'Padma Bridge is a blessing, will boost Bangladesh's GDP by 1.23%'

In the neighbouring Bangladesh he has all along been known as one of the most outspoken and articulate business leaders. He is at the helm of a large business empire, ranging from banking, insurance, securities to IT and ITeS, Cooperative Society, to mention a few. He has also been successfully heading a number of trade and industry bodies, including The Federation of Bangladesh Chambers of Commerce and Industries, Bangladesh Chamber of Industries, Commonwealth Independent State-Bangladesh Chamber of Commerce & Industries, raising his voice on issues pertaining to commerce, industry and others, and drawing roadmap for commerce and industry. As Director, Bengal Commercial Bank, NRB Global Life Insurance Company Ltd, Benemoy Securities Ltd, Money Plant Link Pvt Ltd, he has been instrumental and part and parcel of the phenomenal growth and reach-outs that Bangladesh banking and financial institutes (BFSI) industry witnessed over the years. Speaking to Bizz Buzz exclusively, during the course of his last visit to Kolkata (India), Dr Joshoda Jibon Deb Nath, Managing Director, Technomedia Ltd, Bangladesh, delves at length on various topical issues- from opening of the Padma Setu, regional connectivity, bilateral business relationship to overall and time tested relationship between the two neighbouring countries.

The much-hyped opening of the Padma Bridge is believed to have opened new vistas. What is your take on this? Do you think it can be a real game changer in terms of facilitating economic expansion?

Yes, I do believe that Padma Bridge is a blessing for Bangladesh. It will provide a vital link in the national road network of Bangladesh, particularly for the southwest zone of the country as well as improve the connectivity with India. It will reduce 10 per cent in travel time from Dhaka to South-Western region districts including West Bengal of India. Padma bridge may boost up the countries annual GDP by 1.23 per cent. On the other hand, the South-Western region's GDP is projected to increase by 2.5 per cent.

For quite some time people have been advocating for regional cooperation and connectivity to foster economic expansion, as a seasoned businessman, how important is it from your perspective?

I think that, in order to increase the regional trade between the two countries, connectivity offers the most vital opportunity and also has crucial importance on strengthening regional cooperation and promoting economic growth.

When one talks of regional cooperation, what do you think- the focus should be on regional cooperation between India and Bangladesh or much beyond that?

No, I think regional cooperation should be perceived and considered from a wider perspective for the expansion of economy. But regional cooperation among the neighbouring countries is most important. The bilateral trade between India and Bangladesh is about $18.2 billion (16.2 billion exports and two billion imports) in 2020-21. So, it is an important issue for Bangladesh economy to talk about.

How important is the transport connectivity in the whole scheme of things?

I think transportation creates valuable links between regions and economic activities, between neighbours and the rest of the world. Better transportation reduces the time for export import which has great impact in economy.

Many people think that while tapping the trade potential between the two countries, connectivity and cooperation between Bangladesh and North-Eastern India is very important. What's your take?

Yes, I do believe that the cooperation between Bangladesh and North-Eastern India is very important. As we are neighbours, we may have bilateral benefit from export-import in a shortest period of time than the other countries.

Broadly, what are the opportunities before the two countries?

From my perceptions, the opportunities in the mutual trades between the two countries are: advantages of the reduced transaction costs and quicker delivery due to geographical proximity, common language and a heritage of common physical infrastructure.

As a businessman and helmsman of various trade and industry bodies, what do you think what are the hurdles that stand in the way of promoting and fostering bilateral trade and how the two governments should address and take care of them?

In this issue my personal opinion is that there is huge export-import trade gap. Indian export to Bangladesh is much higher ($16.2 billion) than that of Bangladesh to India ($2 billion).With a view to boost two-way commerce and investment, India and Bangladesh should initiate heart-to-heart negotiations for a free trade agreement at an early date and that would provide a sound basis for substantial enhancement of trade and commercial partnership between the two countries. That's not a tall order.

What are the areas that need to be addressed and taken care of most urgently to take things to the next level?

The present steps of discussion of the two governments about various issues of mutual interest, including removal of non-tariff barriers and port restrictions, re-opening of border haats, settlement of trade in local currencies, strengthening connectivity and infrastructure may be considered as the most crucial areas. And fortunately, the two governments have taken note of these and are working on to find solutions.

What are the ways ahead?

I think the mutual cooperation, present good relation are the ways ahead. Mind you that the two governments, at present, are enjoying the best of relationship. Both of the governments have taken a cordial and forward-looking outlook and attitude to each other. Therefore, this is the best time to build the foundation of a stronger bilateral relationship and take it forward to the next level from there. Larger and more meaningful people-to-people interactions, effective and fruitful exchanges of art, culture, and literature will play a crucial role in the whole scheme of things. I can certainly see a bright future ahead.