Reopening of the Maia-Sultanganj route boosts inland waterways trade between India and Bangladesh
The movement between Maia Port in India and Sultanganj, Godagari Port of Call in Bangladesh, began with five trial cargo vessels on Indo-Bangla Protocol (IBP) Route 5 and 6s.
image for illustrative purpose
Hyderabad: India is Bangladesh's prime export destination in Asia, stated the Indian High Commissioner, Pranay Verma at Dhaka. He made these remarks on Monday during the inauguration of the Sultanganj port, which enhances naval connectivity between Rajshahi in Bangladesh and Murshidabad in India. Verma’s remark emphasizes the pivotal role of multimodal connectivity in bolstering bilateral cooperation between the two countries.
Verma highlighted the significance of efficient multimodal connectivity for the partnership's future, emphasizing road, rail, inland waterways, and coastal shipping.
The inaugural movement between Maia Port in India and Sultanganj, Godagari Port of Call in Bangladesh, marks the commencement of five trial movements of cargo vessels on Indo Bangladesh Protocol (IBP) Route 5 and 6.
This route's potential for cargo movement is expected to invigorate inland waterways ecosystems in both countries.
Verma emphasized that reopening the Maia-Sultanganj river route will benefit local economies on both sides of the border and foster national economies, strengthening sub-regional cooperation and integration.
He anticipated that improved connectivity links and initiatives like trade in Indian Rupee would bolster Bangladeshi exports to India.
He also noted the evolving connectivity landscape between India and Bangladesh, emphasizing the reconnection of the two countries with contiguous geography and shared history and culture.
Negotiations for the Comprehensive Economic This route's potential for cargo movement is expected to invigorate inland waterways ecosystems in both countries.Partnership Agreement (CEPA) between India and Bangladesh are set to commence soon.
• India stands as Bangladesh's second-largest import source, trailing only behind China.
• Bangladesh stands as India’s chief trading partner in the subcontinent, with India ranking as its second-largest export partner, representing 12% of total exports to Bangladesh.
• The fiscal year 2023 witnessed a trade turnover of $14.22 billion between the two countries
• India exported 6,050 commodities to Bangladesh in FY23, with exports reaching $12.20 billion in FY23 and $16.15 billion in FY22.
• Key exports from India to Bangladesh included commodities ($1.17 billion), cotton yarn ($1.02 billion), petroleum products ($816 million), other cereals ($556 million), and cotton fabrics, among others in FY23. Exports during April-May 2023 amounted to $1.67 billion.
• In FY23, India imported 1,155 commodities from Bangladesh, totaling $2.02 billion, with major imports being RMG cotton ($510 million), cotton fabrics ($153 million), RMG manmade fibers ($142 million), spices ($125 million), and jute ($103 million). Imports during April-May 2023 stood $278 million.
