BD-Myanmar view-exchange sees vast prospects for economic ties
Wednesday, 11 January 2012
Pankaj Dastider
CHITTAGONG, Jan 10: Trade relations with Myanmar have entered a new phase as the direct trade by way of letters of credit (L/Cs) up to US$ one million through the Sonali Bank branch at Teknaf has been commissioned recently.
The Myanmar ambassador in Bangladesh said this during a view-exchange meeting with the directors of Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) in the city today.
The CMCCI leaders during the meeting urged the Myanmar ambassador to Dhaka Min Lwin to convince his government to allow duty-free access of export goods from Bangladesh and use Chittagong Port facilities by transshipment of their import cargoes through the port.
Acting president of CMCCI AM Mahbub Chowdhury made the request while exchanging views with the ambassador of the Republic of the Union of Myanmar at the CMCCI auditorium at Agrabad in the city.
The view-exchange meeting was also addressed by Honorary Consul General of Myanmar in Chittagong HM Hakim Ali.
In his welcome address, the CMCCI acting president said Chittagong Port had sufficient capacity for cargo handling, which the Myanmar government and businesses could use for transshipment.
He also urged the Myanmar envoy to convey to his government that the neighbouring country would get a lot of financial benefits by leasing out its vast unutilised agriculture and vacant Khas land to the investors from Bangladesh.
Bangladesh is now one of the leading exporting countries in the region. Bangladesh can export garments, textiles, galvanised plain sheet, black plain sheet, corrugated galvanised iron sheet, float glass, melamine & ceramic items, cement, leather, leather goods, processed food items, medicine and jute goods at competitive prices, the CMCCI acting president said.
Ambassador Min Lwin said both the close neighbours now have excellent trade relations and bilateral relationship in the fields of trade, commerce and industry, which can be further strengthened in the days to come.
He said the visa process for the traders and tourists has been made easier now. "Our Honorary Consul General Mr Hakim Ali has been assigned to issue visas even within 24 hours," he informed.
HM Hakim Ali told the meeting that that direct export and import trade between the two countries through letters of credit (L/Cs) has been initiated very recently, although the trade has so far been operated through a third country, Singapore.
"An agreement to this effect has already been signed with the Sonali Bank of Bangladesh so that the local exporters can open L/C through its Teknaf Branch for one million US Dollars. The limit was US$ 50,000 until this agreement was signed," he said.
He observed that there were ample opportunities of enhancing the business turnover more than double the existing volume if proper steps were taken. "There is a great prospect for expanding bilateral trade, but it is yet to be initiated due to lack of policy guidelines," he said.
Hakim Ali has informed that Myanmar has almost completed construction of a deep-sea port at Kyaukphyu which is expected to be completed within next one year and a half.
Another deep-sea port would be constructed at Maday Island of Myanmar. The latest feasibility study followed the recent announcement of a plan to build the second deep-sea port, he added.
Nurul Alam, a leading importer of Myanmar goods, said currently Bangladeshi traders were importing huge quantities of Imata rice from Myanmar, apart from importing yellow peas, onion, red chili, timber and fish mostly through the border trade, while Bangladesh was exporting medicine, cosmetics, toiletries and garments.
CHITTAGONG, Jan 10: Trade relations with Myanmar have entered a new phase as the direct trade by way of letters of credit (L/Cs) up to US$ one million through the Sonali Bank branch at Teknaf has been commissioned recently.
The Myanmar ambassador in Bangladesh said this during a view-exchange meeting with the directors of Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) in the city today.
The CMCCI leaders during the meeting urged the Myanmar ambassador to Dhaka Min Lwin to convince his government to allow duty-free access of export goods from Bangladesh and use Chittagong Port facilities by transshipment of their import cargoes through the port.
Acting president of CMCCI AM Mahbub Chowdhury made the request while exchanging views with the ambassador of the Republic of the Union of Myanmar at the CMCCI auditorium at Agrabad in the city.
The view-exchange meeting was also addressed by Honorary Consul General of Myanmar in Chittagong HM Hakim Ali.
In his welcome address, the CMCCI acting president said Chittagong Port had sufficient capacity for cargo handling, which the Myanmar government and businesses could use for transshipment.
He also urged the Myanmar envoy to convey to his government that the neighbouring country would get a lot of financial benefits by leasing out its vast unutilised agriculture and vacant Khas land to the investors from Bangladesh.
Bangladesh is now one of the leading exporting countries in the region. Bangladesh can export garments, textiles, galvanised plain sheet, black plain sheet, corrugated galvanised iron sheet, float glass, melamine & ceramic items, cement, leather, leather goods, processed food items, medicine and jute goods at competitive prices, the CMCCI acting president said.
Ambassador Min Lwin said both the close neighbours now have excellent trade relations and bilateral relationship in the fields of trade, commerce and industry, which can be further strengthened in the days to come.
He said the visa process for the traders and tourists has been made easier now. "Our Honorary Consul General Mr Hakim Ali has been assigned to issue visas even within 24 hours," he informed.
HM Hakim Ali told the meeting that that direct export and import trade between the two countries through letters of credit (L/Cs) has been initiated very recently, although the trade has so far been operated through a third country, Singapore.
"An agreement to this effect has already been signed with the Sonali Bank of Bangladesh so that the local exporters can open L/C through its Teknaf Branch for one million US Dollars. The limit was US$ 50,000 until this agreement was signed," he said.
He observed that there were ample opportunities of enhancing the business turnover more than double the existing volume if proper steps were taken. "There is a great prospect for expanding bilateral trade, but it is yet to be initiated due to lack of policy guidelines," he said.
Hakim Ali has informed that Myanmar has almost completed construction of a deep-sea port at Kyaukphyu which is expected to be completed within next one year and a half.
Another deep-sea port would be constructed at Maday Island of Myanmar. The latest feasibility study followed the recent announcement of a plan to build the second deep-sea port, he added.
Nurul Alam, a leading importer of Myanmar goods, said currently Bangladeshi traders were importing huge quantities of Imata rice from Myanmar, apart from importing yellow peas, onion, red chili, timber and fish mostly through the border trade, while Bangladesh was exporting medicine, cosmetics, toiletries and garments.