Two ‘border haats’ would be set up along the Indo-Bangla border in Meghalaya while eight such ‘haats’ would be established along Tripura’s border with Bangladesh, senior officials and traders said at a summit on India-Bangladesh trade.

‘The first ‘border haat’ is expected to be opened in the next two months along the Meghalaya border in West Garo Hills,’ said India-Bangladesh Chamber of Commerce and Industry (IBCCI) president Abdul Matlub Ahmad.

Addressing the summit, Tripura Chief Minister Manik Sarkar said: ‘Northeast India with a population of 43 million and market size of about $20 billion offers an attractive opportunity to Bangladesh.

‘Northeast India has rich natural resources like various horticultural and plantation crops, including rubber, which could be of interest to Bangladesh,’ he said.

The commodities to be traded in these ‘haats’ would include locally produced agriculture and horticulture products, spices, minor forest products excluding timber, fresh and dry fish, dairy, fishery and poultry products, products of cottage industries, wooden furniture and cane products, handloom and handicraft items besides materials useful for farmers.

The ‘haats’ would operate within 1.5 km radius of both sides of the border under close supervision of the border guards and customs officials of both the countries.

These ‘border haats,’ which came to a halt post-partition, resumed after a few years and stopped again after the 1971 Bangladesh liberation war.

Four northeastern states – Tripura, Meghalaya, Mizoram and Assam – share a 1,880 km border with Bangladesh, while India and Bhutan share a 643 km unfenced border.

The Tripura chief minister said that at present Bangladesh has a larger volume of trade with China as compared to India.

‘There is no reason why India cannot become the largest trading partner of Bangladesh, if the process of cooperation under SAFTA (South Asian Free Trade Agreement) is further intensified and all the barriers to trade and investment are removed,’ he said.

‘Most important cities of Bangladesh, including Dhaka, Chittagong, Sylhet and Comilla, are within 15 km of the northeast borders and towns,’ he stated.

The summit was organised by the Rajasthan-based Consumer Unity and Trust Society (CUTS) to boost and highlight the opportunities of increasing trade between India and Bangladesh focusing the northeast.

Stressing the urgent need to establish air connectivity between Bangladesh and the northeastern states of India, Sarkar said: ‘The ‘Maitree’ Express train service which runs between Kolkata and Dhaka should also be extended upto Akhaurah railway station near Agartala.’

Speaking about Tripura, he said that with a population of about 3.5 million, the state is also ‘a fairly large market of the size of about $2 billion’.

‘If the union government agrees, Tripura can supply power to Bangladesh from its upcoming two mega power projects (740 MW in south Tripura and 104 MW in west Tripura), which would start generating power within the next few years.’

The official trade between Tripura and Bangladesh has increased more than three times in the last three years and was about Rs.150 crore during the last fiscal (2009-10).

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Chinese Vice Minister for Commerce Chen Jiang and Economic Relations Division Secretary Musharraf Hossain Bhuiyan signed the deal on behalf of their respective governments.

The deal was signed following an hour-long official talk between Prime Minister Sheikh Hasina and visiting Chinese Vice President Xi Jinpeng at the PM??s office in Dhaka Monday afternoon.

The two leaders held “fruitful discussions” about cooperation on trade, commerce, investment, education, culture and defense, Bangladesh Foreign Minister Dipu Moni told reporters after the talks.

Xi Jinpeng arrived in Dhaka Monday on a two-day official visit to Bangladesh visit aiming to strengthen bilateral relations between the two countries.

Xi Jinping, also a member of the standing committee of the Communist Party of China, is scheduled to leave Dhaka Tuesday afternoon. He will also visit Laos, New Zealand and Australia on a series of trips scheduled through June 24

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The country??s overall trade deficit fell to $3.929 billion between July 2009 and March of this year from $4.062 billion during the same period the previous year, according to central bank statistics.

??Lower food grain imports as well as lower prices of essential items in the international market have contributed to reducing the trade gap during the period under review,?? a senior official of the Bangladesh Bank, the country??s central bank, told Media.

