[ALOCHONA] Bangladesh set to earn one billion dollars a year from transshipment facilities for India

Bangladesh set to earn one billion dollars a year from transshipment facilities for India

DHAKA, Aug 12 (APP) A study by the country's apex Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has revealed that Bangladesh can earn at least US$ 1.0 billion a year initially following signing of transit and transship-ment treaties with India. New FBCCI chief AK Azad, said, Bangladesh will earn the large amount from different sources including transit fees, port levies, bank commissions, transportations and customs clearing and forwarding charges.

"Our economy will benefit from the transit. It will give a boost to our economy," Azad told reporters Thursday.

Azad said transit and transshipment will help reduce Bangladesh's trade gap with India, which is heavily in favour of the neighbouring country.

Bangladesh imports goods worth around $3.8 billion a year from India and exports nearly $ 250 million, he said.

The FBCCI chief said India will allow duty-free entry of further 8.0 million pieces of garment from Bangladesh.

Bangladesh has already exported 5.0 million pieces of garment to India as against 8.0 million allowed earlier.

Azad said Bangladesh's business with Indian north-eastern states will be expedited following the transit facility saying: "The transit and transshipment facility will open a new era for Bangladesh's manufacturing sectors."

Captain Imam Anowar Hossain, chairman of Asian Lubricants, told reporters that Bangladesh might be a 'financial hub' following the transit facilities.

"Consignees from India, Nepal and Bhutan might open letters of credit with Bangladesh's commercial banks. It will help make Bangladesh a financial hub," Imam hinted. Imam also said Bangladesh will earn $1.0 billion more a year as a result of the use of Indian power and gas by the country's industrial sector.

 

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