Newsletter

IBCCI India-Bangladesh Chamber of Commerce & Industry

Volume: 44 / Issue: 44 / December 2019 www.ibcci.net

From the President’s Desk

At the outset let me have the privilege of whishing all members of the Chamber and its well-
wishers both home and abroad a Very Happy New Year
It is heartening to see that Bangladesh’s economy expanded at a striking 8.15 per cent rate in
fiscal year (FY) 2018-19, a slight 0.02-percentage point higher from a provisional estimation.
The robust and laudable economic growth that Bangladesh has attained during the past couple
of years has been well appreciated throughout the world and recognized by international
organizations like – The World Bank, Asian Development Bank and IMF.
The World Bank, in particular has rated Bangladesh as the second in South Asia so far GDP
growth is concerned.
According to the latest statistics released by the Central Bank, net inflow of foreign direct
Abdul Matlub Ahmad
investment (FDI) into the country increased by 50.71 per cent in the last fiscal year (FY’19)
showing net FDI inflow of $3.89 billion in FY’19 from $2.58 billion in FY’18.
Efforts are on towards improvement of connectivity, especially waterways connectivity between
Bangladesh and Northeastern states of India using routes established under India-Bangladesh
river protocol connecting the Ganges and Brahmaputra rivers through Bangladesh. To this end,
an Indian cargo vessel, MV Maheshwari made a trial run recently covering 1,425 kilometers
Board of Directors from Haldia to Pandu carrying 53 tonnes of cargo with a view to assessing technical and
economic viability.
President
Abdul Matlub Ahmad
It may be noted that IBCCI on its part is relentlessly lobbying the government towards
development of overall connectivity in general and waterways connectivity in particular
Vice-Presidents
M. Shoeb Chowdhury
between Bangladesh and India. The Chamber is also pursuing to promote Indian investment
Abhisek Das in Bangladesh and Bangladeshi investment in India. To this end, very recently, the Chamber,
Hony. Secretary General recently had worthwhile exchange of views with visiting business delegations from
Arup Dasgupta Confederation of India Industry (CII) headed by eminent Indian Banker and Managing Director
Hony. Jt. Secretary General of Bandha Bank Shri Chandra Sekhar Ghosh and another from Meghalaya headed by its Chief
Md. Abdul Wahed Minister Mr. Konrad K. Sangma.
Hony. Treasurer Furthermore, Prime Minister Sheikh Hasina during her recent visit to Delhi to attend World
Dewan Sultan Ahmed Economic Forum Summit called upon the Indian entrepreneurs to take advantage of improved
Directors connectivity between the two counties and come forward with their investments in Bangladesh,
Mohammad Ali set up industries and export finished products to India and beyond. This will help reduce
Venugopal N. C. Pillai
Al Haj Md. Bazlur Rahman existing trade gap between the two countries.
Farkhunda Jabeen Khan
Meherun Nessa Islam
Ashish Goupal Bangladesh second in South Asia in GDP growth: World Bank
Brajesh Kumar
Dr. Prakash Chand Saboo The Bangladesh economy is forecast to achieve the second highest growth rate this fiscal year
Madhu P Singh in South Asia, the World Bank said in its biennial regional economic update yesterday.
Al-Haj Mohammad Ali
Motiar Rahman Bangladesh’s gross domestic product is projected to grow at 7.2 percent this fiscal year and
Mohammad Ershad Hussain Rana 7.3 percent the following year, according to the latest edition of the ‘South Asia Economic
Liakat Ali Bhuiyan Focus, Making (De)centralisation Work’,.
Ritesh Doshi
Md. Moshiur Rahman Bhutan topped the list with an estimated 7.4 percent growth this fiscal year.
Robin Kumar Das “The outlook is clouded by rising financial sector vulnerability, but the economy is likely to
Siddhartha P Roy maintain growth above 7 percent, supported by a robust macroeconomic framework, political
Anjesh Kumar Som
stability and strong public investments.”
Secretary & CEO
Jahangir Bin Alam
The WB forecast is much lower than the government’s target of 8.2 percent for the current
fiscal year.

IBCCI Newsletter 1
 New IBCCI Board of Directors for 2019-2021

Abdul Matlub Ahmad M. Shoeb Chowdhury Abhisek Das Arup Dasgupta Md. Abdul Wahed
President Vice-President Vice-President Hon. Secretary General Hon. Joint Secretary General

Dewan Sultan Ahmed Mohammad Ali Venugopal N. C. Pillai Al Haj Md. Bazlur Rahman Farkhunda Jabeen Khan
Honorary Treasurer Director Director Director Director

Meherun Nessa Islam Ashish Goupal Brajesh Kumar Dr. Prakash Chand Saboo Madhu P Singh
Director Director Director Director Director

Al-Haj Mohammad Ali Motiar Rahman Mohammad Ershad Hussain Rana Liakat Ali Bhuiyan Ritesh Doshi
Director Director Director Director Director

