A team of Indian business delegates on Saturday attended a business-to-business (B2B) meeting with Bangladeshi apparel exporters with a view to strengthening trade relationship, especially in textile sector, between Bangladesh and India.
A 25-member delegation of Indian exporters of yarn and fabric led by Ujwal Lahoti, Chairman of the Cotton Textiles Export Promotion Council of India and Tseten Nordon Cargyal, Head of Chancery of the Indian High Commission to Bangladesh attended the meeting at BGMEA complex as part of the delegation's four-day business tour in Bangladesh.
Presiding over the meeting, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman said, as well as having many geographic advantages, Bangladesh and India share a long border and a number of custom ports.
But the trade relationship between the two countries has not yet achieved the desired result so far, he said, reports UNB.
The trade between Bangladesh and India is growing every year. Because of duty free export of Ready Made Garments (RMG) products, export to India last year was US$279 million which was only US$96 million five years ago, said the BGMEA president.
"India is a highly potential market for us because of the population. Global brands and retailers are also opening their stores in India" he said adding that, "Moreover we import most of our cotton, fabrics and other materials from India to produce garments here."
He also said, there are some challenges including lack of capacity in the land custom ports, especially in Petrapole and non-payment issues, which are the major barriers.
Claiming that there are huge potential of collaboration between the two countries, he said, the Bangladesh and India need to work on the issues to build stronger trade relation.
Tseten Nordon Cargyal said, India-Bangladesh relationship has grown exceptionally in the past few years.
Bangladesh's garments export to India has increased. Half of India's export to Bangladesh comprises of raw materials and machinery used by Bangladeshi industries, specially the garment industries, she said adding that, this meeting will create more scopes of business interaction between the two countries.
While large scale investments are taking place since the last few years, Bangladesh is an important trading partner of India, said Ujwal Lahoti, Chairman of the Cotton Textiles Export Promotion Council of India.
There is a need of extending ties between the textile exporters and suppliers of Bangladesh and India, said Ujwal.
In the programme, Md Nasir, Vice President of BGMEA (Finance) also spoke among others.
