Thrust on removing tariff barriers, establishing special EPZ for Indians to boost bilateral trade
Wednesday, 8 August 2007
FE Report
A discussion meeting on "Increase of Indian Investment in Bangladesh" between Bangladesh Chamber of Industries (BCI) and India-Bangladesh Chamber of Commerce and Industry (IBCCI) was held in the city Monday.
BCI Senior Vice-President MA Shahid led the BCI team while IBCCI President Abdul Matlub Ahmed presided over the meeting. BCI directors Obaidur Rahman, Md Jahangir Alam, Enayet Ullah Siddlqui, M Nasir and Priti Chakraborty along with Manzer Hussain, Shyamal Ghosh, Indrajit Lahiri and Amjad Khan Chowdhury of IBCCI took part in the discussion.
The BCI senior vice-president said, investment is compulsory for the country's development. To join the groups of the middle-income countries by 2016 or soon thereafter Bangladesh requires raising its GDP growth to 7.5 per cent or more. And to achieve such a growth, the country should increase its investment to 30 per cent of the GDP against the current 25 per cent.
He urged all to play an active role in protecting investment from any kind of chaos, and also emphasised the need for withdrawing the embargo on Bangladeshi investment in India.
Mentioning the huge trade gap between Bangladesh and India he said, wholehearted efforts should be made by both the sides to solve the problem. Besides, tariff, non-tariff and para-tariff barriers should be reduced to stop smuggling, and to increase investment and import-export in a formal way.
The BCI sr vice-president also proposed formation of an expert committee for reducing trade gap by implementing a realistic plan after completing necessary work. He also emphasised the need for forming a consultative committee by topmost businessmen of both the countries for ensuring duty-free access of Bangladesh products to the Indian market.
In order to intensify Indian investment he proposed setting up of an industrial park or special economic zone at a suitable place in Bangladesh like the Korean EPZ.
Other leaders of BCI urged the Indian investors to come forward with a view to investing in Bangladesh in the sectors like IT, tourism, metal industry, colour pigment, perfume, glass, pharmaceuticals and hospital etc. They also emphasised building up confidence between the two countries.
The IBCCI president in his speech said, IBCCI has started activities for collecting capital from India, and its target is to collect 3.0 billion dollars within next three years. He also advised the local industrialists to associate themselves with Indian investment.
"We have a target to export goods worth 1.0 billion dollars to India in future, and for that, Indian market should be opened", he said. The BEPZA authority has given proposal to set up a special EPZ at Ishwardi for attracting Indian investment, he added.
BCI Director Md Abdul Tahid Majumder gave vote of thanks in the meeting, while Vice-President Shamsur Rahman was also present.
A discussion meeting on "Increase of Indian Investment in Bangladesh" between Bangladesh Chamber of Industries (BCI) and India-Bangladesh Chamber of Commerce and Industry (IBCCI) was held in the city Monday.
BCI Senior Vice-President MA Shahid led the BCI team while IBCCI President Abdul Matlub Ahmed presided over the meeting. BCI directors Obaidur Rahman, Md Jahangir Alam, Enayet Ullah Siddlqui, M Nasir and Priti Chakraborty along with Manzer Hussain, Shyamal Ghosh, Indrajit Lahiri and Amjad Khan Chowdhury of IBCCI took part in the discussion.
The BCI senior vice-president said, investment is compulsory for the country's development. To join the groups of the middle-income countries by 2016 or soon thereafter Bangladesh requires raising its GDP growth to 7.5 per cent or more. And to achieve such a growth, the country should increase its investment to 30 per cent of the GDP against the current 25 per cent.
He urged all to play an active role in protecting investment from any kind of chaos, and also emphasised the need for withdrawing the embargo on Bangladeshi investment in India.
Mentioning the huge trade gap between Bangladesh and India he said, wholehearted efforts should be made by both the sides to solve the problem. Besides, tariff, non-tariff and para-tariff barriers should be reduced to stop smuggling, and to increase investment and import-export in a formal way.
The BCI sr vice-president also proposed formation of an expert committee for reducing trade gap by implementing a realistic plan after completing necessary work. He also emphasised the need for forming a consultative committee by topmost businessmen of both the countries for ensuring duty-free access of Bangladesh products to the Indian market.
In order to intensify Indian investment he proposed setting up of an industrial park or special economic zone at a suitable place in Bangladesh like the Korean EPZ.
Other leaders of BCI urged the Indian investors to come forward with a view to investing in Bangladesh in the sectors like IT, tourism, metal industry, colour pigment, perfume, glass, pharmaceuticals and hospital etc. They also emphasised building up confidence between the two countries.
The IBCCI president in his speech said, IBCCI has started activities for collecting capital from India, and its target is to collect 3.0 billion dollars within next three years. He also advised the local industrialists to associate themselves with Indian investment.
"We have a target to export goods worth 1.0 billion dollars to India in future, and for that, Indian market should be opened", he said. The BEPZA authority has given proposal to set up a special EPZ at Ishwardi for attracting Indian investment, he added.
BCI Director Md Abdul Tahid Majumder gave vote of thanks in the meeting, while Vice-President Shamsur Rahman was also present.