a decline of 19.7 per cent. Imports amounted to US$114.6 million (RM375.7 million), up by 31.9 per cent from 2013. The drop in exports was mainly attributed to petroleum and palm oil. "We see commodity exports as not doing well. This is normal, and we hope it recovers soon," Dzulkifli said. He told reporters this after the launch of the seminar on business and investment opportunities in Bangladesh here Thursday. He said Matrade was encouraging Malaysian companies to export goods other than commodities, such as services to Bangladesh. Dzulkifli also said that traders should not depend on the depreciating ringgit to boost exports, but enhance competitiveness and innovate in respect of products. Meanwhile, he said the seminar was a good opportunity for Malaysian entrepreneurs to expand and establish their business in Bangladesh with a population of more than 156 million. To date, about 19 Malaysian companies have established their presence in the country, either as wholly-owned entities or joint-ventures. He also said that between 110 and 120 businesses have expressed an interest in establishing business in sectors such as automotive parts, food and beverages, as well as consumer products in Bangladesh. From January to May 2015, Malaysian companies generated US$4.45 billion (RM17.01 billion) sales via participation in 29 trade promotion activities organised by Matrade. (US$1 = RM3.81) -- BERNAMA