Business leaders from Bangladesh and India have stressed the need for joint initiatives to reduce the nearly $10 billion trade deficit by increasing the entry of Bangladeshi products into the Indian market, removing trade barriers, and expanding investment in new sectors.
The call was made during a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and a delegation from the Confederation of Indian Industry (CII) held in Dhaka on Tuesday.
CII Director General Chandrajit Banerjee noted that there is significant market potential for Bangladeshi goods in various Indian states. He highlighted that these opportunities could be capitalised upon by enhancing communication between the private sectors of both countries.
Chandrajit added that a primary goal of the visit is to strengthen B2B relations and identify new areas for bilateral trade expansion.
FBCCI Administrator Md Fazlul Haque said the proposals put forward by the CII could play a crucial role in boosting bilateral investment and trade. Discussions also focused on the removal of existing non-tariff barriers.
Haque emphasised that the objective of business leaders should be the expansion of economic relations while keeping political matters separate, urging entrepreneurs from both sides to work together to mitigate the trade gap.
During the meeting, the CII proposed the formation of two B2B task forces to enhance cooperation in infrastructure investment and future technology sectors.
One task force will focus on infrastructure investment and financing, while the other will work on emerging sectors such as semiconductors, artificial intelligence, renewable energy, battery storage, data centres, and solar manufacturing.
Vinayak Chatterjee, founder of the Infravision Foundation, observed that the new generation of entrepreneurs is increasingly interested in investing in technology-based potential sectors beyond traditional industries.
Former FBCCI president and Minister for Environment, Forest and Climate Change, Abdul Awal Mintoo, said entrepreneurs are best positioned to understand the actual problems of business.
He suggested that the government could take necessary measures if specific proposals are submitted through organisations such as the FBCCI and CII.
Mintoo also called for initiatives to identify and resolve existing barriers through continuous dialogue between the business communities of the two countries.