Md. Moshiur Rahman Robin Kumar Das Siddhartha P Roy Anjesh Kumar Som Jahangir Bin Alam
Director Director Director Director Secretary & CEO
 IBCCI
The GDP is estimated to have grown 8.1 percent In a focus section, the report highlights how—as
in the fiscal year that ended in June, in the highest their economies become more sophisticated—South
expansion in the region. Asian countries have made decentralisation a priority
The fiscal year ends in June in Bangladesh, Bhutan, to improve the delivery of public services.
Nepal and Pakistan, and for India it is in March. With multiple initiatives underway across the region
Bangladesh will also clock the to shift more political and
highest growth in fiscal 2020-21 fiscal responsibilities to local
too, according to the report. governments, the report warns,
In India, after the broad-based however, that decentralisation
deceleration in the first quarter of efforts in South Asia have
the fiscal year, growth is projected so far yielded mixed results.
to fall to 6 percent come March next For decentralisation to work,
year. central authorities should wield
incentives and exercise quality
Growth is then expected to control to encourage innovation
gradually recover to 6.9 percent in and accountability at the local
fiscal 2020-21 and to 7.2 percent in level.
the following year.
Rather than a mere reshuffling
Pakistan’s growth is projected to deteriorate further of power, the report calls for more complementary
to 2.4 percent this fiscal year. In Sri Lanka, growth is roles across tiers of government, in which national
expected to soften to 2.7 percent in 2019. authorities remain proactive in empowering local
In the Maldives, growth is expected to reach 5.2 governments for better service delivery.
percent in 2019 while it is projected to average 6.5 Decentralisation in South Asia has yet to deliver
percent in Nepal over this and the next fiscal year. on its promises and, if not properly managed, can
Afghanistan is expected to recover and reach 3 degenerate into fragmentation, said Hans Timmer,
percent in 2020 and 3.5 percent in 2021. chief economist of the WB for South Asia.
In line with a global downward trend, growth in
South Asia is projected to slow to 5.9 percent in
2019, down 1.1 percentage points from April 2019
estimates, casting uncertainty about a rebound in the
short term.
The report finds that strong domestic demand, which
propped high growth in the past, has weakened,
driving a slowdown across the region.
“Declining industrial production and imports, as well
as tensions in the financial markets reveal a sharp
economic slowdown in South Asia,” said Hartwig
Schafer, vice-president of the World Bank for South
Asia, in a statement.
As global and domestic uncertainties cloud the “To make decentralisation work for their citizens,
region’s economic outlook, South Asian countries we encourage South Asian central governments to
should pursue stimulating economic policies to boost allocate their resources judiciously, create incentives
private consumption and beef up investments, he to help local communities compete in integrated
added. markets and provide equal opportunities to their
people.” (Courtesy: The Daily Star; Dated: 14th October, 2019)

ADB maintains robust growth outlook for Bangladesh

Bangladesh is expected to grow robustly in 2019 and in the Asia-Pacific region. The projection for the
2020 riding on domestic consumption and strong current fiscal year is 8.2 percent.
remittance earnings, said the Asian Development The ADB said Bangladesh’s accommodative policy on
Bank on December 11 as it kept the growth outlook credit to the private sector is expected to promote
for the country unchanged. investment, and strong remittances, which surged by
According to the latest outlook, Bangladesh will post 20.5 percent in the first four months of the current
8.1 percent GDP growth in 2019 and 8 percent in fiscal year, will stimulate domestic demand.
2020, unchanged from its previous outlook published “Despite a slight reduction in the first quarter,
in September. exports are expected to pick up thanks to trade
On December 10, the government released the final redirection and the government’s fiscal support to
GDP figure for the last fiscal year. It showed that the export-oriented businesses.” (Courtesy: The Daily Star;
economy grew 8.15 percent in 2018-19, the fastest Dated: 12th December 2019)

IBCCI Newsletter 3
 GDP growth hits 8.15pc in FY 19 BBS releases final figures
Bangladesh’s economy expanded at a striking 8.15 ($302.43 billion) in FY 2019. It was Tk. 22.50 trillion
per cent rate in fiscal year (FY) 2018-19, a slight ($274 billion) in FY 2018.
0.02-percentage point higher from a provisional GNI also expanded to Tk 26.497 trillion ($315.97
estimation. billion) in FY 2019 from that of Tk 23.53 trillion
In its interim assessment this March, the Bangladesh ($286.612 billion) in FY 2018.
Bureau of Statistics (BBS) recorded an impressive GNI is calculated incorporating the total remittance
8.13 per cent gross domestic product (GDP) rate. inflow with the total GDP of a particular country in a
The statistics bureau on in the capital, Dhaka on certain fiscal year.
December 10 unveiled its final GDP growth data and According to the BBS GDP data on constant prices,
other related macroeconomic indicators. the industrial sector expanded at a striking rate of
GDP grew at 7.86 per cent rate in the previous FY 12.67 per cent in FY 2019. In FY 2018, the rate was
2018. recorded at 12.06 per cent.
Meanwhile, the per-capita income (gross national The service sector grew at an estimated 6.78 per cent
income or GNI) was estimated at $1,909 for the past in last fiscal from that of 6.39 per cent in the fiscal
FY 2019, $158 up from the fiscal before last. before that, the data disclosed.
In FY 2018, the income was $1,751 per head. But the agricultural growth fell to a 3.92-per cent
Official data shows GDP per capita was estimated at rate in FY 2019 from that of 4.19 per cent in FY 2018.
$1827 for FY 2019, $152 higher over FY 2018. Meanwhile, the investment-GDP ratio has finally
According to BBS statisticians, economic growth at been estimated at a slightly higher 31.57 per cent
constant price has been maintaining a steep rise in FY 2019 from that of 31.23 per cent in FY 2018.
even after the country’s entry into the “7.0-per cent The BBS in its provisional estimation showed the
growth club” in FY 2016. ratio at 31.56 per cent.
Three years ago, the economy inflated at a 7.11-per The private sector investment-GDP ratio has picked
cent rate, simply breaking the “6.0-per cent growth up to 23.54 per cent from the provisionally estimated
trap” after a nine-year history. It was recorded at 23.26 per cent.
7.28 per cent in FY 2017 and 7.86 per cent in the Similarly, the public sector investment-GDP ratio
subsequent FY 2018. has also risen to 8.03 per cent from the provisional
According to the BBS final data, the country’s total estimation of 7.97 per cent. (Courtesy: The Financial
GDP size at current price boosted to Tk 25.42 trillion Express; Dated: 11 December 2019)

Remittance inflow crosses US$6.0b in July-October

The inflow of remittances crossed US$6.0 billion in level.
the first four months of the current fiscal year (FY) In September last, the remittances stood at $ 1.47
as the government started providing incentive to the billion. It was $1.24 billion in October 2018.
beneficiaries against inward remittance. “Depreciating mode of the local currency against the
Depreciating mode of the local currency against the US currency has also helped increasing the flow of
US dollar has also pushed up the flow of inward inward remittance in the recent months,” a senior
remittances in the recent months, according to executive of a leading private commercial bank (PCB)
bankers. said.
The flow of inward remittances rose by more than 20 The exchange rate of Bangladesh Taka (BDT)
per cent to US$6.15 billion during the July-October depreciated significantly against the US dollar in the
period of FY 2019-20 from $5.11 billion in the same recent months mainly due to higher demand for the
period of the previous fiscal. greenback for settling the import bills.
“We expect that the flow of inward remittance Meanwhile, the local currency depreciated by 85
may increase further in the coming months as the poisha against the greenback in the inter-bank forex
government has announced 2.0 per cent incentive for market from January 02 to October 24.
remittance receipts,” Md. Serajul Islam, spokesperson The greenback was quoted at Tk 84.75 each in the
of the Bangladesh Bank said on November 04. inter-bank market on October 24 against BDT 83.90
The government had already allocated Tk 30.60 on January 02 this calendar year.
billion as incentive in the budget for the FY ‘20 to He said lower interest rate because of possible
encourage the expatriate Bangladeshis to send their meltdown of the global economy has also helped
money through legal channels. push up the inflow of remittance during the period
The money sent home by Bangladeshis working under review.
abroad amounted to $1.64 billion in October 2019, All private commercial banks (PCBs) received $ 1.24
up by $ 171.20 million from the previous month’s

