Better connectivity with Nepal must to boost bilateral trade

Experts in a recent seminar put thrust on creating better connectivity between Bangladesh and Nepal to boost bilateral trade and businesses.

They also advocated for trilateral cooperation among India, Nepal and Bangladesh to yield better returns.

The Asian Institute of Diplomacy and International Affairs (AIDIA) and Embassy of Bangladesh in Nepal jointly hosted the meeting on "Nepal-Bangladesh Relations: Exploring Trade and Commerce" in Kathmandu.

The major objectives of the roundtable meeting were to discuss the possible trading arenas between Nepal and Bangladesh.

The meeting focused on connectivity through which trade between the two neighbouring countries can flourish and benefit both the countries, said a statement.

Shubhashish Bose, Secretary, Ministry of Commerce, Bangladesh, delivered the keynote speech.

"We need to capitalise our resources so that efficient services can be offered to different countries of the world," he said.

The comparative advantage of Bangladesh having a large number of young population against the developed countries which needs to be channelised in the right manner, he viewed.

He also talked about the markets and availability of resources in Nepal and Bangladesh to lure foreign direct investments (FDI).

"Hence additional efforts needed to be put in by both the nations to establish a strong foothold in South Asia," he suggested.

The commerce secretary also mentioned Bangladesh's GDP growth which is estimated to be 7.65 per cent in fiscal year 2017-2018 (FY18).

He shed a light on the tea estates in Nepal.

"Tea estates and tourism sectors are areas where the two countries can cooperate to formulate such policies that could offer a joint package to tourists who can visit both the countries easily," he said.

He also mentioned that Nepal could be the chief exporter of commodities like garlic, lentils, cardamom, etc., to Bangladesh.

The secretary suggested that the Export Promotion Bureau of Bangladesh and its counterpart of Nepal could sign a MoU to facilitate trade and commerce between the two nations.

He also said that both the nations need to cooperate to be self-reliant and support the South Asian market rather than wholly depend on their western or European counterparts.

Chandra Kumar Ghimire, Secretary, Ministry of Commerce of Nepal, said the population of Nepal has great potential if guided in the right direction.

He emphasised that potential of Nepal's population and the utilisation of the demographic dividend will be in its full form if proper actions taken in the form of education and practice.

Ghimire mentioned that partnership with Bangladesh is necessary to achieve the GDP growth of Nepal which is estimated to be 8.0 per cent this year.

Liberal policies are necessary regarding tariffs and connectivity, he noted.

Agendas like generation and export of Nepal's hydropower, tariff related issues, preferential market access, simplification of pharmaceutical products, etc., will be put into action, he added.

He expressed the need for trilateral cooperation between India-Nepal-Bangladesh to better facilitate trade and commerce.

Hari Bhakta Sharma, President, Confederation of Nepalese Industries (CNI), said that he is eager to see the trade agreement signed between both the countries regarding the hydropower sector.

He talked about the acute deficiency of infrastructure regarding tourism which needs to be developed to better enhance revenue from tourism industry.

He suggested that there can be a common visa for Bangladeshi tourists to India and Nepal.

He thinks a lot of things need to be done in future but the most important thing to be done is the immediate implementation of the decisions made.

In the meeting, Mashfee Binte Shams, Ambassador of Bangladesh to Nepal, delivered the closing remarks.

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