Guwahati: Bangladesh and Northeast India share an active bilateral trading relationship due to their natural vicinity and complementary economies. While Bangladesh has become the world leader in RMG sectors, pharmaceuticals, jute, leather, and ceramics, Northeast India is rich in natural resources and agro-based industries. This combination thus creates the ideal foundation for bilateral trade and economic cooperation. Concentration would remain in enhanced connectivity and cross-border exchange activities, Vice President of the Dhaka Chamber of Commerce and Industry (DCCI), Junaed Ibna Ali, said while speaking at the Export Promotional Meet organized by the Indian Chamber of Commerce, held on November 21, 2024.
He emphasized the strength of Bangladesh's economic ties with Northeast India and highlighted opportunities for enhanced cooperation in trade and commerce.
Junaed Ibna Ali emphasized the importance of leveraging these connections to foster deeper collaborations in trade and commerce. "Such platforms are crucial in identifying new opportunities and strengthening existing partnerships," he remarked.
Speaking exclusively to Business North East (BNE), Ali discussed the trade dynamics and the role of the Dhaka Chamber of Commerce in advancing bilateral trade. "Bangladesh's RMG, pharmaceuticals, jute products, leather, and ceramics are major export items, globally renowned for their quality and pricing. Jute products, pharmaceuticals, and ceramics hold huge export potential to Northeast India," Junaed Ibna Ali stated.
Junaed Ibna Ali said the opportunity exists in B2B. "If we can win the business matchmaking meetings of B2B, we may build strong customer relationships with exporters. This is a recent initiative taken by Dhaka Chamber of Commerce consisting of successful B2B matchmaking meetings of the Northeast with Bangladesh and partnerships facilitated by organizations like the Indian Chamber of Commerce (ICC). Such initiatives are toward bridging the gap between businesses, establishing partnerships, and opening avenues for trade.
The Dhaka Chamber of Commerce, with its 15,000-member strong network, is playing a pivotal role in enhancing bilateral trade. "We have done B2B matchmaking with ICC in Dhaka and recently taken this on to Kolkata too. Such events bring businesses closer, enabling them to explore synergies and develop long-term collaborations," said Ali. These initiatives aim to tackle logistical challenges, streamline trade processes, and create a conducive environment for economic growth.
B2B matchmaking session with representatives
from Bangladesh and Northeast India (Google image)
The northeastern region of India and Bangladesh share a geographically and culturally unique bond that underpins their economic relationship. With shared borders, it is placed at an advantage of enhanced trade in sectors like agriculture, textiles, and technology. Connectivity has been enhanced with the use of Bangladeshi ports, Chattogram and Mongla, facilitating smoother and more efficient trade flow from Northeast India. Moreover, it saves time and expenses on transit.
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Bangladesh's export-led industries supplement Northeast India's priorities for increased market access and diversified import sources. Conversely, the vast and diverse natural resources and agro-based industries of the Northeast open gates for Bangladeshi investors.
"The Dhaka Chamber of Commerce is committed to strengthening our partnership with Northeast India. Through collaborative efforts like B2B matchmaking and trade expos, we aim to foster economic growth that benefits both sides. Together, we can overcome challenges and leverage our strengths for a prosperous future," the Vice President of DCCI added.
FIRST Business Portal addressing the potential of business capability of North East Region.
