Stakeholders in a meeting in the city came to the conclusion Wednesday that implementation of the BCIM-EC initiative would help explore more potential opportunities of cooperation among the member-countries. Bangladesh's socioeconomic development will also be accelerated, they said.
Their opinions came at a seminar on 'Importance of BCIM Economic Corridor: Harmonious South Asia', where government ministers and diplomats of the countries concerned spoke among others.
The speakers said once the planned BCIM-EC (Bangladesh-China-India-Myanmar Economic Corridor) is in place, the initiative would break new ground for expanding trade and investment under the ambit of sub-regional cooperation among the four Asian countries.
Two of them are fast-growing economies-India and China--and another two developing economies of Bangladesh and Myanmar.
The initiative, they said, will accelerate cooperation among the nations for building economic corridor focusing more on power and energy, transport infrastructure, shipping, tourism, trade, business and investment.
"We are eagerly waiting for implementation of the new initiative which will improve our connectivity with neighbouring India and China and will have great impact on the country's economy," said Commerce Minister Tofail Ahmed as chief guest at the meet.
The minister disclosed that negotiations are now at the final stage among the four countries for the establishment of the grouping for the common benefit of the region.
"Now, it depends on China and India as they are the major players of the sub-regional cooperation," he told the audience.
"Bangladesh would be most benefited if we can implement the BCIM-Economic Corridor accordingly. It will help implement the government's vision to turn Bangladesh into a middle-income country by 2021," said Tofail, also a veteran leader of the ruling Awami League.
He pointed out that implementation of the new initiative would also help increase the country's overall trade with two giant economies - China and India--also major sources of imports.
Samyabadi Dal organised the seminar at the city's CIRDAP auditorium, focusing more on the importance of the BCIM Economic Corridor, its probable impact on member-countries, history of origin and its potential as a new rising regional cooperation framework.
Former Industries Minister and General Secretary of Samyabadi Dal Dilip Barua presented the keynote paper.
The BCIM region, Barua said, is one of the richest in the world in terms of natural, mineral and other resources. The region covers 9 per cent of the world's total area, 7.3 per cent of the global gross domestic product and involves a huge population. The BCIM has the potential to generate enormous economic benefits in the arena of trade, investment, energy, transport and communications.
"Access to large Indian and Chinese markets will make Bangladesh an attractive destination for Foreign Direct Investment (FDI). Bangladesh can also be benefited from connecting to China through Myanmar and becoming a commercial hub for South and Southeast Asia," said the left politician.
Minister for Civil Aviation and Tourism Rashed Khan Menon, who attended the meeting as a special guest, hoped the economic corridor would help facilitate trade and connectivity between the landlocked and underdeveloped southwestern parts of China and the northeastern region of India.
The leftwing Workers Party president said Bangladesh would reap more benefit from the corridor originating from Kunming in China's Yunnan province and passing through Yangon and Mandalay in Myanmar, Chittagong-Dhaka-Sylhet in Bangladesh before entering northeastern states before ending in West Bengal's Kolkata.
Information Minister Hasanul Haq Inu, however, viewed that all this depends on the will of political leaders of member-countries.
He urged all to resolve all tricky bilateral issues bilaterally and come forward with visionary missions.
The JSD leader urged them to remove the obstacles, resolve trade barriers and build infrastructure to help develop the sub-regional cooperation a reality.
The seminar was also addressed, among others, by FBCCI president Kazi Akram Uddin Ahmed, Chinese ambassador in Dhaka Ma Mingqiang, Indian Deputy High Commissioner in Dhaka Sandeep Chakravorty, Bangladesh-China Chamber of Commerce and Industry president Golam Dastagir Gazi and Bangladesh-Myanmar Chamber of Commerce and Industry president K.B. Ahmed.
Implementation of BCIM-EC will help Bangladesh access China and Myanmar and equally help China to enter Bangladesh and Myanmar markets, said the Indian Deputy High Commissioner, Mr Sandeep Chakravorty.
Terming the initiative a 'win-win' situation he urged all, especially Bangladesh and Myanmar, to play key role in implementing the Kunming-to-Kolkata Silk Road, which he said would require some US$22 billion.
The Chinese ambassador also sought cooperation of all in making the BCIM economic corridor more effective as an inter-regional road network.
The BCIM-EC initiative began mainly as a private- sector effort in 1999 with the launch of a joint forum of Bangladesh's CPD, China's Yunnan Academy of Social Sciences, India's Centre for Policy Research and Myanmar's border trade ministry.
It got a boost in 2013 when China and India showed interest in utilising the BCIM framework for enhancing connectivity in the region. Bangladesh and Myanmar also responded positively.
mzrbd@yahoo.com
BCIM initiative to help expand trade, investment
FE Report | Published: April 30, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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