DHAKA, Mar 9, 2019 (BSS) – Because of rising labour costs, rapid socio-economic progress and improvement in the people’s living standard, many Malaysian entrepreneurs are ready to shift their factories in other countries, including Bangladesh, said Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI).
“Many factories in Malaysia are facing manpower crisis. The Malaysian government is encouraging entrepreneurs to shift their factories. If Bangladesh can seize the opportunity, more than 100 factories will come in the country,” BMCCI President Syed Moazzam Hossain told BSS.
He said BMCCI has already proposed the Malaysian entrepreneurs to take a Special Economic Zone (SEZ) for relocating their factories in Bangladesh as the country’s government is providing all sorts of support to the investors.
“Malaysian entrepreneurs are showing their keenness to shift their factories in Bangladesh. They have already proposed their government to give permission of a SEZ in Bangladesh aimed at taking the advantages of the country’s low labour cost,” he added.
Moazzam Hossain urged Bangladesh government to take necessary initiatives for attracting the Malaysian investors.
“During my visit to Malaysia’s economic zones, I saw that many factories in different sectors, including textile, electronics, furniture and pharmaceuticals were closed due to increasing manpower cost. We are trying to shift the factories to Bangladesh,” he added.
He urged the authorities concerned to take necessary initiatives for creating more skilled manpower so they can provide proper supports to the factories.
The BMCCI president laid emphasis on signing the Free Trade Agreement (FTA) between Bangladesh and Malaysia to boost bilateral trade and investment.
“The demand of Bangladeshi products, including garments and ceramics, in the Malaysian market is very good. Under the FTA, Bangladesh can increase its export to Malaysia,” he added.
Highlighting the importance of skilled workforce for economic development, Moazzam Hossain said, if Bangladesh can send skilled workers to Malaysia with proper training, the remittance from the Southeast Asian country will double.
He said around 7 lakh Bangladeshi expatriates are working in Malaysia and they send around 2 billion dollars remittance yearly.
“If Bangladesh can send skilled the manpower, the number of Bangladeshi expatriates will double in Malaysia. Then the amount of remittance will also double,” he added.