DHAKA, July 7 (Bernama) — Malaysia has vast scope to invest in Bangladesh’s furniture industry and both countries will benefit from such investments, Bangladesh Commerce Ministry’s Secretary Firoz Ahmed said on Tuesday.

 

“Malaysian entrepreneurs can set up furniture companies in Bangladesh through joint ventures or direct investments,” he said at the opening of Malaysia Fitec Furniture Showcase 2009 here. He said that foreign investors should be able to earn profit with lower labour cost and the government providing special incentives. The four-day furniture fair is organised by Malaysia’s Furniture Industry Technology Centre (Fitec) to display the latest Malaysian furniture and furniture technology from 20 of its top manufacturers.

 

The event is expected to attract around 1,000 furniture industry players from the two countries. “Bangladesh can also be a good market for Malaysian furniture since the purchasing capacity of our people is growing,” Ahmed said. “The furniture industry is also flourishing in Bangladesh and opportunities exist to develop this sector where Malaysians can help with their expertise,” he said.

 

On the trade between Malaysia and Bangladesh, Ahmed said: “During the last five years the volume of bilateral trade has increased by 82 percent to US$500 million, but it is largely in Malaysia’s favour.” He said the trade gap could be reduced through cooperation between the traders and entrepreneurs of both countries to increase the volume of bilateral trade.

 

Article Coutesy of www.bernama.com