4 IBCCI Newsletter
 IBCCI
billion as remittances in October last while the state- workers in the same period of the last calendar year,
owned commercial banks (SoCBs) received $353.17 according to the official figures.
million, foreign commercial banks (FCBs) $15.82 Some important destinations including the United
million, and specialised banks $30.24 million. Arab Emirates (UAE), Malaysia, Kuwait and Bahrain
On the other hand, the number of overseas remained closed for Bangladeshi workers since long,
employments registered a falling trend in recent they explained.
months following slow demand for workers in Middle More than 12 million Bangladeshis went abroad
East countries, according to insiders. since 1976, the official data showed. (Courtesy: The
Some 469,275 workers found jobs in the nine Daily Star; Dated: 05 November 2019)
months to September 2019 against 555,393 outflow

FDI jumps 50.71pc to $3.89b in FY’19

The net inflow of foreign direct investment (FDI) in Equity capital is one of the three core components
Bangladesh increased by 50.71 per cent in the last of FDI and considered as fresh injection of foreign
fiscal year (FY’19), according to the latest statistics capital in the country.
released by the central bank on October 15. According to the official definition, it is ‘remittances
It showed that net FDI stood at $3.89 billion in FY’19 received by incorporated or unincorporated direct
from $2.58 billion in FY’18. investment enterprises operating in Bangladesh
Robust inflow of FDI helped ease some pressure on on account of equity participation in those by non-
the country’s balance of payments (BoP) in the past resident direct investors.’
fiscal year. Reinvested earnings of
Nevertheless, the inflow existing multinational
of FDI was still well below entities (MNEs) stood at
the projection made in the $1.36 billion in the last
Seventh Five-Year Plan (7th fiscal year from $1.25
FYP). billion in FY’18. It is the
The 7th FYP projected that amount of profit retained for
net inflow of FDI would be reinvestment.
$7.44 billion in FY’19. The Bangladesh Bank data
The gap between the also revealed that intra-
projected and actual value company loan almost
of FDI stood at $3.55 billion doubled to $1.33 billion in
in the past fiscal year. the past fiscal year which
was $0.71 billion in FY’18.
The Bangladesh Bank data
also put the gross inflow of FDI at $4.94 billion in Intra-company debt transactions usually refer to
the year under review. At the same time, the value of short or long-term borrowing and lending of funds
disinvestment was recorded at $1.05 billion. between direct investors (parent enterprises) and
affiliate enterprises.
Disinvestment along with repayments of loans and
losses had been deducted as per the International The central bank data also showed that net FDI in
Monetary Fund (IMF) guidelines from gross FDI to Export Processing Zones (EPZs) stood at $0.21 billion
determine net FDI. only in the past fiscal year. Thus around 95 per cent
of FDI comes from non-EPZ farms.
After a significant drop in equity capital in FY’18, it
increased sharply in the past fiscal year. It reached The outstanding stock of FDI in the country stood
$1.19 billion from $0.61 billion. at $18.68 billion at the end of FY’19. (Courtesy: The
Financial Express; Dated: 16 October 2019)

New Indo-Bangla Trade Route

Ship sets off to check viability
An Indian container ship sets off from West Bengal on under an India-Bangladesh protocol connecting the
November 3 to see if it is technically and commercially Ganges and Brahmaputra rivers through Bangladesh,
viable to establish a trade route up to Guwahati according to a statement of the Indian shipping
traversing through Bangladesh. ministry.
Carrying 53 tonnes of edible oil, petrochemicals The Protocol on Inland Water Transit and Trade allows
and beverages, the vessel hopes to make the mutually beneficial movement of goods and vessels
1,425-kilometre trip from Haldia to Pandu in 12 to of both countries.
15 days. Shipping Secretary Gopal Krishna will flag off the
MV Maheshwari will be using routes established vessel and a series of pilot movements are planned,

IBCCI Newsletter 5
 the Indian ministry added. agreements on declaring additional ports of call at
The route in discussion aims at providing an Kolaghat, Dhulian, Maia and Sonamura in India and
alternative to transporting raw materials and finished Chilmari, Rajshahi, Sultanganj and Daudkandi in
goods for industrial development of India’s north Bangladesh.
eastern region. The countries also agreed on Badarpur as an extended
One part of the route is India’s port of call of Karimganj (India)
National Waterway-1 (Ganga- and Ghorasal in Bangladesh,
Bhagirathi-Hooghly river system), Tribeni in India and Muktarpur of
over which goods transport Pangaon in Bangladesh.
increased from 5.48 million Plans have been taken to extend
tonnes in 2017-18 to 6.79 the Rajshahi-Godagari-Dhulian
million tonnes in 2018-19. stretch up to Aricha and the
About 3.15 million tonnes of it Daudkandi-Sonamura one up
comprise export-import trade to the Gumti river. During Prime
between India and Bangladesh. Minister Sheikh Hasina’s official
As part of the protocol routes, visit to New Delhi in October,
two stretches of waterways in the two countries signed a
Bangladesh, one from Sirajganj standard operation procedure
to Daikhawa and another from Ashuganj to Zakiganj, on movement of goods to and from India through
will be maintained at requisite depth. Chattogram and Mongla ports.
Of the Rs 305.84 crore maintenance cost, India will The proximity of these two ports is expected to reduce
bear 80 percent while Bangladesh the rest. logistics cost and improve trade competitiveness of
the north eastern Indian states. (Courtesy: The Daily Star;
Other attempts at utilising the waterways include Dated: 04 November 2019)

