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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has sought access to export 12 new products in the Indian market.
Meanwhile, Indian businesses have shown keen interest to import ceramics and jute products from Bangladesh.
FBCCI President Md Jashim Uddin shared the information without going into details of the 12 products on Wednesday, while talking to reporters after a meeting jointly organised by the FBCCI delegation and representatives of the Confederation of Indian Industry (CII) in New Delhi.
Prime Minister Sheikh Hasina, who is currently in India on a state visit, attended the meeting with the businessmen of the neighbouring country.
He said Indian businessmen also expressed interest in investing in Bangladesh but mentioned some obstacles, including visa-related and bureaucratic complications.
They asked to resolve these issues and urged to fix weak infrastructures, connectivity and ports to facilitate more investment, he said.
On the other hand, Bangladeshi businessmen asked for amending policies to allow them to invest more in the Indian market, Jashim added.
The apex trade body’s chief also urged Indian investors to take advantage of Bangladesh’s prominent and growing domestic market, international market access facilities, one-stop service in the BIDA and liberal investment ecosystem.
Addressing the meeting, Prime Minister Hasina urged India to go beyond trade by including investment, finance, services technology transfer to gain more from the cooperation between the two countries.
According to a press release from FBCCI, she also urged Indian businesses to invest in the special economic zones in Bagerhat’s Mongla and Chattogram’s Mirsarai, which are dedicated to Indian investors.
G Kishan Reddy, the Indian minister for development of North Eastern Region, Tourism and Culture, said, “We need to further strengthen the relationship between Bangladesh and India in areas that will help bring benefits to the people of the two countries in a way that is long-lasting and based on respect and trust for each other.”
Non-tariff barriers, anti-dumping duty
On Tuesday evening, another meeting was also held between FBCCI and the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.
At that meeting, FBCCI President Jashim urged the governments of both countries to address the issues of non-tariff barriers and trade facilitation including port restrictions, procedural bottlenecks, anti-dumping measures in case of commodities like jute and floating glass, testing facilities in port areas and removing logistic disruptions in the export-oriented value chain.
This would enable the two countries to take full advantage of SAFTA, he said.
Bangladesh’s Commerce Minister Tipu Munshi said that there are various sectors and products, including ceramic and glass products, that have huge opportunities based on the geo-political advantage Bangladesh has.
“Bangladesh has very progressive and industry-friendly policies. We both should work together for mutual benefit,” he told the Indian trade delegation.
Speaking at the meeting, Prime Minister Hasina’s Private Industry and Investment Adviser Salman F Rahman highlighted the investment potential in Bangladesh and stated, “Agriculture has been one of the many success stories of Bangladesh and in today’s world after the pandemic, food security has been critical for every country.
“We want to further capitalise on our manufacturing capabilities along with the agro-processing business in Bangladesh.”
Among others, former FBCCI President Abdul Matlub Ahmad, FICCI South Asia Regional Council Chair Manoj Chug, and FICCI Director General Arun Chawla also spoke at the meeting.
A high-level business delegation led by Jashim is visiting India as part of the prime minister’s entourage, which arrived in New Delhi on Monday.
The business delegation also includes former FBCCI president Md Shafiul Islam, FBCCI Senior Vice-President Mostofa Azad Chowdhury Babu, Vice-President MA Razzak Khan Raj, former director Selima Ahmad, Bashundhara Group Chairman Ahmed Akbar Sobhan and FBCCI Director Khan Ahmed Shuvo.
Bangladesh Garment Manufacturers and Exporters Association President Faruque Hassan, Bangladesh Knitwear Manufacturers and Exporters Association Executive President Mohammad Hatem, and Business Initiative Leading Development Chair Nihad Kabir are also part of the delegation.
