Kuala lumpur: Malaysia can act as the ‘beneficiary window’ for enhancing economic connectivity between ASEAN and South Asia, leveraging Bangladesh’s strategic role as a central trade and investment hub.
According to BERNAMA News Agency, Professor Dr. Muhammad Yunus, the Chief Adviser to the Government of Bangladesh, emphasized Bangladesh’s significant potential due to its extensive population of over 170 million, offering a lucrative consumer market and substantial human resources for regional production. Yunus highlighted Bangladesh’s unique location, which facilitates regional trade, particularly benefiting landlocked neighbors like Bhutan and Nepal, as well as India’s northeastern ‘Seven Sisters’ states.
Yunus explained, “Many economic facilities could be located in Bangladesh because it is easier to get to the sea. For countries without direct sea access, we become the route to the world.” This strategic positioning allows Malaysia to connect with an extended network of countries through Bangladesh. His remarks were made during an exclusive interview with Bernama at the conclusion of his official visit to Malaysia, invited by Prime Minister Datuk Seri Anwar Ibrahim.
During his visit, Yunus engaged with Malaysian leaders and business executives, fostering discussions on enhancing bilateral ties in areas such as trade, investment, labor, and education. He met with key businesses, including Proton Holdings and Axiata Group Bhd, highlighting the importance of foreign investments and global trade in rebuilding Bangladesh’s economy.
Yunus further elaborated on Bangladesh’s geographical advantages, allowing access to Bhutan, Nepal, and India, promoting economic growth collaboration with Malaysia. He stressed that such cooperation could significantly benefit both nations, positioning Malaysia as a crucial conduit for goods and services transportation.
He also pointed out the potential for ASEAN economies to access Bangladesh’s substantial workforce, supporting regional production. “It’s not just a market – it’s also a source of human resources,” Yunus stated, emphasizing opportunities ranging from skilled labor to management.
Yunus identified untapped areas of cooperation, such as deep-sea fishing with Myanmar and expanding cross-border trade in digital goods. He highlighted the potential for infrastructure and transport links through Bangladesh to integrate neighboring economies into broader supply chains, fostering investment and technology sharing.
Bangladesh’s involvement in ASEAN’s Treaty of Amity and Cooperation provides a formal mechanism for closer engagement with the bloc, facilitating bilateral and multilateral platforms. The economic relationship between ASEAN and Bangladesh has been on an upward trajectory, with two-way trade reaching US$6.16 billion in 2023-24.
Bangladesh, as the second-largest economy in South Asia, ranks 35th globally in nominal terms and 25th by purchasing power parity. For Malaysia, Bangladesh stands as the second-largest trading partner in South Asia, with significant trade in petroleum products, palm oil, and chemicals. In 2024, trade between Malaysia and Bangladesh increased by 5.1 percent to RM13.35 billion (US$2.92 billion).