India pruning negative list
India is pruning more products off its negative list to make overseas trade easier, said the country's high commissioner to Bangladesh yesterday.
Pinak Ranjan Chakravarty said now the number of products on the negative list is 400, which were 700 a few years ago.
The envoy called upon both the Bangladeshi and Indian businessmen to come up with joint venture investment to increase bilateral and regional trade.
He was speaking at the inaugural ceremony of the fourth 'Buyer-Seller Meet cum Exhibition' of Indian footwear components and accessories at Bangabandhu International Conference Centre in Dhaka.
India, the second largest footwear products maker in the world, manufactures footwear and accessories worth $7 billion a year of which products worth $3.6 billion are exported.
Chakravarty suggested that the Bangladeshi businessmen and entrepreneurs hold seminars, organise road shows and conferences abroad to attract more foreign investors.
Council for Leather Exports India and Indian Footwear Components Manufacturers' Association organised the two-day exhibition, participated by 23 Indian footwear companies.
Saiful Islam, president of Leather goods and Footwear Manufacturers and Exporters Association of Bangladesh, said a process is underway to set up a joint venture of footwear accessories in the country.
He said Bangladesh started exporting footwear in 1990 when there was only one exporter, but now 70 companies export shoes with an average 30 percent export growth over the last few years.
"The total annual turnover will be half a billion dollar if we can use 60 percent raw materials from the local market," he said.
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