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FIEO for boosting Indo-Bangla trade

  • Staff Correspondent
  • 24th June, 2022 10:41:40 PM
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FIEO for boosting Indo-Bangla trade

Bangladeshi businessmen have huge opportunities to contribute to expanding bilateral trade with India through utilising the shared culture and developed connectivity, said a top Indian business leader.

“We have been old partners of business. India has maintained good relations with Bangladesh as a trusted partner and closest neighbour,” Federation of Indian Export Organisations (FIEO) Vice-president Khalid Khan told the Daily Sun in an exclusive interview in Dhaka on Friday.

The FIEO is the apex platform of export promotion organisations affiliated by the government of India. It represents around 50 business councils and boards.

The trade body has organised a three-day ‘Best in India Expo’ at International Convention City Bashundhara (ICCB) in Dhaka to connect export-oriented industries in Bangladesh.

The FIEO vice-president has welcomed Bangladeshi merchants to expand cross-border trading to increase the bilateral trade.

“Indian businesses have huge opportunities to invest in Bangladesh. The trade is going on. It needs some improvements in flourishing cross-border trade by road and rails.  There are several challenges for exporters on rail link. The both sides should work together to improve environment for doing business,” Khalid, also a director at Geco Group in India, said.

The Mumbai-based businessman thinks that most of Bangladesh’s trade is conducted through Kolkata due to language and cultural comfort among the people.

Khalid claimed that trade relations with other parts of India are yet to be unexplored.

“To connect the other parts of India, Bangladesh needs regular vessel services to the neighbouring country. The dependency on road is too expensive for any businesses. We should work out for bringing a solution using the waterways,” he said.

Regarding the ‘Best in India Expo’, the FIEO leader hoped the business carnival will get more features, including business to business matchmaking, investors meet-up and seminars in coming years.

The FIEO vice-president informed that road shows will be held in Delhi, Mumbai and Chennai next month as Bangladesh requires more investment from India.

“Many Indian investors are ready to invest in Bangladesh as they feel comfort with the closest neighbouring country.  There should be given ease of doing business to welcome more people in Bangladesh in terms of tax and export benefits,” Khalid added.

The business leader projected that millions of dollar will be invested in Bangladesh from India in the next five years.

“The trade volume will become double ultimately. India has huge potential in technology to collaborate with Bangladesh in knowledge sharing and exchange of business,” he said.

The bilateral trade volume of Bangladesh and India stood at US $18 billion while the export from Bangladesh is almost doubled in the last one year.