“A Common Currency is the need of the hour in South Asia to promote Trade and Investment. Introduction of such currency will facilitate greater economic integration within the region” said Mr. A. M. A. Muhith, Finance Minister of Bangladesh
Muhith wase addressing the meeting on “Boosting Sub-Regional Development through Increased Investment and Trade” organized by Confederation of Indian Industry (CII) at New Delhi. He further added that India and Bangladesh should initiate the common currency trade if other South Asian nations don’t agree.
The Finance Minister of Bangladesh acknowledged the importance of transit and transshipment for seamless movement of goods across the border. He also emphasized the role of infrastructure development for successful economic integration.
Dr Atiur Rahman, Governor of Bangladesh Bank invited Indian industry to explore investment opportunities in sectors like infrastructure including energy, healthcare, Information Technology; land customs station development, airports and tourism. Dr. Rahman highlighted that the FDI policy in Bangladesh is the most liberal in South Asia. He further added that now investors can open their offices in Bangladesh immediately after successful documentation and the limits for remittances of salaries of expatriate employees have also been increased from 50% to 75%.
In his welcome remarks, Mr. Shekhar Datta, Past President, CII and Chairman of CII Country Committee on Bangladesh explained the importance of increased trade and investment for inclusive economic growth in the region. Priority areas for boosting regional development identified by Mr Datta included dedicated investment corridor, rupee trade, increased border trade, leveraging economic synergies between India’s North Eastern states and Bangladesh under sub regional economic integration and skill development. He also mentioned that CII would work closely on promoting Indian investment into Bangladesh.
Mr. Abdul Matlub Ahmed, President of India – Bangladesh Chamber of Commerce & Industry (IBCCI), appreciated the Government of India for allowing duty free market access to Bangladeshi products and easing the VISA procedure. He highlighted that BOI and IBCCI would work closely with CII in creating Information Bureau which will provide information on policies, business facilitation and other details required by prospective businessmen from both the sides. He further added that IBCCI would work closely with CII in doing Investment road shows in India.
Senior MPs from Bangladesh, Government officials, leading businessmen and media from both India and Bangladesh participated in the meeting.