President Dr Iajuddin Ahmed is scheduled to announce the launch of India Bangladesh Chamber of Commerce and Industry (IBCCI) at a function in Dhaka. Finance and Planning Adviser Dr Mirza Azizul Islam and Indian High Commissioner to Bangladesh Pinak Ranjan Chakravarty, among others, are also expected to attend the ceremony.

The joint chamber will bridge the gap between the businesses of the two countries, said Abdul Matlub Ahmed, president of the newly formed IBCCI, at a press conference organised in the capital yesterday to announce the formation of the chamber.

He said the chamber will brainstorm ways of eliminating tariff and non-tariff barriers, which are hindering the growth of trade between the two nations.

"We have already found that attracting Indian investment Bangladesh and duty-free access of Bangladeshi products to India are important to reduce the huge trade gap between the countries," Matlub said.

He also said 10 items have been selected including readymade garment, knitwear, melamine, sheet glass, pharmaceuticals, leather and leather products, and ceramics for which local businesses will seek duty-free access to Indian market.

"If we get duty-free access of these goods, our exports to India will reach US$1 billion within the next three years," the IBCCI president anticipated.

He said during April 2006 to February 2007, Bangladesh imported products worth $150 crore from India while its exports stood at only $20.50 crore.

The chamber will also work for setting up new land ports, river ports and border markets, and exchanging business delegations between the two countries, Matlub said, adding that transforming informal trade into formal trade is also a major objective of the IBCCI.

Replying to a query, Manzer Hussain, senior vice president of the IBCCI, said Indian conglomerate Tata is still waiting for Bangladesh government response to its $3 billion investment plan.

"We are also waiting for the announcement of the coal policy by the Bangladesh government," said Manzer who is also the resident director of Tata Group in Dhaka.

Among others, BK Bajoria, director of Federation of Indian Chambers of Commerce and Industry, and Dewan Sultan Ahmed, director of the IBCCI and vice president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), spoke at the press conference.