‘Boost remittance, cut trade gap with Malaysia’
Showcase Bangladesh’12 begins in Kuala Lumpur tomorrow
Reported by: AKM Moinuddin, UNB Staff Writer from Kuala Lumpur
Reported on: July 12, 2012 19:31 PM
Reported in: National
Reported on: July 12, 2012 19:31 PM
Reported in: National
Kuala Lumpur, July 12 (UNB) – Amid high hopes of minimising chronic trade deficit with Malaysia through popularising Bangladeshi products and services in the Malaysian market, the second ‘Showcase Bangladesh-2012’ is set to begin at Merdeka Square here tomorrow (Friday).
The three-day fair is also aimed at sending remittance home through the formal banking channel from the Bangladeshis living in Malaysia to help the country give a boost to its remittance inflow, organisers said here on Thursday. Malaysia is a home to around 5 lakh Bangladeshi workers.
Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with Bangladesh High Commission in Malaysia, Malaysia South-South Association, Malaysia External Trade Development Corporation are arranging the three-day trade show.
“We’ve high hopes…it’s not just to introduce our products and services to Malaysian businesspeople, we’re also incorporating Bangladeshis who are working hard here and sending money back home so that they feel encouraged to use formal channel to send remittance home,” BMCCI President Syed Nurul Islam told UNB.
He said their efforts would turn out successful if these two things are achieved. “The ultimate goals of the event are to balance the trade gap and give a boost to remittance volume.”
Replying to a question, he said Bangladesh receives almost US$ 1 billion-plus remittance from Malaysia which can be raised to US$ 1.5 billion if the remitters use the formal channel instead of the illegal one.
“It’s not their (workers) fault…the workers mostly don’t have any idea about the benefits of sending remittance through banking channel. We want to encourage them and let them know about the benefits,” Nurul Islam said.
He said 10 leading banks, including Islami Bank Bangladesh Limited, National Bank Limited, Eastern Bank Limited, Pubali Bank Limited, Prime Bank Limited, Insurance Companies like Green Delta Insurance Company, food companies Well Food and Pran, handicrafts, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), mobile phone company Robi, herbal companies, tour operator Green Channel and Export Promotion Bureau (EPB) are taking part in the fair.
Syed Moazzam Hossain, convener of the fair organising committee, said the objectives of the showcase are to promote and project Bangladesh for the total branding of image, heritage and culture in Malaysia, and promote bilateral trade between the two countries through export diversification.
“It’ll help facilitate the acceleration of trade and economic ties between the two countries, and will serve as an effective groundwork for strengthening bilateral relations,” he said.
The total volume of the two-way trade between Bangladesh and Malaysia has reached nearly US$1,804 million while Bangladesh’s export is only US$ 43.87million against Malaysia’s US$1,759.60 million export to Bangladesh for the year 2010-2011.
Minister for International Trade and Industry, Malaysia Dato’ Sri Mustapa Bin Mohamed is expected to inaugurate the fair as the chief guest while Commerce Minister GM Quader and Environment and Forests Minister Dr Hasan Mahmud will be present as special guests.
Special Envoy for Infrastructure (India and South Asia), Malaysia, Dato Seri S Samy Vellu will be present as the chief guest in the ‘Bangladesh Cultural Night,’ the concluding session of the fair.
Besides, a cultural show will be arranged to highlight the cultural heritage of Bangladesh. Some 25,000 expatriates Bangladeshis are expected to enjoy the event.
The three-day fair is also aimed at sending remittance home through the formal banking channel from the Bangladeshis living in Malaysia to help the country give a boost to its remittance inflow, organisers said here on Thursday. Malaysia is a home to around 5 lakh Bangladeshi workers.
Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with Bangladesh High Commission in Malaysia, Malaysia South-South Association, Malaysia External Trade Development Corporation are arranging the three-day trade show.
“We’ve high hopes…it’s not just to introduce our products and services to Malaysian businesspeople, we’re also incorporating Bangladeshis who are working hard here and sending money back home so that they feel encouraged to use formal channel to send remittance home,” BMCCI President Syed Nurul Islam told UNB.
He said their efforts would turn out successful if these two things are achieved. “The ultimate goals of the event are to balance the trade gap and give a boost to remittance volume.”
Replying to a question, he said Bangladesh receives almost US$ 1 billion-plus remittance from Malaysia which can be raised to US$ 1.5 billion if the remitters use the formal channel instead of the illegal one.
“It’s not their (workers) fault…the workers mostly don’t have any idea about the benefits of sending remittance through banking channel. We want to encourage them and let them know about the benefits,” Nurul Islam said.
He said 10 leading banks, including Islami Bank Bangladesh Limited, National Bank Limited, Eastern Bank Limited, Pubali Bank Limited, Prime Bank Limited, Insurance Companies like Green Delta Insurance Company, food companies Well Food and Pran, handicrafts, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), mobile phone company Robi, herbal companies, tour operator Green Channel and Export Promotion Bureau (EPB) are taking part in the fair.
Syed Moazzam Hossain, convener of the fair organising committee, said the objectives of the showcase are to promote and project Bangladesh for the total branding of image, heritage and culture in Malaysia, and promote bilateral trade between the two countries through export diversification.
“It’ll help facilitate the acceleration of trade and economic ties between the two countries, and will serve as an effective groundwork for strengthening bilateral relations,” he said.
The total volume of the two-way trade between Bangladesh and Malaysia has reached nearly US$1,804 million while Bangladesh’s export is only US$ 43.87million against Malaysia’s US$1,759.60 million export to Bangladesh for the year 2010-2011.
Minister for International Trade and Industry, Malaysia Dato’ Sri Mustapa Bin Mohamed is expected to inaugurate the fair as the chief guest while Commerce Minister GM Quader and Environment and Forests Minister Dr Hasan Mahmud will be present as special guests.
Special Envoy for Infrastructure (India and South Asia), Malaysia, Dato Seri S Samy Vellu will be present as the chief guest in the ‘Bangladesh Cultural Night,’ the concluding session of the fair.
Besides, a cultural show will be arranged to highlight the cultural heritage of Bangladesh. Some 25,000 expatriates Bangladeshis are expected to enjoy the event.
Comments
No Comments on this News
