Seize business opportunities with Myanmar: BMCCI

 

 

Bangladesh needs to give a push to further improve ties with its neighbour Myanmar in all areas as the resource-blessed South East Asian country is opening up its economy offering a plenty of opportunities for Bangladeshi businesses, say Bangladesh leaders in Yangon to the UNB.

 

Despite being a close neighbor, they think, Bangladesh is yet to explore the ‘tremendous’ business potential-- bilateral trade, investment and other forms of economic cooperation-- with Myanmar though other countries, including India and China, advanced well ahead of Bangladesh.

 

The business leaders laid emphasis on enhanced people-to-people contact, boosting trust and image between the two countries and establishing smooth connectivity, especially direct shipping links, so that Bangladesh can gain maximum benefit utilizing its proximity with Myanmar.

 

"We can have better and friendly relations with Myanmar. Initiatives need to be taken at government levels to address the problems we see in our exiting bilateral relations," Managing Director of Bay Line Shipping PTE Limited Capt Quamruddin Ahmed told.

 

Capt Ahmed, who has been living in Myanmar for the last 18 years, said there is 'tremendous prospect' for Bangladesh to be benefited if it can have better relations with Myanmar. “India is enjoying very good relations with Myanmar-- if India can why not Bangladesh!”

 

India is the fifth largest trade partner of Myanmar and bilateral trade between the two countries climbed up to US$ 2.18 billion in the fiscal year (2013-2014).

 

The annual bilateral trade between Bangladesh and Myanmar stands at $100 million and both the countries hope to raise the figure to $500 million with the introduction of the shipping line. Bangladesh has a target of $1 billion trade between the two countries by 2020, according to the business leaders.

 

Managing Director of Trust Technologies Limited Bijan Bishi said Myanmar, which has recently reemerged on the global stage after 50 years of isolation, is now a country of over 50 million people and it is opening up its economy. "Everybody’s doing business here. Only we’re lagging behind," said Bishi who has been living in Myanmar since last 16 years.

 

He mentioned that the government needs to do whatever is needed for improving relations with Myanmar as there is huge scope for doing business with Myanmar.

 

Country Manager in Myanmar, Searle Company Limited, Abul Kalam Azad Khan, said since Myanmar is now on the road to democracy, they will develop all the systems, including smooth banking system in line with the global needs for doing business.

 

"They’re developing all necessary infrastructures. For Bangladeshis, there is a vast scope in Myanmar," said Azad who is living in Myanmar since last 11 years.

 

Though many talk about trust deficit between the two countries, President of Bangladesh Myanmar Chamber of Commerce and Industry (BMCCI) SM Nurul Hoque told that enhancing people-to-people contact and ensuring smooth connectivity with Myanmar through sea, air, road, rail and ‘banking connectivity’ will automatically remove all the gap.

 

Nurul Hoque said it was unfortunate that they (Bangladeshi businesspeople) remained behind all in terms of exploring business opportunities in Myanmar though they were supposed to be leader in the race.