Malaysia, Bangladesh to Fast-Track FTA, Expand Cooperation in AI and Semiconductors
PUTRAJAYA: Malaysia and Bangladesh have agreed to strengthen bilateral relations through a ‘fast-track’ Free Trade Agreement (FTA), while expanding cooperation in strategic fields such as semiconductors, artificial intelligence (AI), the digital economy and energy.
Prime Minister Datuk Seri Anwar Ibrahim said the government has instructed the Foreign Minister, Home Minister, Trade Minister and relevant ministries to take steps to strengthen relations between both countries through the FTA as well as comprehensive cooperation in various fields.
“Such cooperation should not be limited to trade and investment alone, although both remain crucial aspects.
“Instead, it should be expanded to research, new science and technology, semiconductors and AI, given that these fields are the challenges and opportunities of the future for the people of both countries,” he said at a joint press conference with Bangladesh Prime Minister Tarique Rahman, in conjunction with his counterpart’s official visit to Malaysia here today.
Anwar said the exchange of notes signed also covers cultural cooperation, research related to counter-terrorism and efforts to promote and facilitate investment.
He said trade performance between Malaysia and Bangladesh has yet to reach its true potential even though the country has a large market.
“Bangladesh is a large country with enormous potential, and together with Malaysia, we need to increase bilateral trade and investment.
“Cooperation also needs to be expanded to new areas beyond agriculture, which remains an important sector, including semiconductors, the digital economy, energy and high-tech manufacturing,” he said.
Meanwhile, Tarique said both countries welcome the increase in bilateral trade and agreed to continue negotiations to finalise the Bangladesh-Malaysia FTA.
“Our priorities are creating job opportunities, attracting foreign investment and accelerating economic growth; we are building a business-friendly environment and opening up new opportunities for investors.
“I see great potential for Malaysian investment in Bangladesh and I respectfully invite Malaysian companies to explore these opportunities,” he said.
Tarique said discussions between both leaders also involved various strategic areas including information and communications technology (ICT), energy, infrastructure, workforce, the halal industry, agro-processing industries, education, skills development, defence, the digital economy, semiconductors as well as other high-value sectors.
“Bangladeshi workers, students, professionals and entrepreneurs in Malaysia serve as an important bridge connecting both countries, besides benefiting the economies and societies of both nations,” he said.
Berita Harian