KUALA LUMPUR, Oct 5 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim's recent visits to Pakistan and Bangladesh have been deemed as a strategic move to build deeper and more meaningful relationships.
Institute of Strategic and International Studies chairman Datuk Prof Dr Mohd Faiz Abdullah said the potential for future collaboration is immense as both countries are promising markets for Malaysia in sectors such as palm oil, halal products and Islamic finance.
“In 2023, Malaysia’s total trade with Pakistan stood at RM7.84 billion, and with Bangladesh at RM12.7 billion – combined, less than what Petronas makes in a month but focusing on trade figures alone would miss the bigger picture.
“Pakistan and Bangladesh matter far more to Malaysia than the statistics suggest. Both countries hold immense potential for Malaysia, though decades of political strife and external challenges have kept them from realising their full promise,” he said in a statement today
He said both nations are striving to overcome their complex challenges, noting that governance issues are deep-seated and quick-fix reforms are often impractical and potentially counterproductive.
Mohd Faiz said Anwar’s visits are particularly significant, as both Pakistan and Bangladesh view him as a key statesman in the geopolitical arena and look to Malaysia's revitalised economy as a model for their ambitions.
“Malaysia’s success, marked by exceptional growth in sectors like semiconductors, and phenomenal spikes in digital-centric and tech-driven foreign direct investments (FDIs), has no doubt been spurred by strong fundamentals and bold structural reforms.
“Such impressive achievements naturally offer valuable insights for their economic aspirations. Further, from the speeches of both Pakistani Prime Minister Shehbaz Sharif and Chief Advisor of Bangladesh's Interim Government Dr Muhammad Yunus, it is crystal clear that Anwar’s war on corruption and nepotism back home resonates deeply with them,” he said.
Meanwhile, he said both Pakistan and Bangladesh have youthful populations and, by harnessing their energy, creativity and desire for inclusion, they could become the driving force behind a new era of economic growth for both nations.
Mohd Faiz said that in Malaysia, however, Pakistanis and Bangladeshis are often seen as migrant workers, adding that Malaysia is home to a substantial number of migrant workers from both nations, with around 450,000 Bangladeshis having arrived in Malaysia since August 2022.
He said the relationship between Malaysia and these countries should not be limited to migrant labour, despite its long reliance on the workforce but the country is now shifting towards prioritising high-tech skilled labour to drive future economic growth.
According to Mohd Faiz, Malaysia, a global leader in Islamic finance, has the opportunity to share expertise in Islamic financial products like sukuk, as Pakistan will fully transition to a Sharia-compliant banking model by 2027, following a landmark ruling by its Federal Shariah Court.
He also said that, in Bangladesh, Anwar’s visit carried particular significance as he became the first foreign leader to visit the country under its interim government led by Nobel laureate Dr Muhammad Yunus.
“Malaysia, notably the first Muslim country to recognise Bangladesh’s independence, has long shared strong ties with Dhaka. Anwar’s visit reinforced that bond, offering both encouragement and partnership as Bangladesh navigates its challenges,” he said.
-- BERNAMA