Intex South Asia 2019 Bangladesh

A 2-day exposition Yarns, Apparel Fabrics, Denims IBCCI was held on November 17 – 18 at the Pan
and Accessories titled “Intex South Asia 2019 Pacific Sonargaon Hotel, Dhaka.
Bangladesh” organized by WORLDEX Exhibition & This was the 1st Intex South Asia buyer sellers meet
Promotion Pvt. Ltd., Mumbai, India with support of held in Bangladesh of textile supplies
Total 50 foreign sellers participated and displayed
their products in the exhibition out of which 30 were
from India and rest from Srilanka, Thailand, Taiwan
and Korea
Textile & Jute Minister of Bangladesh Gazi Golam
Dastagir inaugurated the event as the Chief Guest.
Secretary & CEO of IBCCI attended the inaugural
function as one of the Special Guests.

at the opening ceremony of. Textiles and jute Minister Golam Dostagir
Gazi (2nd from right) speaking at the inaugural ceremony of the meet as
the chief guest . While the Deputy Indian High Commissioner of India
Bishawdip Dey (2nd from left) was the guest of honor on the occasion.

India describes its connectivity with Bangladesh a ‘game-changer’

Indian High Commissioner to Bangladesh Riva Minwang Lin also spoke at the session moderated by
Ganguly Das on November 12 said India believes Managing Director, OXCON Frontier Markets & Fragile
in an “inclusive” Indo Pacific and described its States Consulting Mohamed El Dashan.
connectivity with Bangladesh as “game-changer” The session was arranged as part of the ongoing
ensuring a “win-win” situation for the two countries, three-day ‘Dhaka Global Dialogue 2019’ inaugurated
reports UNB. by Prime Minister Sheikh Hasina on Monday.
“So, for India connectivity with Bangladesh is a game- The High Commissioner talked about the railway and
changer and we feel that for the both of our countries roads widening projects which are happening under
it’s a win-win (situation),” she said while talking in 8 billion Lines of Credit (LoCs) inland water-based
an interactive session on ‘Connecting the Indo-Pacific: connections and access to two Bangladesh ports -
Infrastructure and Influence’ in Dhaka. Chattogram and Monga.
State Minister for Foreign Affairs M Shahriar Alam, “I think it (access to ports and other connectivity) can
Member of Parliament, India Manish Tewari and Prof, be a game-changer for both of our countries….it can
Institute of International Studies, Fudan University be a game-changer for the northeast as well,” High

6 IBCCI Newsletter
 IBCCI
Commissioner Riva said mentioning that almost 80 in the future.
per cent of their US$ 8 billion LoCs is spent on the She said Bangladesh is the most important neighbour
connectivity projects. of India with which they have such a “growing
The High Commissioner highlighted the joint interaction” and connectivity plays a very important
initiatives of reestablishing all the pre-1965 rail role in this interaction.
connections between Bangladesh and India and The State Minister said people prefer free movement
progress made so far to that end. and free movement of trade is also essential as it is
Riva Ganguly also laid importance on people-to- an important element for all the countries. (Courtesy:
people connectivity with liberal visa process saying The Financial Express; Dated: 13th November, 2019)
digital connectivity is an exciting area for connectivity

India-Bangladesh Stakeholders’ meet, Guwahati

A 2-day “India-Bangladesh Stakeholders’ Meet” Bangladesh and both the countries registered
organized by Indian Chamber of Commerce (ICC) in impressive growth in recent years, he added.
association with the government of Assam was held Assam Chief Minister Sarbanand Sonowal said India
on October 22-23 in Guwahati. A large Bangladesh and Bangladesh are blessed to have the political
delegation led by Commerce Minister Tipu Munshi leaders who are very keen to forge a more meaningful
including, Economic Affairs Adviser to the Prime and mutually beneficial relationship. He said the
Minister Dr. Masihur Rahman and President of Centre’s Act East Policy gives a paradigm shift to the
India-Bangladesh Chamber of Commerce & Industry development narrative of North East region.
(IBCCI), Abdul Matlub Ahmad participated. Union Minister for State for Road Transport and
Speaking at the Meet, Bangladesh Commerce Highways V K Singh said India striving for a 5-trillion
Minister Tipu Munshi said that Bangladesh and North dollar economy would certainly benefit Bangladesh
East India could benefit from improved physical and Myanmar. He said India and Bangladesh must
connectivity and people-to-people contact. He work for their mutual benefit. Mr Singh said that
further said that better connectivity would enhance connectivity must be improved to get the maximum
consumers’ welfare through access to goods at benefits from the Act East Policy. The Minister said
competitive prices and enhance opportunities for the proposed multi-modal hub at Jogighopa in Assam
exporters. would certainly benefit the region
India is the second-largest trading partner of

Assam Chief Minister & Bangladesh Commerce Minister at inaugural session IBCCI President Abdul Matlub Ahmad addressing the meet

Meeting with Meghalaya Chief Minister

A meeting of IBCCI members with a visiting Maghalaya in the fields of health, food processing, tourism,
Chief Minister Sri Conrad Kongkal Sangma and a 17 education and information technology (IT) sectors.
member business delegation accompanying him was Meghalaya has historic relationship with Bangladesh,
held on November 6th from 7 p.m. – 10 p.m.at the he further said.
Gulshan resident of the President of the Chamber Indian High Commissioner to Bangladesh Riva
Mr. Abdul Matlub Ahmad. It was followed dinner Ganguly Das said that Bangladesh and India have
sponsored by Mr. Matlub Ahmad. friendly alliance with each other. This relationship
A delegation team led by Conrad Sangma, will be more consolidated in days to come, she said
Chief Minister of Meghalaya is currently visiting optimistically.
Bangladesh. India-Bangladesh Chamber of Abdul Matlub Ahmad, President of IBCCI welcomed
Commerce and Industry (IBCCI) accorded a reception the delegation team from Meghalaya and expressed
to Conrad Sangma and other delegates in the city on hope that Bangladesh-India commercial ties would
Wednesday. get further strengthened through such initiatives.
Conrad Sangma said that Meghalaya is open for Shoeb Chowdhury, Vice President of IBCCI said that
Bangladeshi traders to conduct business activities Bangladesh has cordial relations with Meghalaya.

