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Tremendous Opportunities lie ahead for Indian Businesses with Bangladesh’s Transition from LDC Status

Monday, April 16, 2018

Vijay Kalantri, President, All India Association of Industries (3rd left) felicitating Mohd. Lutfor Rahman, Deputy High Commissioner, Bangladesh Deputy High Commission in Mumbai (2nd left) during the programme on ‘Vibrant Bangladesh: Transition from LDC Status’ which was organised by World Trade Centre Mumbai and All India Association of Industries in association with the Deputy High Commission for the People’s Republic of Bangladesh in Mumbai at the World Trade Centre Mumbai. Also present from (L-R): Chamari Rodrigo, Consul General, Consulate General of Sri Lanka in Mumbai; Dr. Norbert Revai Bere, Consul General, Consulate General of Hungary in Mumbai & Dean of Consular Corps in Mumbai; Mohammed Al Mamun, CEO, AB Bank in India and Y. R. Warerkar, Executive Director, MVIRDC World Trade Centre Mumbai.

“Bangladesh has developed in the last ten years owing to the pragmatic leadership policy of our Prime Minister, Sheikh Hasina and her Vision 2021 to graduate from LDC to lower middle-income status. On 16th March 2018, the UN Committee of Development Policy announced that Bangladesh is graduating from LDC status on the merit of meeting the three criteria based on Per Capita Income, Human Asset Index and Economic Vulnerability Index. The graduation threshold for GNP per capita is USD 1230 based on last three-year average, while that of Bangladesh is USD 1272, Human Asset Index is minimum 66, while that of Bangladesh is 72.8 and that of Economic Vulnerability Index is maximum 32, while that of Bangladesh is 25. It’s a landmark event for us and an occasion to celebrate”, said Mohd. Lutfor Rahman, Deputy High Commissioner, Bangladesh Deputy High Commission in Mumbai during the programme on ‘Vibrant Bangladesh: Transition from LDC Status which was organised by World Trade Centre Mumbai and All India Association of Industries in association with the Deputy High Commission for the People’s Republic of Bangladesh.

In his welcome address, Vijay Kalantri, President, All India Association of Industries (AIAI) and Vice Chairman, MVIRDC World Trade Centre Mumbai remarked, “Bangladesh is growing at seven per cent and is the third fastest growing economy in the world. Indian manufacturers are happy to work in Bangladesh, as it is cost effective and has good working conditions, as also is home to a number of EPZs and easy to communicate over the border. It is at a motorable distance from India. However, for better logistic connectivity, we need to develop road and rail routes via Bangladesh, which will bring down the transport cost and time. The government of Bangladesh is focused on development and is proactive towards industrial growth. India supplies capital goods such as textile machinery to Bangladesh, encourages textile and leather exports from Bangladesh and partners in projects in the power generation and transmission sectors. We need regular interaction with small groups to promote trade through our South Asian FTA with Bangladesh.”

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