The geographical location has facilitated Bangladesh to be a business hub of Asia as the country is situated almost at the centre point of South Asia, South East Asia and East Asia. The location allows the country to take advantage from cross-border movement of goods and services and flows of investment, according to the News Bulletin of the International Chamber of Commerce-Bangladesh (ICCB) issued on Tuesday. However, to transform its geographical advantage to become the regional economic hub the following three key issues have to be addressed by Bangladesh, said the editorial. The issues are a deep seaport, availability of power and setting up of industrial zones. A deep sea port is imperative to become business and transportation hub of the region, availability of power through energy cooperation between Bhutan, Nepal, India and Myanmar and economic zones are needed to facilitate foreign direct investment, said the editorial. One of the easiest ways to boost sustainable growth is promoting regional economic integration that facilitates freer movement of goods, services and investment, helping to achieve regional developmental objectives by creating jobs, it said. Since 2013, the initiative of Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC) has maintained good momentum of development with collaboration of the BCIM countries, but a lot is yet to be done, the editorial mentioned. According to experts, the BCIM Corridor is a win-win arrangement. The linkages of transport, energy, and telecommunications networks will enable the region to emerge as a thriving economic belt that will promote social development of communities along the corridor. In the backdrop of the present global economic scenario, BCIM Economic Corridor is on the top agenda of Chinese “One Belt and One Road” initiatives. The corridor is a modern version of the Silk Road and a revision of the 1999 Track II Kunming initiative between BCIM countries. Under the ‘One Belt and One Road’ Kunming Province will be connected to Kolkata in India, Mandalay in Myanmar and Dhaka and Chittagong in Bangladesh. The economic corridor is expected to benefit the four neighbouring countries as it will facilitate trade by providing greater market access due to improved connectivity. During the Dhaka visit of Indian Prime Minister Naredra Modi, a number of agreements, protocols and MoUs have been signed between Bangladesh and India.Railway and bus connectivity has already become operational between the two neighbouring countries and the motor vehicle connectivity agreements among Bangladesh, India, Nepal and Bhutan have also been signed.
