Proposal to Form Two Task Forces to Further Strengthen Trade and Investment Ties with India

❐ Staff Reporter

The Confederation of Indian Industry (CII) has proposed the formation of two joint business task forces on digital transformation and infrastructure investment and financing to further strengthen trade and investment relations between Bangladesh and India.

The two proposed task forces will mainly work on digital transformation and infrastructure financing.

In addition, Indian investors have emphasized on making the goods unloading process faster and more efficient at border land ports, including Benapole.

Commerce Minister Khandaker Abdul Muktadir confirmed this information to reporters after a bilateral meeting with a CII delegation at the Commerce Ministry on Tuesday.

The Commerce Minister said that Indian businessmen engaged in Bangladesh have highlighted some of the existing complications in bringing and receiving raw materials across the border. Especially if the movement and unloading process of goods at Benapole Port is accelerated, both transportation costs and time will be significantly reduced, which will give a positive impetus to the overall commercial activities of the two countries.

Citing increasing the capacity of land ports as the main condition for border trade, he said that if the speed increases, the interest of traders will also increase manifold.

The first of the ‘Business-to-Business’ task forces presented by the delegation will work on leveraging India’s technological experience and support for Bangladesh’s digital transformation.

The other task force will identify new areas for Indian investment and capital flows in Bangladesh’s infrastructure sector.

The minister said that this proposal will be finalized after discussing it with the country’s top business organization, FBCCI.

The Commerce Minister welcomed the initiative and said that to transform Bangladesh into a trillion-dollar emerging economy, huge foreign investment is needed in new railways, highways, deep sea ports, energy and LNG sectors.

If Indian entrepreneurs want to invest in these mega projects in line with the country’s national interests and economic gains, the government will welcome them wholeheartedly.