WEB DESK
High Commissioner of India to Bangladesh Pranay Verma said that better connectivity between India and Bangladesh is the driving force for prosperity.
Speaking at a seminar ‘Improved connectivity- unlocking the economic potential between India and Bangladesh’ in Dhaka on Thursday, he added that given the geographical proximity with the Northeastern states of India, Bangladesh is in the best position to help India tap into the abundant natural resources and the economic potential of the Northeast.
He said that various connectivity initiatives to link Indian states, including its Northeastern states with Bangladesh are meant to strengthen the interdependencies between the two countries.
Highlighting the growing economic engagement between the two countries, High Commissioner Pranay Verma highlighted that bilateral trade between India and Bangladesh has more than doubled in the last five years.
Bangladesh’s exports to India have touched almost USD 2 billion in the last Financial Year. India has become the largest export destination for Bangladesh in Asia.
Speaking about the importance of ongoing negotiations on the Comprehensive Economic Partnership Agreement (CEPA), High Commissioner Verma said it has the potential to enhance bilateral trade and investment ties by creating a new institutional framework and supply chain linkages.
High Commissioner Pranay Verma emphasised the importance of better connectivity and trade infrastructure at the borders and underscored the steps being taken to decongest the Integrated Check Post (ICP) at Petrapole-Benapole by augmenting railway infrastructure.
He also spoke about improving infrastructure at other land ports and the need to increase the number of ports without restrictions, which would in turn incentivize investments in Land Ports.
The High Commissioner also underscored the need for greater cooperation, integration and multi-modal connectivity of the sub-region including through roads, railways, inland waterways, and coastal shipping.
He also spoke about the India-Bangladesh Friendship Pipeline, which is going to be inaugurated shortly, as a vivid example of the cooperation between India and Bangladesh that will change the diesel supply landscape in Northern Bangladesh.