MCCI for effective Indo-Bangladesh two-way trade
Tuesday, 13 April 2010
FE Report
Bangladesh and India should utilise every available opportunity to promote two-way trade, as both the countries are natural markets to each other, Dhaka-based Metropolitan Chamber of Commerce and Industry (MCCI) said Monday.
"With the path-breaking and historic visit of the Bangladesh prime minister to India in January this year, we believe that there has been a paradigm shift in the mindset of the leaders of the two neighbours," said MCCI president M Anis Ud Dowla while addressing a delegation of Confederation of Indian Industry (CII) at the chamber headquarters in the capital.
"The leaders have provided a vision of inclusive growth of development and cooperation. Now it is the responsibility of the business leaders to harness their resources and enterprise to benefit from this new opportunity," he said.
The business delegation led by Shyamal Gupta, special adviser to Indian corporate giant Tata International Limited, is now in the city on a business tour.
The MCCI president said Bangladesh-India bilateral trade has always been a talked-about issue. "The trade balance has particularly been heavily tilted towards India. Equitable two-way trade can only be widened through economic cooperation and attracting Indian investment to Bangladesh."
He said trade cooperation should not be affected by political relationship. "In true sense, SAFTA could not see its success due to political reasons, which has been possible in the case of ASEAN."
"In SAFTA, despite having substantial reduction in tariff level by all partner-countries, the regional trade could not cross 4.5 per cent, whereas it is 37 per cent in the case of ASEAN," said the MCCI chief.
"We need to overcome the bureaucratic procrastination and red tap to pave the way for greater prosperity for both of our countries," he said.
The connectivity - the most important feature of the joint communique presented during prime minister Sheikh Hasina's visit to India - has enhanced the importance of Bangladesh as a regional hub, said Mr Anis. "This has opened many new opportunities for Indian investment in Bangladesh, be it in infrastructure or in manufacturing industries," he added.
Bangladesh and India should utilise every available opportunity to promote two-way trade, as both the countries are natural markets to each other, Dhaka-based Metropolitan Chamber of Commerce and Industry (MCCI) said Monday.
"With the path-breaking and historic visit of the Bangladesh prime minister to India in January this year, we believe that there has been a paradigm shift in the mindset of the leaders of the two neighbours," said MCCI president M Anis Ud Dowla while addressing a delegation of Confederation of Indian Industry (CII) at the chamber headquarters in the capital.
"The leaders have provided a vision of inclusive growth of development and cooperation. Now it is the responsibility of the business leaders to harness their resources and enterprise to benefit from this new opportunity," he said.
The business delegation led by Shyamal Gupta, special adviser to Indian corporate giant Tata International Limited, is now in the city on a business tour.
The MCCI president said Bangladesh-India bilateral trade has always been a talked-about issue. "The trade balance has particularly been heavily tilted towards India. Equitable two-way trade can only be widened through economic cooperation and attracting Indian investment to Bangladesh."
He said trade cooperation should not be affected by political relationship. "In true sense, SAFTA could not see its success due to political reasons, which has been possible in the case of ASEAN."
"In SAFTA, despite having substantial reduction in tariff level by all partner-countries, the regional trade could not cross 4.5 per cent, whereas it is 37 per cent in the case of ASEAN," said the MCCI chief.
"We need to overcome the bureaucratic procrastination and red tap to pave the way for greater prosperity for both of our countries," he said.
The connectivity - the most important feature of the joint communique presented during prime minister Sheikh Hasina's visit to India - has enhanced the importance of Bangladesh as a regional hub, said Mr Anis. "This has opened many new opportunities for Indian investment in Bangladesh, be it in infrastructure or in manufacturing industries," he added.