The Indian envoy in People's Republic of Bangladesh yesterday urged the profession to extend the quantity of cross-border commerce to minimise the trade balance between the 2 countries.
Harsh Vardhan Shringla, the Indian diplomatist in People's Republic of Bangladesh, went on to cite the Lafarge-Surma cement manufactory as a winning example of cross-border trade between People's Republic of Bangladesh and India.
The cement manufactory in Sunamganj works with raw materials equipped from the Indian state of Meghalaya.
“There may be a probability to ascertain more cross-border ventures between the 2 countries,” Shringla same, adding that Bangladeshi corporations even have the potential to either export or establish plants in India.
For example, Bangladesh's Pran-RFL cluster incorporates a production plant in India and its product do well within the Indian market.
The acceptance of BSTI (Bangladesh Standards and Testing Institution) certification by India for twenty one Bangladeshi food things may be a important boost for trade between the 2 countries, he said.
Shringla's comments came at a two-day conference of the 2 countries' profession. a complete of fifty one Indian traders, importers, exporters, producers and processors square measure in {dhaka|Dhaka|Dacca|capital of People's Republic of Bangladesh|national capital} to explore business potential in Bangladesh.
The Federation of People's Republic of Bangladesh Chambers of Commerce and business, the Indian ministry of commerce and therefore the Indian Chamber of Commerce conjointly unionized the conference at the capital's Sonargaon edifice.
Bangladesh has quite giant market in India, particularly within the northeastern elements, for several of its product akin to bricks, cement, processed food and food product, agro-based product, toiletries and cosmetics, same Industries Minister ameer Hossain Amu.
Over the years, the agriculture sector in People's Republic of Bangladesh has improved its process facilities. Bangladeshi agricultural product akin to fruits, vegetables and spices have vast untapped potential, Amu said.
India's exports to People's Republic of Bangladesh raised from $1 billion in business 2001-02 to concerning $6 billion in business 2016-17, and in keeping with rough estimates another $3 billion value of products square measure brought in informally, the minister same.
On the opposite hand, Bangladesh's exports to India hit roughly 0.5 a billion. So, the balance of trade between People's Republic of Bangladesh and {india|India|Republic of India|Bharat|Asian country|Asian nation} is heavily canted in favour of India, he added.
In business 2014-15, crops, livestock, fisheries and forest product accounted for concerning sixteen % of Bangladesh's total gross domestic product and supported just about forty seven % of the entire population.
Bangladesh produces a spread of agricultural product akin to rice, wheat, corn, legumes, fruits, vegetables, chicken meat, fish and food.
The processed food business in People's Republic of Bangladesh accounts for roughly twelve.3 % of all producing production worth and employs six % of the producing labour force.
The sector is dominated by tiny and medium-sized enterprises powerfully connected to native production.
There square measure nearly 246 medium food producing enterprises process food, confectionery things, fruits and vegetables, cereals, farm merchandise, fruit juices and then on.
Given this, People's Republic of Bangladesh has vast investment prospects in areas of food process for native and export markets like cultivation and processed fish, halal foods, milk and farm product, cold storage facilities, agricultural product together with herbs, spices, barmy and pulses, Amu said.
Bangladesh has exported $153.4 million value of processed food things in business 2013-14.
FBCCI President Shafiul Islam Mohiuddin same People's Republic of Bangladesh is that the third largest vegetable producer, fourth largest rice producer and fourth largest seafood producer worldwide.
The non-public sector has taken the result in rework the agricultural sector through worth addition and increasing agricultural exports, that embody fisheries and processed fruits and vegetables.
Bangladesh exports processed food and drink value over $900 million a year, sixty % of that square measure shrimp and fish product, Mohiuddin same.
The implementation of the People's Republic of Bangladesh Kingdom of Bhutan India and Nepal agreement can take away the challenges of property within the region, same Rajeev Singh, director general of the Indian Chamber of Commerce.
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