Bangladesh a promising trade prospect, says Deloitte partner
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While most efforts to improve business conditions in India have been targeted at foreign investment from large economies across the world, Deloitte is turning India’s attention to the significant opportunities that the neighbouring market of Bangladesh offers in terms of trade relations.
Enhancing ease of doing business and domestic production capabilities have been high on the agenda for India recently. As the country looks to project itself on the international market, experts have stressed the need for India to match its remarkable economic growth with an internationally competitive business environment.
Digitalisation has been rampant in the country, although regulatory intervention and inefficiencies continue to hinder the flow of investment in the country. Domestic manufacturing levels are also considerably low. The government has been working to tackle these issues via a variety of avenues.
The Goods & Services Tax has been one major initiative to tackle regulatory burdens, while the Make in India campaign has been an effort to boost domestic production. So far, these efforts have been underway with the objective of putting India at par with some of the largest economies in the world.
Speaking to the Economic Times, Joydeep Datta Gupta, a Partner at Deloitte in India, has offered a fresh perspective, indicating that a more open trade environment might help India build a better trade relationship with neighbouring Bangladesh. Such a relationship has a lot to offer, according to Gupta.
Remarkable opportunities exist in Bangladesh, although few Indian businesses are aware of this. According to Gupta, Bangladesh needs to invest more in publicising the opportunities, as well as in improving overall business conditions in its market to attract more Indian investors.
“A lot more road shows are required to increase awareness about investment opportunities to bring in potential investors from India. They also need to continue their work on improving ease of doing business. Bangladesh is doing a lot in terms of improving infrastructure. They need to continue to do that,” said Gupta.
Many experts have touted India as the driver of economic growth in Asia over the next few decades – in light of ageing populations in China and Japan – and Gupta reports that Bangladesh has long been working towards building better trade relations with India. According to Gupta, they are now ready to commence substantial economic engagement.
Source: https://www.consultancy.in