MONDAY, 2 DECEMBER 2019, KUALA LUMPUR: Responding to the rising demand for Chemicals and Chemical Products in Bangladesh, Malaysia External Trade Development Corporation (MATRADE) goes to Dhaka with nine (9) Malaysian companies to promote Malaysian capabilities to the Bangladeshi’s businesses.
The effort, called Export Acceleration Mission (EAM), starts today and will end on 4 December 2019. During the mission, Malaysian companies will be pitching their high quality chemical products to Bangladeshi companies keen to source for agrochemicals namely pesticides, detergents, acrylic materials, optical solar film, environment protection services, industrial chemicals, waste management-related chemicals as well as logistic services companies.
According to Mr. S. Jai Shankar, Director of Oil & Gas, Chemical and Energy Section, MATRADE who is spearheading the mission, there are huge opportunities for Chemicals and Chemical products in Bangladesh.
“The rising industrialisation in Bangladesh has tremendously increased the demand for Chemicals and its trade. As the National trade promotion agency, we want to tap into this opportunity as well as to facilitate our exporters, including the participants in this mission to be able to secure a strong footing in this growing market,” said S. Jai.
Among the activities outlined in this 3-day mission include:
pre-arranged business meetings between Malaysian companies with potential buyers;
roundtable meeting and networking session with Bangladesh – Malaysia Chambers of Commerce and Industry (BMCCI), Malaysian companies in Bangladesh, and Bangladesh customs/port authority; and
Site visits to the related associations and retailers.
“These activities are aimed at activating an engaging and long-term dialogue between Malaysian exporters with potential buyers as well as to gather more insights on doing business in Bangladesh,” S.Jai added.
Based on the statistics by Bangladesh Bank, Bangladesh imported nearly USD2.06 billion worth of Chemicals in 2017 – 2018, which is a stark comparison to the same period 10 years earlier, at only USD718 million.
Textile and Apparel sectors, which are valued at USD30 billion are some of the major buyers of imported Chemicals, used for dying and washing fabrics. Apart from that, Chemicals are also used in the Pharmaceuticals and Food processing industry.
In 2018, Malaysia's exports of Chemicals to Bangladesh increased by 0.7 per cent, or at a value of RM564.9 million. The major exported Chemical products were plastics, organic chemicals, miscellaneous chemical products, tanning, dye, paint, putty and inorganic chemicals.