00:08 GMT31 October 2020
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    India, Bangladesh Working on Dismantling Trade Barriers – Bangladeshi Envoy

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    Bangladesh, recently elevated to the category of "developing country," has exhibited immense interest in attracting Indian investments to its three Special Economic Zones while seeking New Delhi's support in energy cooperation.

    New Delhi (Sputnik) – Bangladesh's High Commissioner to India Syed Muazzem Ali today said that India and Bangladesh are working on dismantling non-tariff and para-tariff barriers in order to bolster bilateral ties and ensure ample investments by India is Bangladesh's fledgling special economic zones.

    READ MORE: Bangladesh Urges India to Mount Pressure on Myanmar Regarding Rohingya Crisis

    "We seek substantial investment from Indian investors in three special economic zones of Mongla, Bheremara and Mirsarai in Bangladesh to broaden our exportable base," Bangladesh High Commissioner Syed Muazzem Ali said.

    Syed Muazzem Ali was addressing a seminar titled "Bangladesh's Graduation from LDC: New Frontiers and Horizons for India-Bangladesh Economic Engagement" jointly organized by the Bangladesh High Commission and India's apex industry body FICCI (Federation of Indian Chambers of Commerce and Industry) in New Delhi.

    The Bangladeshi envoy said that New Delhi and Dhaka could renew engagements in the light of Bangladesh's graduation from LDC (Less Developed Category) and India's emergence as a global power with strong economic growth.

    "We (India and Bangladesh) could engage in a series of buy-back projects similar to those between USA and Canada," Syed Muazzem Ali added.

    He noted that Bangladesh-India bilateral ties could act as a catalyst to strengthen regional and sub-regional cooperation and integration.

    Bangladesh is currently celebrating its classification as a developing country after it recently graduated from the "Least Developed Category" of the United Nations Committee for Development Policy.

    READ MORE: India Gifts Mi-4, Battle Tanks to Bangladesh as Part of 1971 War Memorabilia

    Abul Kalam Azad, Principal Coordinator (SDG Affairs), Prime Minister's Office, Bangladesh, who is visiting India to boost bilateral ties in view of the elevation of Bangladesh's status underscored the need for the country to engage more actively with regional powers.

     "The way forward for Bangladesh following its graduation from LDC would be to increase investment in human development, overcome infrastructure gap, invest in quality education and research, adopt innovation and digitalization, enhance north-south, south-south, triangular cooperation and diversify export," Abul Kalam Azad, Principal Coordinator (SDG Affairs), Prime Minister's Office, Bangladesh said.

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    Tags:
    bilateral cooperation, economic benefits, buy backs, regional cooperation, developed countries, trade, India, Bangladesh
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