IBCCI Newsletter 7
 Meghalaya is called Switzerland of the east for its visit Meghalaya.
natural beauty. Many Bangladeshi people visit Shillo Mir Nasir Ahmed, former President of FBCCI,
Mohammad Ali, former President of IBCCI, Taskin
Ahmed, former President of IBCCI attended the
program among other high-profile business leaders.
Meghalaya’s Agriculture Minister Banteidor Lyngdoh,
Education Minister Lakmen Rymbui and Meghalaya’s
Commerce Minister Sniawbhalang Dhar attended the
reception too.
The delegation team from Meghalaya also includes
P. Shakil Ahmed, Mebanshailang R. Synrem, Dr.
Vijay Kumar, Dr. C Manjunatha, Cyril VD Diengdoh,
Mr. Conrad K. Sangma, Chief Minister of Meghala speaking in a meeting with IBCCI Members on
6th November. IBCCI President Abdul Matlub Ahma, Vice-President Shoeb Chowdhury, Indian High Shantanu Sharma, Baphin K. Sohliya, W. Warshong,
Commissioner Riva Ganguly Das are seated on the dais. Saidul Khan, Marbin Bolwari, Borwood Thabah,
ng for different purposes, the capital of Meghalaya. Bawanshanbor Lyngdoh Nongpyiur and Pramod
He called upon the Indian government to ease the Kumar Roy. (Courtesy: The Daily Asian Age; Dated: 07th
November, 2019)
visa process so that more Bangladeshi tourists can

All rail links with India will reopen

The train links between India and Bangladesh that Khulna-Kolkata-Khulna Bandhan Express in 2017
were closed after the 1965 India-Pakistan war will after a long time.
reopen, Prime Minister Sheikh Hasina has said. The authorities are also working to restore some
routes like Haldibari-Chilahati and Akhaura-Agartala
to increase rail links between the two countries,
reports agencies.
The new coaches for the Kurigram Express have been
imported from Indonesia with having some modern
facilities such as wheel chairs and widened main
and toilet doors for easy movement of the physically
challenged people, wifi, bio-toilet and modern and
improved roof-mounted air condition.Bodies of the
coaches are made of stainless steel with having
modern facilities for the passengers.
The premier later exchanged views with the local
Prime Minister Sheikh Hasina inaugurating the ‘Kurigram Express Train’ through videoconferencing at
lawmakers, local administrative officers and a
her official residence Ganabhaban in the city on Wednesday. -PID cross section of people of Lalmonirhat, Kurigram
and Rangpur districts. Road Transport and Bridges
She revealed the plan after inaugurating first intercity Minister Obaidul Quader, Commerce Minister Tipu
trains on Dhaka-Kurigram-Dhaka and replacement Munshi and Social Welfare Minister Nuruzzaman
of Rangpur Express and Lalmonirhat Express rack Ahmed shared the dais with the premier.Railways
railways via a video call from the Ganabhaban in the Minister Nurul Islam Sujan, who is from Kurigram,
capital on Wednesday.”We’ve relaunched all the rail spoke on the occasion.
links to the northern region. Now we want to restore
the links that Pakistan closed after its 1965 war with PM’s Principal Secretary Md Nojibur Rahman
India,” she said. moderated the function while Secretary of Railways
Ministry Md Mofazzal Hossain gave a brief
Besides development of communication, Bangladesh presentation highlighting the key features of the
Railway will make more profits once the rail links newly inaugurated train service as well as the future
to India reopen, Hasina hopes.Rail links between action plans for the railways development.(Courtesy:
India and Bangladesh reopened in 2008 through the The Asian Age; Dated: 17 October 2019)
Dhaka-Kolkata-Dhaka Maitree Express in 2008 and

Take advantage of improved connectivity: PM Hasina

She urges S Asian nations to bolster regional ties
NEW DELHI, Oct 4 (Agencies): Prime Minister Sheikh She further said strategic location of Bangladesh
Hasina on the day said Bangladesh is in the middle provides tremendous potential for being an economic
of a combined market of 4.0 billion people with India hub of the region.
on the west, China on the north and South-East Asia Hasina urged big Indian investors to set up industries
on the east. in Bangladesh and export the products to vast

8 IBCCI Newsletter
 IBCCI
markets in India and South East Asian countries, Economic Zones,” Hasina said adding that a dozen
taking advantage of the improved connectivity. of them are ready with four allotments to three
“We want to see trade and investment together countries.
where Indian big investors can set up industries A number of high-tech parks are also ready for
in Bangladesh and export the products to the technology and innovative enterprises. Bangladesh
north-eastern states of India and to the South-East has offered three Special Economic Zones for Indian
Asian countries, taking advantage of the improved investors at Mongla, Bheramara and Mirsarai, said
connectivity between us,” she said. the Prime Minister.
The Prime Minister was addressing the inaugural “Substantial investment from Indian investors in
session of India-Bangladesh Business Forum, held at these three Indian Economic Zones in Bangladesh
the Hotel ITC Maurya New would help broaden our
Delhi. export base,” she said.
Noting that most of the Hasina said the trade and
growing economies in the investment between the two
world have undertaken their countries are increasing.
primary trade and investment She said the volume of
projects in their neighbouring bilateral trade has steadily
countries, she said in a grown during the past years
similar manner the Indian and the balance of trade,
business leaders could play however, is still largely in
a very big role in furthering India’s favour.
Bangladesh’s economic
Prime Minister Sheikh Hasina addressing leading businessmen of The volume of trade between
prospects. India at ITC Maurya hotel in New Delhi
two countries is nearly 10
She said Bangladesh also billion dollars, she said.
wants to export the products to the north-eastern
In 2018, the Prime Minister said, Bangladesh was
states of India and to the South-East Asian countries
India’s eighth largest export destination with 8.8
taking advantage of the improved connectivity
billion dollars worth of export and Bangladesh’s
between the two countries.
export to India also crossed 1.0 billion-dollar mark
Hasina said Bangladesh has the most liberal for the first time last year.
investment policy in South Asia and it includes
“So, the progress is visible, but there’s a lot of scope
protection of foreign investment by law; generous tax
for further deepening our relations in the area of
holiday; concessionary duty on import of machinery;
trade and investment,” she added.
unrestricted exit policy; full repatriation of dividend
and capital on exit, to name a few. “Despite profound geopolitical changes and
challenges, we’ve been able to strengthen and
She said foreign investment is protected by relevant
consolidate our relations, based on the principles of
acts of Parliament and bilateral investment treaties.
mutual benefit and a shared future,” said Hasina.
“We’re in the process of establishing 100 Special (Courtesy: The Financial Express; Dated: 05 October 2019)

