Trust building to boost Indo-Bangla trade: Muhith

Neighbouring countries need to develop mutual trust and confidence to boost regional prosperity and their own trade and investment, said the finance minister yesterday.
Now trade relations are incomplete without investments from neighbouring countries, and so they have to develop mutual trust and confidence, said AMA Muhith.
“At the same time, economies of neighbouring countries like India and Bangladesh must be integrated,” he added.
He was speaking at the inaugural ceremony of the first-ever Bangladesh-India joint trade show -- India Trade Fair -- organised by India Bangladesh Chamber of Commerce and Industry (IBCCI) at Dhaka Sheraton Hotel.
IBCCI is organising the exposition with support from Indian High Commission in Dhaka and Indian Chamber of Commerce.
The finance minister said the geographical proximity of Bangladesh and India should be utilised further to increase investments from both sides.
“We bring 20 percent of our total imports from India, while the export volume is only three percent,” he said. "This should change."
Commerce Minister Faruk Khan urged India to remove within the next six months the barriers that hinder local products from entering the neighbour's market.
Dr DD Lapang, chief minister of Meghalaya, said the geographical proximity of Bangladesh and northeast India should be utilised in increasing cross-border trade and investments.
“We (the northeastern states of India) are very close to Bangladesh, and our lifestyle is homogeneous. So the sense of our brotherhood can enhance our mutual benefit further,” he said.
“Mistrust is the main problem between the two countries, which can be eliminated by joint efforts of the two governments,” he said.
Abdul Matlub Ahmad, president of IBCCI, said the main objective of the three-day show is to increase trade and investment between the two countries.
“We hope the fair will help us achieve our target of exporting goods worth $1 billion to India by 2011. Also, we are optimistic about attracting 100 joint ventures into the country in the next three years,” he added.
Dilip Barua, industries minister, and Rajeet Mitter, Indian high commissioner to Bangladesh, also spoke at the ceremony.
On the sidelines of the show, a seminar -- Bangladesh-North East India Trade and Investment Conclave -- stressed the need for finding out problems and solutions, so the trade relations between the northeastern states of India and Bangladesh improve further.
“Regional cooperation is no longer a choice for any South Asian country, rather it comes as a means of boosting one's own economy,” said Mukul Sangma, deputy chief minister of Meghalaya.
“Neighbouring countries, especially India and Bangladesh, should take the opportunity of their regional closeness and homogeneous lifestyle to attract investments from each other,” he said.
Sangma also said Bangladesh can import electricity from Meghalaya and Tripura.
He stressed improving communication system through land and river between the two countries.
Praduyut Bordoloi, industries and power minister of Assam, and Mahesh Saharia, chairman of North East Initiative of Indian Chamber of Commerce, also spoke at the conclave.
A total of 54 companies from the two countries are showcasing products and services, including automobile, cement, women wears, footwear, paints, plastic goods, handicrafts, healthcare, tourism and banking, at the fair.
The show will remain open from 10am to 8pm with an entry fee of Tk 20 per person.