Bangladesh-Bhutan-India-Nepal Investment Forum, a new platform of regional investors, formally started its journey in Dhaka on Saturday to accelerate cross-border investments for more economic integration in South Asia. The aim of the forum is that the member nations will be more benefited with the free flow of cross-border investment and it would help squeeze widening trade gap between regional big economy India and other small nations, members of the platform said.“The forum is to get regional investors under one umbrella and its membership will only be limited to investors. It will not be like other business chambers,” said Matlub Ahmad, president of the Federation of Bangladesh Chambers of Commerce and Industry. He further said the participation in the forum will be voluntary. It will be informal in character. The FDI plays the key role in economic development of any nation, technology transfer, job creation and forex earning, he said, adding that Bangladesh is now in a good position in terms of macro economy, availability of investment capital and political ties with India for cross-border investment. He said the country still lags behind in skill and technical know-how which could be removed if Indian investments to Bangladesh or Bangladeshi investment to India take place. Local businessmen, however, were not in favour of cent percent FDI. Instead, they supported joint investments so that all regional investors are justly benefited. Investors present at the launch of the forum, mostly from India and Bangladesh, think that such investment could help narrow trade gap between the two countries and also help Bangladesh diversify its export basket. Primarily, the forum was to be launched as Bangladesh-India Investment Forum, but later businessmen decided to give it a regional look with the inclusion of Nepal and Bhutan. But for doing so, aspirant investors said problems of cross-border transfer of capital, tariff and non-tariff barriers should be removed. Speaking on the occasion, Indian High Commissioner Pankaj Saran commented, “This forum marks an evolution in an economic relationship between our two countries.” He said Bangladesh has been speaking of widening trade gap with India for a long time, but the problem can be solved through allowing Indian investment to Bangladesh and again re-export products to India. Setting an example that Indian policymakers feared for a long time that FDI would harm local industries which has taken an opposite turn recently, he also called for changing the traditional mindset of local policymakers. Addressing the function, Economic Adviser to the Prime Minister Mashiur Rahman also supported removal of “manmade” trade or investment barriers. Sushil Kumar Lamsal, Deputy Chief of Mission at the Embassy of Nepal in Dhaka, first FBCCI vice-president Shafiul Islam Mohiuddin, businessmen of Bangladesh and India also spoke on the occasion.
