BBIN economic zone will be in Panchagarh

The proposed BBIN economic zone would be set up at Panchagarh district to promote trade and economic development in the bordering areas of four neighbouring countries, under the new sub-regional cooperation, said FBCCI President Abdul Matlub Ahmad.

The Panchagarh district in Bangladesh is the right place to establish the proposed BBIN economic zone for its proximity to the four BBIN (Bangladesh, Bhutan, India and Nepal) nations, said Ahmad at a press meet held at the Federation of Bangladesh Chambers of Commerce and Industry headquarters in Dhaka yesterday. “Three other nations might have their own choice for other places. But Panchagarh is the right place for the zone.”

The entrepreneurs of all four countries will be allowed to invest in the BBIN economic zone, while the people of the participating countries would be eligible for the jobs in the zone, he said.

The agreement, which was signed by Bangladesh, Bhutan, India and Nepal in June last year, allows the free movement of people under the sub-regional arrangement.

The BBIN would come into effect once Bhutan ratifies the agreement in its parliament; the other three nations have already done so.

Before 1947, Bangladesh and its northern districts, especially Panchagarh, was the business corridor among the current BBIN nations.

“We want to revive the business corridor again for the development of the four nations,” said Ahmad.

With the revival of the corridor, the agro product business, tourism and other trade will flourish, he added.

Nepal has already proposed Bangladesh to allow local entrepreneurs to set up garment factories in the Himalayan nation under the BBIN, he said.

As a least-developed country, Nepal also enjoys duty privileges on its exports. “So, the garment entrepreneurs can set up their units in Nepal.”

Ahmad also urged the Indian government to withdraw the visa restrictions for Bangladeshi nationals.

In case of journey by road, India stipulates that visitors enter and leave the country through the same land port. He suggests withdrawing this clause.

Regarding the transit fee between Bangladesh and India, Ahmad said Tk 192 for a tonne of goods as the transit fee has been fixed after negotiations between the two governments.

“So, the fee amount is fair. However, it is the starting fee, meaning the amount would be increased in future.”

A business delegation from Bangladesh is due to attend a seminar and expo of BBIN nations in Kolkata and Siliguri between July 14 and 17 to discuss removal of non-tariff trade barriers among members of the sub-regional group.

Companies from four nations will display their products and services at 60 stalls in the expo in Siliguri in India between July 15 and 17, he said.

Textiles, dairy, leather and leather goods, automobiles, chemicals, and electrical companies will participate in the expo, he added.

The FBCCI chief also urged the central bank to instruct different private and public commercial banks to keep their branches open on July 2, 3 and 4 to facilitate the transaction of money ahead of Eid.

“If the banks are not open during such an important time for businesses, when billions of taka are transacted, there is a chance of looting,” he added.