He also said the decline in the trade deficit may not continue in the coming months because of rising prices of commodities in the international market as major economies show signs of recovery.

During the period, export earnings stood at $15.485 billion against imports of $11.556 billion, the banks’s data showed.

Central bank officials said food imports continued to decline as the country has built enough stock of rice, the main food item, after record production of “Boro” and “Aman” crops in the last three consecutive years.

During the period, import of food grains dropped by 12.55 percent to $620.45 million against $709.51 million in the corresponding period in the previous fiscal.

The officials, however, said food grain imports, particularly rice, have been increasing since April.

Food grain importation stood higher at 2.976 million tons during the July-April period of this fiscal compared to 2.649 million tons in the same period last yea

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DHAKA (Reuters) – Bangladesh will persuade China to use Chittagong port as a commercial outlet for its southern Yunnan province, Foreign Minister Dipu Moni said on Sunday.

The Bangladesh stance was announced nearly three months after Bangladesh had agreed to allow India, Nepal and Bhutan to use its two sea ports mainly Chittagong port.

“It will be a great achievement if China agrees to use our Chittagong port, which we want to develop into a regional commercial hub by building a deep seaport in the Bay of Bengal,” she told a news conference.

The offer for Chittagong port to Beijing will be discussed when Bangladesh Prime Minister Sheikh Hasina visits China from Wednesday on a five-day itinerary, Moni said.

The impoverished south Asian country has taken plans to build an $8.7 billion deep-sea port in three phases to raise bulk cargo handling capacity to 100 million tonnes and container handling to 3.0 million twenty-feet equivalent unit (TEU) containers annually by 2055.

Presently the port handles 30.5 million tonnes of bulk cargo and 1.1 million TEUs annually.

Port officials said when built the port would serve Nepal, Bhutan, southern China, Myanmar and the northeastern region of India.

To use Chittagong port China will need a road or railway link or both between Kunming, the capital of southern Yunnan province with Chittagong via Myanmar, Moni said.

Myanmar last year had agreed to expand a planned road project with Bangladesh to link up with China in a tri-nation network, another foreign ministry official said.?

Bangladesh and Myanmar signed a deal in July 2007 to construct a 25 km (16 mile) road to connect the two countries and construction will begin soon, officials at the Communication Ministry said.

The road project between Myanmar and Bangladesh is nearing completion, a senior foreign ministry official said on Sunday.

Chinese investment for Bangladesh’s energy and IT sectors, boosting trade and seeking assistance for building a $9 billion deep seaport and a $2.5 billion river bridge will be on top of Hasina’s agenda.

China is Bangladesh’s biggest trade partner with annual turnover worth more than $4 billion — with the balance heavily in Beijing’s favour.

If they agreed with our offer i think that bangladesh can use the port properly & also can have a lots of posibilities of foriegn exchange & trade.

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On his arrival here(Tripura) on Tuesday, Barua said he was keen to build on bilateral relations following Bangladeshi Prime Minister Sheikh Hasina??s visit to India last month.

?Prime Minister Sheikh Hasina visited India last month and discussed with the Indian Prime Minister, improvement of bilateral relations and increasing trade and industry between the two nations. We believe that it shall be implemented for the betterment of both countries. We shall aim to work together for a better developed Bangladesh and India,? said Barua.

Tripura??s Industry and Commerce Minister, Jitendra Choudhury, met Barua at the Akhawra Immigration Centre on the India-Bangladesh border.

Barua is scheduled to hold a meeting with the Chief Minister of Tripura, Manik Sarkar, and officials from the Tripura Chamber of Commerce today to discuss the possibility of Bangladesh??s investment in the state.

Barua will also attend the 20th Tripura Industry and Commerce Fair.

Bangladesh annually imports about two billion dollars worth of products from India, and earns nearly 400 million dollars from exports.

