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Speakers at a programme on Monday underscored the need for finalising the proposed Free Trade Agreement (FTA) between Bangladesh and Malaysia.
They also said the investment climate in Bangladesh had improved significantly, drawing in more foreign investments in trade and commerce.
The demand and observation were made at the programme marking the 20th anniversary of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), held at a city hotel.
Speaker of the national parliament Dr Shirin Sharmin Chaudhury attended the function as the chief guest, while Industries Minister Nurul Majid Mahmud Humayun was present as a special guest.
Congratulating the business community, Dr Shirin Sharmin Chaudhury said the BMCCI was promoting trade, commerce, industry and investment between the two friendly countries - both in the public and private sectors.
"The organisation is fostering mutual understanding and broadening economic cooperation between the two countries," she said.
The two countries have come a long way to concentrate their bi-lateral relation since the diplomatic relation was established, after the East Asian nation recognised Bangladesh's independence in January 1972.
Highlighting the country's investment climate, Dr Chaudhury said: "There has been remarkable progress in creating a congenial investment climate in Bangladesh for attracting foreign investment."
Development of 100 economic zones and other necessary infrastructures is going on in full swing so that the foreign investors face no hassle in doing business in the country, she added.
Industries Minister Nurul Majid Mahmud Humayun said the bilateral relation between the two countries had been strengthened over the years.
He also highlighted the importance of free trade agreement and diversification of exports from Bangladesh to Malaysia.
"Besides sending manpower to Malaysia, we need to diversify our exports," said the minister.
Malaysian High Commissioner to Bangladesh Haznah Md Hashim sent a video message marking the anniversary celebration.
In the video message, she said as a trading nation Malaysia believed in the idea of open, free and fair trade - consequently, the country had become a trading hub in the continent.
Bangladesh is now the second-largest trading partner of Malaysia in the South Asia region, she added.
"I believe the business policies coupled with the proposed Malaysia-Bangladesh free trade agreement will bring about tremendous benefits and business opportunities for the nations," she said.
According to data available, the bilateral trade is favourable to Malaysia as Bangladesh exported goods and services worth around $306 million to and imported $1,573 million from Malaysia in the fiscal year 2020-2021.
BMCCI President Raquib Mohammad Fakhrul (Rocky), its directors, former presidents, and members, among others, attended the celebration.