Gen (retd) VK Singh, union minister of state for development of north eastern region, external affairs and overseas Indian affairs, addresses India-Bangladesh Business Conclave at a city hotel on Sunday. sun Photo Indian state minister for external affairs Gen (retd) VK Singh urged Bangladeshi businesses to explore Modi government’s neighbourhood policy for mutual benefit in areas of business. VK Singh spoke at the inaugural function of a daylong India-Bangladesh business conclave held in Dhaka on Sunday. Indian Chamber of Commerce (ICC), Kolkata, and the India-Bangladesh Chamber of Commerce and Industry (IBCCI) jointly organised the conclave titled ‘A New Phase in Bilateral Economic Relations’ with the support from the High Commission of India. The aim of the conclave was to enhance bilateral trade particularly with northeastern states that share large international border with Bangladesh. The minister said, “Nothing will move forward if we do not find mutual benefit.” “We have a great opportunity that business community needs to explore,” he said, adding much of it was still untapped and should have been tapped. Singh, who is also the state minister independent charge of the ministry for the development of northeast region, led a strong Indian delegation that includes Meghalaya Chief Minister Mukul Sangma and Commerce and Industry Minister of Tripura Tapan Chakraborty. Other two Indian ministers also spoke about prospects of shared prosperity at the inauguration of the event where Prime Minister Sheikh Hasina’s Economic Adviser Masiur Rahman attended as the chief guest. Singh said his government was committed to ensuring Bangladesh’s prosperity. “Because your prosperity lies in the prosperity of India,” he said. He said that Prime Minister Narendra Modi also sent this message across by inviting the leaders of SAARC states in his swearing-in ceremony. “So today we have a climate, we have the political will to ensure that things progress in a manner which will be for the benefit of people of all,” Singh said. Among the SAARC countries, Bangladesh is India’s biggest trading partner and although the country enjoys duty-free access to Indian market, bilateral trade balance remains largely in favour of India. Official figures suggest that local export to India was $563.9 million in the last fiscal year against $4.5 billion imports from India. Local businessmen blame some non-tariff barriers for the widening trade imbalance in the Asia’s third largest economy. But Singh said Bangladesh’s business community has not been able to understand India’s markets, adding: “That is why you have not been able to fully exploit this duty-free access.” There is a need to understand the market and need for us to liberalise the linkages of business community in India, said the Indian minister. He also sees a combined scope of trade and investments between the two countries, especially in RMG industry. “You have very strong garment industry and finished product. If the strength of two markets combines, nobody can beat us,” he said, adding: “It needs business linkages of both countries and making use each other’s strengthens so that we can benefit mutually out of it.” His speech also ranged from regional linkages joint power generation with northeast states of India and increased the people-to-people contact. The conclave participated by businessmen of both sides discussed mostly issues on increasing connectivity, development of border trade infrastructure and removal of trade barriers. Prime Minister’s Adviser Masiur Rahman also called upon businessmen to talk openly coming out the diplomatic frame. “Cooperation needs little more than conventional diplomatic relationship,” he said. “We should be able to tell India, I don’t like this approach. India should be able to tell us we don’t like this approach. “Unless that we can’t reach that level of understanding, and mutual confidence, and the agreements signed would remain conventional document,” he said. Meghalaya Chief Minister Mukul Sangma proposed joint investment with his state giving the “rich deposit of granite and very high quality of limestone”. He also suggested organising a separate conclave focusing tourism since Shillong is best known for a tourist spot. Commerce and Industry Minister of Tripura Tapan Chakraborty put forward some proposals to the Bangladesh government to increase trade with his state. Those include full operationalise of Ashuganj port for multi-model connectivity, start Agartala-Kolkata bus service, allow use of Chittagong port for Indian goods and strengthen infrastructure at land customs stations on Bangladesh side. Urging local businessmen to be “proactive,” Indian High Commissioner in Dhaka Pankaj Saran suggested organising road shows, sending business delegation to India’s different states to understand the market and create linkages with the businessmen. Indian Chamber President Roopen Roy also acknowledged that both sides have great possibility of growing each other.
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