India is Bangladesh??s largest trading partner in terms of imports and exports

Dilip Barua
Dilip Barua is a Bangladeshi politician. He’s the general secretary of the Bangladesher Samyabadi Dal (Marksbadi-Leninbadi) (‘Communist Party of Bangladesh (Marxist-Leninist)’).[1] In January 2009, Barua was named Minister of Industries in the cabinet of Sheikh Hasina.[2] ndustries

He was born on February 28 in 1949. He completed his BSc (honours) in Physics, MSc from the Dhaka University. He obtained MA, Diploma in Journalism and LLB from the same university.

He was a leader of the East Pakistan Students Union from 1966-1970. He was a member of the Communist Party since 1969 and elected member of the Dhaka City Committee of the Party in 1972. He was the President of the Jubo Federation during 1977-1979.

Dilip is one of the architects of 14-party alliance. He played a vital role in formulation of 31-point reforms of caretaker government and 23-points programs.

During his long political career, he was imprisoned in 1969 as the student leader, in 1983 as a member of the Political Bureau. He led underground life for several times due to Political reasons

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It said Matrade organised the participation of 16 companies at the Malaysia Product and Services Exhibition from Aug 7 to 9 with the objective of supporting Malaysian exporters in the promotion of their products and services in Bangladesh.

The sectors that participated at the exhibition included Malaysian food and beverages, electrical and electronic products, plastic products, medical and healthcare services, professional services and education, it said in a statement on Friday.

Concurrently in Dhaka, Matrade also led a delegation of eight Malaysian companies on a Specialised Marketing Mission to promote automotive products and services to Bangladesh from Aug 6 to 9.

Members of the mission had the opportunity to directly discuss business with pre-screened quality buyers during the Individual Business Meeting sessions, officiated by Malaysian High Commissioner to Bangladesh Jamaluddin Sabeh.

The two day business meetings, held from Aug 7 to 8, resulted in immediate sales worth RM107,547 and potential sales of RM1.6 million from the 45 business meetings arranged, Matrade said.

Malaysian products on demand during the programme included automotive lighting, windscreen glasses, motorcycle rims and spoke, gasket and spare parts as well as engine lubricants.

“Despite the economic slowdown facing the world today, we can see from the outcome of Matrade trade promotion programmes that there are still pockets of opportunities for Malaysian exporters to exploit,” Matrade chief executive officer Datuk Noharuddin Nordin said in the statement.

To succeed, Malaysian companies must be committed to maintain their visibility in the marketplace while actively searching for untapped opportunities overseas, he added.

He also urged Malaysian companies to take advantage of the export assistance provided by Matrade which could help cushion the impact from softened demand during these difficult times.

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Chairman of the India-Bangladesh Chamber of Commerce & Industry (IBCCI), Abdul Matlub Ahmad, said the Bangladesh government headed by Sheikh Hasian has agreed to open up the Chittagong port and allow transhipment of goods from the port by using Bangladesh transport.

“All logistical support for carrying goods in containers in Bangladeshi soil after its release from the port will be given by the people of our country as a result of which they will earn money ,” he told reporters here.

He said when India is pressing for transit through Bangladesh, the latter is eyeing enhancing trade and commerce with India which guards the neighbouring country from sides.

A business delegation on Saturday met the state minister for Industry and Commerce Jiten Chowdhury and attended the third meeting of the Indo-Bangla task force headed by Tripura Chief Secretary Sudhir Sharma.

Sharma said that India has demanded that Ashuganj river port, about 32 km from here, be declared as a port of call.

A joint delegation of India and Bangladesh with representatives from Tripura would visit the port within few months, he said.

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Bangladesh is now trying to establish itself as the next rising star in South Asia for foreign investment. The government has implemented a number of policy reforms designed to create a more open and competitive climate for private investment, both foreign and local.

The country has a genuinely democratic system of government and enjoys political stability seen as a sine qua non for ensuring a favorable climate for investment and sustained development.