India to set up two land customs stations

India is planning to establish two new land customs to establish two new land customs stations with
stations to expedite two-way trade with Bangladesh, Bangladesh to expand export-import.”
said Conrad Sangma, chief minister of the Indian He made the remarks in Sylhet on November 5
state of Meghalaya. while speaking at a discussion meeting between a
“We will develop the infrastructure of the Dawki delegation of the Meghalaya state of India and the
land custom station. The government is planning Sylhet Chamber of Commerce and Industry. (Courtesy:
The Daily Star; Dated: 07th November, 2019)

‘Bangladesh lifts 8m from poverty in 6 years’ : World Bank Report

About eight million people in Bangladesh were robust economic growth continued driving poverty
elevated from poverty between 2010 and 2016, the reduction, but at a slower rate. Since 2010, while
World Bank says in a new report. the pace of economic growth increased, the rate of
According to Bangladesh Poverty Assessment, the poverty reduction declined, it says.
country has progressed significantly in reducing Mercy Tembon, World Bank’s Country Director for
poverty and improving living conditions, mostly Bangladesh and Bhutan, described the progress that
driven by labor income. Bangladesh has made in reducing poverty in the last
The report launched on October 7 shows that decade as remarkable. (Courtesy: The Aisan Age; Dated: 08
October 2019)

IBCCI Newsletter 9
 ‘India attaches highest priority to Bangladesh’
Indian High Commissioner to Bangladesh Riva National Institute of Traumatology and Orthopedic
Ganguly Das has said that India attaches highest Rehabilitation (NITOR) at a program in which artificial
legs were handed over to 750 people.
NITOR and Bangladesh Orthopedics Society jointly
organized the program. Health Secretary Mohammad
Asadul Islam attended the program among other
dignitaries. The speakers in the program said that the
relationship between Bangladesh and India is tested
and proven.
Bangladesh’s alliance with India stands on
consolidated grounds. India comprehensively
cooperated with Bangladesh during the Liberation
War of 1971. Nearly twenty million Bangladeshi
refugees took shelter in India during the war.
Many Indian soldiers got killed while fighting for
Indian High Commissioner to Bangladesh Sreemoti Riva Ganguly Das spoke at a program in the city on
Bangladesh’s independence.
October 10 at National Institute of Traumatology and Orthopedic Rehabilitation (NITOR). India is Bangladesh’s one of the most vital
priority to Bangladesh among the neighboring development partners. The speakers in the program
countries. Bangladesh is India’s unalloyed friend. laid emphasis on further strengthening of ties
between India and Bangladesh. (Courtesy: The Asian age;
She made these remarks on Thursday in the capital’s Dated: 16 October 2019)

Bangladesh ‘foremost’ partner in ITEC programme: Riva Das

Bangladesh is the ‘foremost and valued partner’ developing countries the benefit of India’s development
under the Indian Technical and Economic Cooperation experience and appropriate technologies.
Programme or ITEC, Indian high commissioner in Every year more than 10,000 training slots are offered
Dhaka Riva Ganguly Das has said, reports bdnews24. to 161 partner countries for training courses in various
com. areas like accounts, audit, management, SME, rural
“A tailor-made course for teachers on IT, web designing, development and parliamentary affairs.
English communication skills and pedagogy was Over 4,000 young Bangladeshi professionals have
designed on the specific request of the government of undergone such specialised short and medium term
Bangladesh,” she said while speaking at a programme courses in India under the ITEC programme since 2007.
in Dhaka. “These training programmes provide an opportunity
“Five batches of the tailor-made course have so to share our best practices with the brightest brains
far been conducted at the National Institute of and India equally benefits from the developmental
Technical Teachers Training and Research (NITTTR), experiences of Bangladesh,” she stated.
Chennai, in which 200 teachers from schools, The high commissioner underscored the importance
colleges, polytechnics, vocational education institutes, of such programmes in strengthening the capacity of
universities and madrasas have been trained,” the officials of Bangladesh working in various ministries
envoy told the ITEC alumni at the event arranged to and departments.
celebrate the 55th ITEC Day.
“Such programmes will further enhance the already
Information Minister Hasan Mahmud was also present. excellent bilateral cooperation that exists between the
ITEC, a flagship programme of the Indian government two countries,” she added.
was instituted in 1964 as part of India’s Development Around 300 ITEC alumni from all walks of life attended
Assistance Programme within the framework of the the programme. (Courtesy: The Financial Express; Dated: 09
Indian Technical and Economic Cooperation offering October 2019)

India eases visa rules for northern Bangladesh

India has waived the appointment date and confirmed Applications will be accepted as usual from 8.30am
travel tickets requirement for tourist visa applicants to 12.30pm, the Indian High Commission in Dhaka
in northern Rajshahi and Rangpur districts, following said.
Chittagong. The new system builds upon the pilot initiative started
From Sep 10, they can walk in and submit applications in Chittagong on Jul 9 and is being extended to IVACs
at designated visa centres, IVACs, in Rajshahi and in Rajshahi and Rangpur on a “trial basis”.
Rangpur. This measure is aimed at “easing access to Indian

10 IBCCI Newsletter
 IBCCI
visa and strengthening people-to-people contacts before.
between India and Bangladesh”. Separate counters for walk-in tourist visas for senior
The other existing walk-in schemes of submission of citizens and freedom fighters will also continue.
visa applications for non-tourist visas will continue as (Courtesy: The Daily Asian Age; Dated: 10th October, 2019)

