Come forward to strengthen economic integration
Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has called for steps to boost economic integration of Bangladesh and India with other neighbouring countries in South Asia.
He has also urged the south Asian nations to come to Bangladesh to explore the untapped trade potential of the country.
The special economic zones for India in Bangladesh have created prospects for more strategic investment here and other nations should also come forward to take benefit of the value chain under the South Asian Free Trade Area, he said.
"We have invested over $70 billion to upgrade our industrial ecosystem by strengthening infrastructure, developing 100 economic zones, building high tech parks, establishing multimodal connectivity and improving trade logistics by air, roads, rail and waterways."
Moreover, tariff, non-tariff facilities and policy frameworks for ease of doing business are underway to maximise the competitive edge that Bangladesh enjoys in case of production, he said.
Fahim was addressing a virtual meeting on "South Asia Session Reimagining Neighbourhood Economic Integration" on Wednesday organised by LEADS 2020, a multi-faceted four-day global thought leadership initiative, and attended by stakeholders from 100 countries, including Bangladesh.
The trade recovery under the regional value chain initiatives can be ensured by collecting raw materials from the neighbouring countries and exporting those to other nations by utilising the advantage of competitive production in Bangladesh, he said.
Bangladesh's vibrant domestic market of 160 million, the south Asian regional market of 1.8 billion, duty and quota-free benefits for Asia Pacific Trade Agreement and to the European Union, India, China, Canada and Australia are widening the prospect under the value chain initiative, he said.
"In the next normal, cooperation between us is not limited to bilateral or regional only, but globally and beyond. Bangladesh's position in regional cooperation and beyond can serve as a conduit between East Asia, Southeast Asia, and South Asia and beyond."
Fahim further highlighted the FBCCI's exhaustive engagements in non-fiscal and fiscal policy support along with social and philanthropic initiatives.
"Since 2008, we are experiencing shining examples of a positive trend for greater engagements and cooperation in culture, trade, investment, and sports, acknowledging challenges that contradict."
"Our leaderships' shared values for their constituent's sustainable growth is a reflection of our relationship today. During Covid-19 we saw our south Asian leaderships coming together virtually with a conviction for humanity beyond borders in south Asia and beyond," he further added.
"It is time to reimagine economic integration in our region with the advent of the pandemic," said Smriti Irani, minister for textiles, women and child development of India.
"It is our shared identity that can enable economic growth through investment opportunities such as manufacturing goods economically."
"As neighbours, we can help each other to overcome any crisis," said Sangita Reddy, president of the Federation of Indian Chambers of Commerce and Industry.
"A calibrated and systematic engagement with our neighbouring countries will help us to address socio-economic constraints while ensuring economic integration for economic development."
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