Trade has
potential to touch $ 10 billion by 2018: CII President
(A COMPREHENSIVE CII NOTE ON INDIA
–BANGLADESH TRADE AND ECONOMIC RELATIONS & ISSUES IS ATTACHED)
Indian Prime Minister Shri Narendra
Modi’s visit to Bangladesh is bound to result in big gains for both countries,
according to the Confederation of Indian Industry (CII). “CII believes that
Prime Minister Modi’s upcoming visit would mark an exciting new phase in
India-Bangladesh economic and commercial relations,” stated Mr Sumit Mazumder,
President, CII.
India Bangladesh trade has
potential to touch USD 10 billion by the year 2018. In order to reach this
target, the two countries should aim at opening new land customs stations,
harmonization and recognition of standards, pruning of negative lists, and
banking and finance cooperation, said Mr Mazumder.
“Bangladesh aims to become a
middle-income country by 2021 and India should emerge as a strong partner in
realizing this goal,” he stressed.
Infrastructure and connectivity is
the key to the bilateral investment. CII suggests that the North Eastern
states of India should be actively involved in planning and preparing transport
linkages. This would also deepen India’s Act East Policy for greater engagement
with ASEAN and East Asia, added CII.
Aggregate trade between India and
Bangladesh stands at $6.9 billion in 2014-15. However, trade is heavily in
favor of India with its exports to Bangladesh at $6.2 billion and imports at
$0.6 billion. India has accorded Bangladesh the status of zero-tariff imports
for all but 25 tariff lines. Cumulative Indian investments in Bangladesh stood
at $2.5 billion in 2012-13.
“Economic areas such as
trans-border trade, infrastructure bottlenecks, and non-tariff issues need to
be addressed to achieve full potential of bilateral trade between the two
countries” observed Mr Chandrajit Banerjee, Director General, CII. “Indian
industry can explore investment opportunities in Bangladesh across sectors such
as energy, garments, and skill development, among others” said Mr Banerjee.
New Delhi
5th June 2015