Connectivity ‘key to boosting trade with India’

Policy assistance, easing trade barriers, better efficiency of land ports and frequent interaction among businesses can boost trade and commerce between Bangladesh and the Indian state of West Bengal.

Business leaders of the two countries made the observation during their meetings in Kolkata on Friday.

They also agreed that the connectivity of different sorts is the key to enhance bilateral trade between the two countries, according to a DCCI press release.

A 47-member business delegation of Dhaka Chamber of Commerce and Industry (DCCI) led by its President Rizwan Rahman is now visiting Kolkata to promote business opportunities prevailing in Bangladesh.

The delegation met the West Bengal Minister in Charge of Industry, Commerce and Enterprises Dr Partha Chatterjee on the day.

At the meeting, DCCI President Rizwan Rahman termed the lack of adequate infrastructure at the land ports a major reason behind the increased lead time of export and import.

Mentioning that the Indian investment in Bangladesh stood at US$3.55 billion till date, he requested Dr Chatterjee to facilitate investors from Kolkata to make investments in the economic zones (EZs) of Bangladesh.

To facilitate trade and investment, he also requested the minister to address the issues of non-tariff barriers and called for relaxation of rules of origin and withdrawal of anti-dumping duty.

In order to ensure a win-win situation, comprehensive economic partnership agreement (CEPA) can be signed, he noted.

He also urged the minister to recognise certifications of some products by Bangladesh Standards & Testing Institution (BSTI).

Emphasising the need for infrastructure development for better mobility, Dr Chatterjee suggested that the DCCI and its Indian counterpart, the Indian Chamber of Commerce (ICC), initiate a joint study to identify opportunities, challenges and weaknesses in the existing operation of trade and commerce between the two countries.

He said Bangladesh is good in finished jute products while its textile has also great potential where investors from both the countries have good prospects.

He also suggested utilising the regional corridors for better economic development.

Later, the Bangladesh delegation also had a meeting with the Chairman of West Bengal Industrial Development Corporation Rajiva Sinha at his office.

Mr Sinha said that to boost the bilateral trade to the expected level, both the countries need to improve respective transport system.

Private sector should identify the problems of doing business and the government should address these issues with required policy intervention, he said.

Besides, he stressed the need for more railway accessibility as it can play a vital role in transportation of goods.

Later in the day, the delegation had an interactive business to business (B2B) session with the Bengal Chamber of Commerce and Industry (BCCI).

At the meet, President Designate of BCCI Subir Chakraborty said connectivity has been central to India's investment in Bangladesh as it focuses on building infrastructure connectivity between the northeastern region of his country and Bangladesh.

The DCCI delegation also had meetings with the Principal Secretary of Department of Tourism (West Bengal) Nandini Chakravorty and the Kolkata Port Trust.

ahb_mcj2009@yahoo.com