India to set up SEZ for investors from Bangladesh

India has decided to set up a special economic zone He said, after his request, H asina showed interest on
(SEZ) in Tripura’s border town of Sabroom, targeting an international flight from Dhaka to Agartala.
investors from Bangladesh, said Tripura Chief Minister An official at the chief minister’s Secretariat told Indo-
Biplab Kumar Deb. Asian news service (IANS) that the Bangladesh Prime
Sabroom, a small town in Tripura, is 70km away from Minister Sheikh Hasina assured that she would soon
the Chattogram Sea port in Bangladesh. take a step in this regard.
“The Department of Commerce under the Union “Both the leaders discussed the plying of vehicles
Ministry of Commerce and Industry on Friday gave between Bangladesh and the North-eastern States.”
the approval in-principal for setting up the Special During the meeting, Deb apprised Hasina about the
Economic Zone (SEZ) in Sabroom at a cost of Rs 147 ongoing water, surface and air connectivity issues,
crore,” Deb wrote in a post in Twitter. besides the huge scope of increasing trade and
“The proposed SEZ would be a game changer for economic activities between the Northeastern states
Tripura’s economic growth and the entire Northeast and Bangladesh.
would be benefited,” he said, reports Indian Sheikh Hasina told the chief minister that vehicle
newspaper sentinelassam.com. operation issues are likely to come up in the upcoming
Deb met Bangladesh Prime Minister Sheikh Hasina treaties to be signed between the two countries, the
during her visit to Delhi last week and discussed the official said. (Courtesy: The Daily Star; Dated: 08 October
connectivity and trade between the Northeastern 2019)
states and India.

IBCCI Press Meet

October 28: The Chamber organized a press meet on
the day at the Pan Pacific Sonargaon Hotel, Dhaka to
brief the media on the recently held India-Bangladesh
Stakeholders’ Meet on October 22 – 23 at Guwahati,
Assam organized by Indian Chamber of Commerce
(ICC) in association with the Government of Assam.
India-Bangladesh Chamber of Commerce of Industry (IBCCI) President
Abdul Matlub Ahmad speaking at a ‘meet the press’ event in the capital
on Monday. IBCCI Vice-President Shoeb Chowdhury, Director Mohammad
Ali and Secretary Jahangir Bin Alam are also s

Exports to India may double in 3yrs if trade potential utilised

IBCCI calls for focusing more on northeastern Indian states
Bangladesh will be able to double its export to He spoke at a press conference organised to highlight
India in three years if the former can utilise its trade the outcomes of a recent visit of a Bangladesh
potential in the northeastern Indian states, according delegation to India.
to the India-Bangladesh Chamber of Commerce and An 86-member team led by Commerce Minister
Industry (IBCCI). Tipu Munshi sat with the Assam’s state government
Bangladesh’s export to recently to discuss ways to
India crossed $1 billion in boost bilateral trade.
the last fiscal year against It took Bangladesh eight
imports of $10.5 billion, years to reach $1 billion in
tilting the balance of the exports to India. But now
bilateral trade in favour of only three years would be
India. needed to double exports
“Our exports to India will as trade and connectivity
reach $2 billion within improved between Assam
the next three years as local exporters are enjoying and Bangladesh, according to Ahmad. There is a scope
various trade benefits in the neighbouring country to expand the trade with the eight states in Northeast
and exploring the trade potential in Northeast India in different sectors such as garment, education,
India,” Abdul Matlub Ahmad, president of IBCCI, said tourism and IT, he said at briefing at Pan Pacific
yesterday. Sonargaon in Dhaka.

IBCCI Newsletter 11
 North East India comprises of Arunachal Pradesh, that if Bangladesh can pinpoint the hurdles, it would
Assam, Meghalaya, Tripura, Mizoram, Sikkim, Manipur address them. “Now, our duty is to introduce quality
and Nagaland. About the potential of the garment products for the consumers in the Northeast India,”
sector, Ahmad said the cost of importing garment he said, adding that the region is open for business as
items to India from other countries is very high. This there is no presence of insurgents.
led western retailers to source apparel items from The government of Assam has taken a decision to
Bangladesh in big volumes to reduce cost, he said. form a joint task force (JTF) with Bangladesh.
In this backdrop, both Bangladesh and Assam will A delegation from the Indian state will visit Bangladesh to
work jointly to strengthen trade and economic ties. finalise the JTF within the next one month, Ahmad said.
“Considering the geographical proximity, both Assam M Shoeb Chowdhury, vice president of the IBCCI;
and Bangladesh will be benefited,” he said. The IBCCI Mohammad Ali, a former president, and Jahangir
has given importance on boosting air, road, river, and Bin Alam, secretary and chief executive officer, were
cyber connectivity in order to remove physical barriers. present at the briefing. (Courtesy: The Daily Star; Dated: 29
On non-tariff barriers, Ahmad said India has assured October 2019)

CII Biz Bridge 2019 – Engineering & Manufacturing Exhibition

CII Eastern Region Charman, Subir Chakraborty addressing the inaugural IBCCI Secretary & CEO Jahangir Bin Alamand First Secretary (Com)
session of the event Bangladesh Deputy High Commission Kolkata are seen in the picture

The 7th edition of Biz Bridge 2019, a 4-day exposition Besides, there were opportunities for B2B interactions
of Engineering & Manufaturing firms of India which between the participants and visitors from India and
is a flag ship event of the Confederation of Indian across the Globe. Around 50 exhibitors from all over
Industry (CII) was held at the Eco Park, Kolkata from India participated.
November 27 – 30 with focus on various sector IBCCI Secretary & CEO, Jahangir Bin Alam represented
namely – Robotics, Automation, Power, Metal, the Chamber at the event.
Railways, Defence, Foundries etc.

Indo-Bangla Shipping & Logistics Sector Stakeholders’ Business Meet

A stakeholders’ business meeting between India and held on 5th December at the Pan Pacific Sonargaon
Bangladesh Shipping and Logistics industry organized Hotel, Dhaka.
by the High Commission of India in Bangladesh was Shipping Secretaries of both India and Bangladesh
were present on the occasion. More than 60 business
leaders of the sector from both the countries
participated in the meet. Recent developments in
waterways connectivity between the two countries
were showcased in the event.
Secretary & CEO of India-Bangladesh Chamber of
Commerce & Industry, Jahangir Bin Alam represented
the Chamber on the occasion.

Meeting of Bilateral Chambers with BIDA

December 18: The new Executive Chairman of
Bangladesh Investment Development Authority (BIDA)
Mr. Md. Sirazul Islam met the leaders of Bilateral
Chambers on the day at BIDA Conference Room with
a view to pursuing the Chambers to act as unofficial
ambassadors in promoting FDI into the country.
Executive Chairman of BIDA (Extreme left) addressing the meeting. Seen The Executive Chairman called upon the bilateral
on his left is Secretary & CEO of IBCCI
Chambers to help BIDA in its quest for attracting more
FDIs to Bangladesh.

