Bangladesh-India JV can benefit both nations in COVID-19 crisis: FBCCI

Bangladesh Sangbad Sangstha . Dhaka | Published: 23:17, Jun 23,2020


President of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Sheikh Fazle Fahim said that job creation and investments through Bangladesh-India joint venture was the best way to benefit both the nations to stimulate the economy in COVID-19 realities.

‘At this juncture, our bilateral trade stands at about $9 billion,’ he said while addressing a webinar titled ‘India-Bangladesh Trade and Investment: Stakeholders Interaction’ organised by Federation of Indian Chambers of Commerce and Industries (FICCI) on Monday.

High commissioner of India in Bangladesh Riva Ganguly Das was present as the key note speaker at the webinar.

Fahim said that exploring and executing out of the box initiatives for light engineering, a value chain initiative with raw materials from India and produced in Bangladesh, would be another complimentary initiative in a long list of humane cooperation between the two nations.

If revised provision on deferred payments is worked out, it will assist greater export of backward linkage products from India to Bangladesh and exports to India and beyond through bilateral value chain initiatives targeted towards global markets, he said.

The FBCCI chief requested Indian stakeholders to consider extending the deferred LC payment facilities from Indian banks for 240 days from the bill of lading for Bangladeshi business purchases.

Riva said, ‘Indian railway and Bangladesh railways are working together which shows how committed they are to provide smooth logistics.’

She also said that India was dedicated to take the regional cooperation forward.

She praised several other speakers’ ideas on remote deduction of duty on passenger and commercial vehicles.

President of the India-Bangladesh Chamber of Commerce and Industry (IBCCI) Abdul Matlub Ahmad, among others, also participated in the webinar.

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