retards trade growth with Burma
Dhaka, 3 June 03: Visa
restrictions, lack of transportation, and absence of effective transaction
mechanism have been identified as the as major hurdles to the growth of
business between Bangladesh
and Burma, a
according to todayís the daily star.
business leaders said they had signed contracts with their Burma
counterparts during Bangladesh
single country fair in Rangoon in
March this year. But they said no further progress has been made so far.
The business leaders speaking at a meeting between Federation of Bangladesh
Chamber and Commerce and Industry (FBCCI) and the visiting five-members
delegation led by Union of Myanmar Federation of Chamber of Commerce and
Industry (UMFCCI) President U Win Myint, held at the FBCCI conference room
business leaders also pointed to Burmaís
strict regulations, hindering growth of bilateral trade with its next-doorneighbour.
trade with Burma
faces hurdle due to stringent regulation requiring to export
to a destination before they can import anything from there. Such regulation
reduces trade, they said.
The business leaders said dearth of information is also the barrier to minimising trade imbalance between Bangladesh
ď We donít have necessary information on Bangladeshi
products having good prospect in Burma
market and also the products of Burma
which are demand here,Ē said A Rouf Chowghury, director of Federation of Bangladesh Chamber of
Commerce and Industries (FBCCI).
The existing trade balance is in favour of Burma.
According to Export Promotion Bureau (EPB), Bangladesh
exported 0.55 million US dollars to Burma
and imported 14.76 million US dollars from Burma
during July to December of 2002-2003.
However, Chowdhury hoped the existing trade gas would
be in favour of Bangladesh
after setting up of road link between the two countries.
Chowdhury also said there is
enormous prospects of improving trade relations between Bangladesh
and Burma, as
they are members of five-nation economic alliance Bangladesh-India-Burma-Srilanka-Thailand Economic Co-operation (BIMSTEC).
UMFCCI president U Win Myint said Bangladeshi traders could export fertiliser to Burma
as the country imports nearly 90 percent of required fertiliser
He also said Bangladeshi jute and jute products, leather goods and medical
supplies can find way to Burma.
exports pharmaceuticals, textile fabrics, and leather goods to Burma
and imports vegetable, beverages, machinery and mechanical appliances,
electrical equipment and animal products from Burma.