Bangladesh has been quick to undertake major restructuring for establishing a market economy, with the major thrust coming from the private sector. The country enjoys modest but steady economic growth. Its current development strategy is based on the premise that the creation and distribution of wealth occurs through the acceleration of growth driven by competitive market forces, with the government facilitating growth and making a clean break from the practices of a controlled economy where private investment is constrained. The government has been gradually withdrawing its involvement in this industrial and infrastructure sectors and promoting private sector participation.

The government has moved speedily to translate its policy pronouncements into specific reforms. It has been consistently pursuing an open-door investment policy and playing a catalytic rather than a regulatory role.

Regulatory controls and constrains have been reduced to a minimum. The government has steadily liberalized its trade regime. Significant progress has been achieved in reducing non-tariff restrictions on trade, rationalizing tariff rates and improving export incentives. The introduction of VAT has helped rationalization of the import tariff and domestic tax structures. The tariff structure and the import policy are kept under constant review to identify areas where further improvements are called for.

Motivated by the simple realization that state-owned enterprises are a drain on its scarce resources and that these are generally inefficient, very costly and slow in responding to changing markets and consumer desires, the country has embarked on a privatization program, offering substantial opportunities for international investors.

Foreign investment is particularly welcome in the export-oriented industries such as textiles, leather goods, electronic products and components, chemicals and petrochemicals, agro-based industries, green jute pulp, paper, rayon products, frozen foods (dominated by shrimp farming), tourism, agriculture, light industries, software and data processing.

Foreign investment is also desired in high technology products that will help import substitution or industries that will be labor as well as technology intensive.

Some of the foreign private investment opportunities are:

The country’s drive for foreign investment is being spearheaded by the Board of Investment, which was created to facilitate the setting up of manufacturing and other industries in the private sector, both local and foreign. It is a promotional organization dedicated towards providing investment assistance to all investors.

The Board is headed by the country’s Prime Minister and it includes Ministers and Secretaries from the concerned ministries as well as representatives from the private sector.
The Board has launched an investment promotion drive at home and abroad to attract investors. The BOI has been assisting in the implementation of new projects as well as providing services.

In order to stimulate rapid economic growth of the country, particularly through industrialization, the government has adopted an ‘Open Door Policy’ to attract foreign investment to Bangladesh. The Bangladesh Export Processing Zones Authority (BEPZA) is the official organ of the government to promote, attract and facilitate foreign investment in the Export Processing Zones.

Bangladesh is on the verge of a significant breakthrough in terms both of international investor confidence and significant inflow of new investment funds.

Board of Investment (BOI)

Focal Points of BOI

Foreign Investment Statistics

Investor Registration with BOI

Bangladesh Export Processing Zones Authority (BEPZA)

Incentives and Facilities of EPZ

Registrar of Joint Stock Companies and Firms

Privatization Commission

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI)

Karnaphuli EPZ

Investment Consultantncy explore@explorexdark.com

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“We’ve bought the US dollar from the PCBs to help the banks comply with the net open position (NOP) rules for holding the foreign currency fund properly,” said a senior official of the Bangladesh Bank (BB),?

On Monday last, the central bank similarly purchased $3.50 million from a foreign commercial bank on the same ground, To keep the market steady BB started the intervention in the market by buying the US currency directly from the commercial banks on January 15, 2009 to keep the market steady.Since then, the BB has bought $224.20 million from commercial banks

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In recent years, the United States has concluded many TIFA’s, including with the Central Asian countries (Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan), Thailand, Brunei, Saudi Arabia, Algeria, Bahrain, Malaysia, Qatar, United Arab Emirates, Kuwait, Yemen, Pakistan, Afghanistan, Mongolia, Indonesia, Philippines, Sri Lanka, Tunisia, Turkey, Nigeria, Ghana, South Africa, West African Economic and Monetary Union, Common Market for Eastern and Southern Africa (COMESA), and Oman.

TIFA is a trade impact, which establishes a framework for expanding trade and resolving outstanding disputes between countries. TIFA is often seen as an important step towards establishing Free Trade Agreements.

Review report is going to positive action to sign the TIFA agreement with US

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