12 IBCCI Newsletter
 IBCCI
Meeting with CII Eastern Region Business Mission

CII Mission Leader Chandra Chandra Shekhar Ghosh speaking At the B2B CII Mission Leader Chandra Shekhar Ghosh speaking at the dinner
meet . On his left are – IBCCI President Abdul Matlub Ahmad & Former meeting. IBCCI President Abdul Matlub Ahmad (Seated). On his right
President Taskeen Ahmed and on his right are – Pran Group CEO Ahsan are – IBCCI Directors; Haji Mohammad Ali, Dewan Sultan Ahmed & IBCCI
Khan Chowdhury & IBCCI Secrtary & CEO Jahangir Bin Alam Secretary & CEO Jahangir Bin Alam respectively. Seen on Extreme right is
Regional Director CII Ms. Nita Karmakar

A 13-member Business Mission from Confederation of business interest.

Indian Industry (CII) Eastern Region visited Bangladesh The meeting was followed by working luch hosted by
from December 13 – 15 had a B2B meetings with the Chamber.
IBCCI members on 15th December at Nitol Centre
Conference Room and exchanged views with several Earlier on 13th evening the Mission Members had
members of the Chamber on their respective areas of a dinner meeting with IBCCI Board Members at the
Platinum Grand, Banani, Dhaka-1213.

ICC Business Forum “India Tomorrow” in Kolkata

A futuristic Business Forum “India Tomorrow” held on December 13 at the Novotel Hotel, Kolkata
organized by Indian Chamber of Commerce (ICC) was with participation of around 300 eminent business
leaders from India, Bangladesh, Thailand, Singapore,
China, Myanmar, Lao PDR, Cambodia, South Kore,
Japan, Indonesia and Viyrtnam with a view to
enhancing business cooperation between ASEAN and
other Asian countries.
IBCCI Vice-President M. Shoeb Chowdhury represent
the Chamber in the said Forum and exchanged
views with other participating delegates on matters
IBCCI Vice-President M. Shoeb Chowdhury (Extreme left) with ICC Director
of mutual cooperation between Bangladesh and
General Dr. Rajeev Singh (Extreme right) at the Forum respective countries of the region.

New IBCCI Board for 2019 – 2021 period

Abdul Matlub Ahmad M Shoeb Chowdhury Abhisek Das

A 24 member Board of Directors of India-Bangladesh President.

Chamber of Commerce and Industry (IBCCI) for 2019 Chief Executive Officer of HSTC Limited and Honorary
– 2021 periods has recently been elected with Abdul Consul of the Republic of Malta, M. Shoeb Chowdhury
Matlub Ahmad, Chairman of Nitol Motors Ltd. as its and Country Manager of Indofil Bangladesh Industries

IBCCI Newsletter 13
 Private Ltd., Abhisek Das have been elected as Vice- & Exhibition Management Services (CEMS) Limited;
Presidents. Ashish Goupal of Marico Bangladesh Ltd.; Brajesh
While, Managing Director & CEO of Life Insurance Kumar of Asian Consumer Care (Pvt.) Ltd.; Dr. Prakash
Corporation (LIC) BD Ltd., Arup Dasgupta; Managing Chand Saboo of State Bank of India; Madhu P
Director of Quality Enterprise, Md. Abdul Wahed; Singh of Tata Motors Ltd.; Al-Haj Mohammad Ali of
Chairman & Managing Director of Bangladesh System Mohammad Enterprise; Motiar Rahman of Sharothi
Technology Ltd., Dewan Sultan Ahmed were elected as Enterprise; Mohammad Ershad Hussain Rana of Dawn
Honorary Secretary General, Honorary Joint Secretary Trading International; Liakat Ali Bhuiyan of Brick Works
General and Honorary Treasurer respectively. Development Ltd.; Ritesh Doshi- Asian Paints Ltd.; Md.
Moshiur Rahman- Rahman Shipping Lines; Robin
Other members of the newly elected board of Kumar Das of Mahindra & Mahindra Ltd.; Siddhartha
Directors are – Mohammad Ali of Fatullah Steel Re- P Roy of The Himalaya Drug Company Limited; Anjesh
Rolling Mills; Venugopal Numbikkeril Chellappan Pillai Kumar Som of Emami Bangladesh Limited.
of CEAT AKKHAN LTD.; Al Haj Md. Bazlur Rahman of
B. R. Spinning Mills Ltd.; Farkhunda Jabeen Khan of The election process was completed on 17th
MAKS Attire; Meherun Nessa Islam of Conference November 2019.

12th AGM held

December 10: The 12th Annual General Meeting
(AGM) of the Chamber was held on the day at the
Nitol Centre Conference Room.
In absence of IBCCI President, Vice President of the
Chamber M. Shoeb Chowdhury chaired the meeting.

IBCCI Vice-President, M. Shoeb Chowdhury addressing the 12 Annual

Newly elected Vice-President of the Chamber 2019-
General Meeting of the Chamber 2021 Abhisek Das offered the Vote of Thanks.

Visitors to the Chamber

October 13: Suprio Nag from Overseas India,

Bhubaneshwar, Odisha visited IBCCI on the day at the
Chamber office and exchanged views on prospects his
company’s business promotion in Bangladesh.

October 31: Vivek Saxena, Director and Vikas Gupta,

Senior Vice President of Obeetee Textiles Pvt. Ltd., New
Delhi, India visited IBCCI on the day and discussed
matters relating potentials of business expansion in
Bangladesh.

December 10: Mrs. Debdatta Nandwani, Director,

Earnst & Young, India visited the Chamber on the
day and exchanged views on matters relating to her
company’s business promotion in Bangladesh with
IBCCI Secretary & CEO Jahangir Bin Alam.

14 IBCCI Newsletter
 Graphic Design & Printing : SMS Network, 01711624244

Editor: Jahangir Bin Alam

India-Bangladesh Chamber of Commerce and Industry
Rupayan Centre (16th floor), 72 Mohakhali C.A., Dhaka-1212, Phone: 9858527, 9887074-6 E-mail: [email protected] Web: www.ibcci.net