Siliguri (West Bengal), April 22 (ANI): Railway connectivity between India and Bangladesh would enhance cross-border trade and strengthen the bilateral relations between the two nations, industrialist Anand Mittal has said.
Mittal, the Director of the PCM Group, said to and fro movement of the people would provide an impetus to business relations.
"In order to improve relations between India and Bangladesh, business team from Bangladesh should visit India and a team from India should also go there once a year. If there is an understanding of culture between the two countries then it will provide an impetus to business. The relations will also improve if there will be to and fro movement of people and goods," said Mittal.
Recently, there was significant improvement in the trade relations between the two countries.
In 2010-11, two-way trade crossed the USD five billion mark as a result of a significant increase in Bangladesh's exports to India (68 percent over the previous year) and India's exports to Bangladesh (43 percent over the previous year).
Currently, Bangladesh imports over four billion dollars worth of products from India, while India import less than one billion dollars worth of products annually.
Furthermore, traditional economic and cultural links between India and Bangladesh have been greatly enhanced with Prime Minister of Bangladesh, Sheikh Hasina visiting India in January, 2010 followed by a return visit by Prime Minister Manmohan Singh in September 2011.
Mittal also said that a high-speed train would be set up if Bangladesh ties up with India.
"If they (Bangladesh) tie up with India then they will get a high speed train and it will run smoothly," he added.
Taking into account the trade imbalance between the two countries in favour of India, Singh during his visit to Bangladesh announced the removal of all 46-textile items from the sensitive list and zero duty access in all these 46 items for Bangladesh exports to India.
Bangladesh's exports to India in 2010-11 were USD 512.5 million, and India's exports to Bangladesh in the same period were USD 4586.8 million. India is the biggest export destination for Bangladesh outside of the Western world.
Mittal also said that future of railways was bright in Bangladesh.
"The development in the railway sector has begun and the future of railways is bright in Bangladesh," Mittal.
Bilateral investment will be facilitated by the recent conclusion of the 'Bilateral Investment Protection and Promotion Agreement' and 'Convention for the Avoidance of Double Taxation' between the two countries.
It is hoped that Bangladesh investments in India will increase with easing of local currency transfer restrictions.
Given the geographical proximity, warm and friendly ties, availability of workforce and investment-supportive atmosphere, the quantum of Indian investment and trade with Bangladesh is further expected to improve for mutual benefit. (ANI)
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