The Asian Institute of Diplomacy and International Affairs (AIDIA) and Embassy of the People’s Republic of Bangladesh, Nepal jointly hosted a Round Table Meeting on “Nepal-Bangladesh Relations : Exploring Trade and Commerce” on June 1, 2018 in Kathmandu, Nepal.

 

The major objective of the program was to discuss the possible trading arenas between the two countries focusing on connectivity through which trade between the two neighboring countries can flourish and benefit both the parties.

 

Mr Shubhashish Bose, Secretary, Ministry of Commerce, Bangladesh delivered the key note speech. He spoke about how we are now in a globalized world and as a part of a global community, we need to capitalize our resources so that efficient services can be offered to different countries of the world. He focused on the requirement of a uniform system of standardization where people need to be trained in order to provide efficient service to the global community. He mentioned that Bangladesh has 70% of its population who are below the age of 40 and with such huge percentage of young population; Bangladesh has a comparative advantage against other developed countries. These young crowd needs to be channelized in the right manner. Bangladesh’s trade and commercial policies are made to attract FDIs.

 

He suggested that there can be a common visa for Bangladeshi tourists to India and Nepal. He mentions that a lot of things need to be done in future but the most important thing to be done is the immediate implementation of the decisions made.

 

Markets of Nepal and Bangladesh needs to attract more of FDIs as the cost of setting up a business is low and comparably easier. Availability of resources in both the countries are at par to lure FDIs hence additional efforts need to be put in by both the nations to establish a strong foothold in South Asia. The Secretary also shed some light into Bangladesh’s GDP which is estimated to be 7.65% this year and if the 7year plan is properly implemented then 80-82% of the STGs can be achieved.

 

The Secretary also suggested that there are opportunities for youth of Nepal in their tea estates and tea industry, he admitted to having a difficult time to meet the worldwide tea demands. With regards to tourism he mentioned that both the countries can cooperate to formulate such policies that could offer a joint package to the tourists who can visit both the countries easily. He also mentioned that Nepal could be the chief exporter of commodities like garlic, lentils, cardamom, etc to Bangladesh.

 

Pharmaceutical is one sector where Bangladesh is renowned to meet the worldwide demands. Active Pharmaceutical Ingredients (API) sector is where the country is inviting investments.

 

Lastly, he suggested that the Export Function Bureau of Bangladesh and the same of Nepal could sigh a MoU to better facilitate trade and commerce between the two nations. He also said that both the nations need to cooperate to be self-reliant and support the South Asian market rather than wholly depend on their Western or European counterparts.

 

Mr. Chandra Kumar Ghimire, Secretary, Ministry of Commerce, Nepal agreed to the suggestions and recommendations made by Mr. Bose. He emphasized that the population of Nepal has great potential if guided in the right direction and the utilization of the demographic dividend will be in its full form if proper actions taken in the form of education and practice.

 

He mentioned that the estimated GDP of Nepal to be 8% this year which is challenging but not impossible. He said that the partnership with our immediate neighbor like Bangladesh is necessary. Liberal policies are necessary regarding tariffs and connectivity. Bangladesh also had great interest in the generation and export of hydropower sector in Nepal.

 

He also mentioned that some of the previously discussed agendas like tariff related issues, preferential market access, Rohan Singbad route, simplification of pharmaceutical products, etc will be put into action.

 

Finally, he concluded by saying that Nepal would like to grow together with Bangladesh. He says that more mobility means more connectivity which would lead to more prosperity. Also, both the nations need to cooperate in the tri-lateral agreement of India-Nepal-Bangladesh to better facilitate trade and commerce.

 

Mr. Hari Bhakta Sharma, President, Confederation of Nepalese Industries says that he is anxious to see the trade agreement happen between both the nations regarding the hydropower sector. He suggests that there is an acute deficiency of infrastructure regarding tourism which needs to be developed to better enhance revenue from tourism industry.

 

In the meeting, H.E. Ms. Mashfee Binte Shams Ambassador of Bangladesh to Nepal delivered the closing remarks.