Businessmen and policymakers at an Indo-Bangla business conclave have said the lack of transportation infrastructures remains to be the main hurdle to establishing connectivity within the region. They urged private sector investors to come forward in overcoming impediments to greater connectivity. They were speaking at the ‘India-Bangladesh Business Conclave: The Way Forward’ in Dhaka Saturday. The Indian Chamber of Commerce (ICC) with the support of the Federation of the Bangladesh Chamber of Commerce and Industry (FBCCI) and the India-Bangladesh Chamber of Commerce (IBCCI) organised the function. Speaking at the conclave, Finance Minister AMA Muhith said the absence of a developed transportation infrastructure in the countries of the region acts as a major obstacle to getting benefits of regional connectivity. “Although Bangladesh’s political parties have unanimously declared the country as a transit point, we have failed to reap benefits using the opportunity,” he told the gathering. “I always say that Bangladesh is a transit country. This was the first politically unanimous decision that was taken in the country earlier. The present government also supports this concept that too was declared by the Khaleda Zia government. This is a whole-hearted political decision of the country,” he said. The business gathering was attended by Advisor to the Prime Minister Dr Mashiur Rahman, FBCCI President Abdul Matlub Ahmed, Indian High Commissioner Pankaj Saran, Director General of the ICC Dr Rajeev Sing, businessmen and connectivity experts from both Bangladesh and India. Mr Muhith said, “Infrastructure that is needed for facilitating transit is not really there. And this is the area which is receiving the greatest importance from both the private sector and the government.” “Here only the government cannot do everything. The PPP (public-private partnership) model could be a good option for upgrading the infrastructure.” “Easy means of transportation between Bhutan and Bangladesh through India is very important. So connectivity is the most important thing at this moment. You (businessmen) have to find out the best way of connectivity where both the governments can help,” Mr Muhith added. The businessmen should continue this type of conclaves in the future days for improving economic and business ties of these two neighbouring countries, the minister said. Both the governments, I am sure, are fully committed to supporting these types of promotion of businesses and investments,” he added. The Asian Development Bank (ADB)’s specialist on regional connectivity Nazrul Islam said fund crisis is the biggest challenge for the countries in this region for establishing connectivity. He hailed the recent Motor Vehicle Agreement (MVA) among Bangladesh, India, Bhutan and Nepal saying the execution of this deal will be the main challenge for the governments now. He said the proposed regional connectivity in South, South-East Asia and with other countries in Asia is aimed at giving boost to the economies of these countries. Mr Pankaj Saran said in the last few years, both India and Bangladesh prepared enough plans and announced many decisions. “Now it is time to execute those. We seek help of the private sector for implementing the decisions,” he said. About the bilateral trade, Mr Saran said a lot of trade is taking place between the two countries but now it’s high time to translate our trade into investment. He urged the Indian businessmen to invest in Bangladesh, especially in the proposed two exclusive Special Economic Zones (SEZs) for Indian investors in Bangladesh. Mr Saran urged the Bangladeshi businessmen to arrange road-shows in different parts of India to tap more investments. Dr Mashiur Rahman also urged the Indian businessmen to invest in Bangladesh. Mr Abdul Matlub Ahmed said Bangladesh has received only US$141.26 million foreign direct investment (FDI) from India in last three years. “This is very poor. The Indian businessmen should come forward to invest in Bangladesh’s potential sectors like health care, education, agro- business etc.”, he added. ICC DG Dr Rajeev Sing said the conclave was the beginning of the breaking of silence among the business people of both the countries. “I hope, this type of bilateral meetings will continue and the businessmen from both the sides will be benefited through economic and business cooperation, he added. Nearly 60 companies from India are participating at the three-day exposition of titled ‘India Investrade 2015’ at the city’s Bangabandhu International Conference Centre from August 6.
