Indian High Commissioner to Bangladesh Vikram Kumar Doraiswami has said Bangladesh can export edible oil to India with 20 percent value addition to the product.
"We would like to establish a unique mechanism to allow Bangladesh's BSTI certification, especially for food products as well as other products, including steel, in a reciprocal manner," he said during a courtesy visit to Dhaka Chamber of Commerce and Industry (DCCI) today where he had a bilateral trade talk with DCCI President Rizwan Rahman.
The cost of transportation and time between Delhi and Chattogram Port is very high, the Indian high commissioner said.
He urged the business community of both countries to convince the government to upgrade goods transportation facilities.
Doraiswami also called for infrastructure development and technological advancement at all land ports in Bangladesh to expedite faster export and import process. Currently there are five railway crossings that are connected between the two sides.
Renewing his call for railway infrastructure and capacity development, Doraiswami said railway can be the best cost-effective option for goods export and import.
"We're also very keen to expedite the use of Bangladesh's existing river ports for goods transportation, but this needs a few regulatory things to be done, including river dredging," he said.
Regarding Indian investment in Bangladesh, he said: "It would be great if we could jointly work to stimulate more Indian businesses to come to Bangladesh and invest in SEZs [Special Economic Zones] as Bangladesh has huge potential."
During the discussion, DCCI President Rizwan Rahman said that the bilateral trade between Bangladesh and India was US$ 6.9 billion in FY 2019-20 where Bangladesh's export to India was US$ 1.10 billion against the import of US$ 5.79 billion.
The total FDI Stock from India to Bangladesh as of September, 2020 was US$ 645.54 million.