The annual trade volume between Bangladesh and neighboring country India has almost doubled in the past year, and it is about to cross $2 billion by the end of 2022. Due to the growing demand for Bangladeshi products in India, the trade between these two countries has increased 94 percent since last year.
India wants to take initiatives to strengthen the bilateral trade with Bangladesh, said H.E Vikram K Doraiswami, High Commissioner of India, during a visit with FBCCI President Md Jashim Uddin in the capital on January 18, 2022. Doraiswami also wishes to set up a CEO forum between the two countries where chief executives of top India-Bangladesh companies could play a vital role in resolving bilateral trade issues.
India wants to expand trade and investment relations with Bangladesh in the fields of logistics, food processing, vehicles, and garments. During the meeting, the FBCCI President Md Jashim Uddin urged to improve the infrastructure on the Indian side of land ports so the products could be exported from Bangladesh without any disruption. He also added that the apex trade body is working to submit a 12-year plan to the government for the growth of the logistics industry.
Responding to that, H.E Vikram K Doraiswami then assured that a new gate would be opened soon at Petrapol land port to simplify the truck movement. He also informed that necessary development work for land ports would be conducted with the highest priority. In the matter of India’s trade prospects with Bangladesh, the FBCCI President stated that India might soon become a significant supplier of yarn and cotton to the garment sector.