Tremendous potential exists to enhance cooperation between India and Bangladesh: Salman Rehman, Bangladesh

With bilateral trade having grown by as much as 6-7 times in the last few years, there is tremendous scope to build on our strong ties to take trade and investment between our two countries to a new level. Indian business should come forward and invest in Bangladesh so that together we can improve the lot of our people. This was stated by H E Salman F Rahman MP, Private Industry, and Investment Adviser to the Prime Minister of Bangladesh (Cabinet Minister) and Co-founder & Vice Chairman, BEXIMCO Group (Bangladesh).

Elaborating further on the subject, he said that both India and Bangladesh enjoy a close relationship which has been strengthened with the opening of transit facilities between the two countries. Bangladesh has invested in infrastructure in a big way by improving rail, road and river connectivity which can be exploited for mutual benefit. India is also building an LPG pipeline to Bangladesh through the Northeast which would bring LPG to Bangladesh. Besides, integration of logistics is also happening which would enhance the scope for trade. India has given lines of credit through which Indian companies are undertaking exports to Bangladesh. Tourism is another opportunity which can be explored by Indian companies. Tripartite collaboration could be explored between India, Bangladesh and Nepal in hydropower. 

According to Mr Rahman, Bangladesh has witnessed spectacular economic growth since the new government assumed office with GDP growing by 12 times between 2006 and now. Similarly, the per capita income has witnessed phenomenal growth.  It has done well on other development indicators as well. Poverty has reduced significantly with 30 million people being lifted out of poverty and severe poverty has declined. Further, there is near universal access to drinking water, sanitation, literacy etc. Besides, every household has an electricity connection which in turn has generated a market for electric goods resulting in investments in the sector. Political stability and zero tolerance for terrorism has been among the major reasons for the economic uplift and success of Bangladesh, he added.

Mr Rahman averred that agriculture has been a big success story with the country, which is densely populated, now being self-sufficient in foodgrains. There is considerable scope for collaboration between India and Bangladesh in this area.

Digitisation is another inspirational story with optic fibre connectivity having been established at the village level. Bangladesh is also doing well in IT sector which provides scope for the two countries to collaborate. 

Mr. R Dinesh, President, CII spoke of strong cultural bonds at the bilateral level. He alluded to four suggestions for strengthening the business ties. This included conduct of digitally evolved business to reduce the cost of doing business; utilisation of    infrastructure, especially digital solutions for logistics; using the data base of the two countries for responsible use of AI and exploring tripartite collaboration with a third country in areas of comparative advantage.

Mr Chandrajit Banerjee, Director General, CII stated that CII looks forward to collaboration with Bangladesh in areas such as auto, pharma, blue economy, among others to take the relationship to a new level.

7 December 2023

New Delhi