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JOINT COMMISSION MEET ENDS

Dhaka, KL agree to pursue closer trade ties

STAR BUSINESS REPORT
Bangladesh and Malaysia at the 3rd joint commission meeting that ended yesterday agreed to promote closer cooperation between the private sectors of both countries.
In agreed minutes signed between the two countries after the ministerial-level meeting, both the sides agreed to encourage participation of Bangladeshi and Malaysian companies and trade bodies in various trade fairs and exhibitions in their countries.
They also agreed to establish a Malaysia-Bangladesh chamber of commerce and industry in Malaysia.
The Malaysian side also agreed to forward a Bangladesh proposal to the Malaysian private sector to work with Bangladeshi businesspeople on halal food processing projects.
The Malaysian side encouraged Bangladesh to accept the offer of
the utilisation of US $ 10 million of the Palm Oil Credit and Payment Arrangement (POCPA).
Malaysian delegation at the meeting also expressed its interest to encourage Malaysian companies especially in the labour intensive industries to relocate their operations in Bangladesh.
Malaysian side showed interest to promote reverse investments in Bangladesh's textiles, telecommunications, pharmaceuticals, power generation and gas-based industries.
On trade financing arrangements, both the sides agreed to examine the possibilities of a new trade financing arrangements.
Both sides further agreed that Bank Negara Malaysia and Bangladesh Bank will conduct a technical discussion at the working level to design appropriate trade financing arrangements that will
cater to the specific requirements of Malaysia and Bangladesh.
Malaysian side said Bank Negara Malaysia is willing to provide Bangladesh with technical assistance in anti-money laundering and combating terrorism financing, besides assistance in Islamic banking and Takaful.
Malaysia welcomed the participation of Bangladeshi companies in the OIC Trade Forum to be held in Putrajaya, Malaysia on June 20-21. The Malaysian side hoped the forum will enable Bangladesh's private sector to enhance business cooperation with Malaysia and other OIC member countries.
The Malaysian side further requested the government of Bangladesh to consider measures to improve a more business friendly environment including providing sovereign guarantee for Built-Operate-Transfer (BOT) projects.