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Bangladesh Prime Minister Sheikh Hasina is scheduled to visit India for the G20 summit in September 2023
Bangladesh is taking notable measures in enhancing its infrastructure with the help of India. In September 2023, the country is scheduled to inaugurate three major infrastructure projects that have been constructed with Indian assistance. This development is particularly noteworthy as it aligns with the planned visit of Bangladesh's Prime Minister, Sheikh Hasina, to India for the G20 Summit in September this year.
According to reports based on information provided by the Bangladesh Prime Minister's Press Secretary, the projects include the Maitree Super Thermal Power Plant-2, the 65-kilometre-long Khulna-Mongla Port Railway Link, and the Akhaura (Bangladesh)-Agartala (India) Railway Link. The Maitree power plant and the Khulna-Mongla rail link, have been successfully implemented with the assistance of the Indian Line of Credit (LoC). Additionally, the Akhaura-Agartala rail link has been constructed with the support of an Indian grant.
The Maitree Super Thermal Power Plant-2 is a 660-megawatt superthermal power plant, while the Port Railway Link is a 65-kilometre-long railway line that will connect the Khulna district with the Mongla port. The Akhaura-Agartala Railway Link will connect Akhaura in Bangladesh with Agartala in India.
During a meeting between India's High Commissioner in Dhaka Pranay Verma and Prime Minister Hasina, issues such as the Taka-Rupee exchange system between Bangladesh and India, connectivity, and ongoing projects under the Indian LoCs and grants were discussed. The two nations prioritised the need to further the convenience of monetary conversion whilst discussing the set exchange rate suggested by the Bangladesh Foreign Exchange Dealers’ Association(BAFEDA). Both expressed satisfaction over the state of bilateral relations and highlighted its potential to collectively reshape their economic ties.
The two neighbours have recently launched a much-anticipated trade transaction in rupees. The move is aimed at reducing dependence on the US dollar and strengthening regional currency and trade. The leaders discussed the implementation of different trade transaction approaches such as the the “First-time Bilateral Trade”, “Trade Settlement in Rupees”, “Gradual Transition” and “Nostro Accounts”. This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar.
The most recent development is the eligibility granted for banks across India and Bangladesh to open accounts across borders. Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the "first step in a great journey".
After the meeting between High Commissioner Verma and Prime Minister Hasina, the Indian envoy was quoted by news reports as saying that a large number of Bangladeshis visit India for various purposes and they can use a card that both sides will issue, so that people could use these cards for their payments irrespective of their physical location. Shifting from its privatized use, he also expressed the necessity to implement this move in the context of cross border trade and commerce.
The meeting was also attended by Bangladesh PM's Ambassador-at-large Mohammad Ziauddin, PM's Press Secretary Ihsanul Karim, and Indian Deputy High Commissioner to Bangladesh Bishwadip Dey.
The three major infrastructure projects being implemented with Indian assistance in Bangladesh are expected to have a profound impact on the economic partnership between the two countries. Expected sectors which will be impacted include Bangladesh’s energy sector, industrial development and investment load. Once these outcomes have been measured, the two nations plan on cooperating in other sectors to strengthen their independent economic circumstances.
The meeting between the Indian envoy and the Bangladesh Prime Minister is a step towards achieving these goals. The credit cards will be a convenient and efficient way for people of both countries to conduct cross-border transactions. The move towards diversifying currency options and reducing reliance on a single currency for trade is a positive step towards strengthening regional economic integration and diversification
According to reports based on information provided by the Bangladesh Prime Minister's Press Secretary, the projects include the Maitree Super Thermal Power Plant-2, the 65-kilometre-long Khulna-Mongla Port Railway Link, and the Akhaura (Bangladesh)-Agartala (India) Railway Link. The Maitree power plant and the Khulna-Mongla rail link, have been successfully implemented with the assistance of the Indian Line of Credit (LoC). Additionally, the Akhaura-Agartala rail link has been constructed with the support of an Indian grant.
The Maitree Super Thermal Power Plant-2 is a 660-megawatt superthermal power plant, while the Port Railway Link is a 65-kilometre-long railway line that will connect the Khulna district with the Mongla port. The Akhaura-Agartala Railway Link will connect Akhaura in Bangladesh with Agartala in India.
During a meeting between India's High Commissioner in Dhaka Pranay Verma and Prime Minister Hasina, issues such as the Taka-Rupee exchange system between Bangladesh and India, connectivity, and ongoing projects under the Indian LoCs and grants were discussed. The two nations prioritised the need to further the convenience of monetary conversion whilst discussing the set exchange rate suggested by the Bangladesh Foreign Exchange Dealers’ Association(BAFEDA). Both expressed satisfaction over the state of bilateral relations and highlighted its potential to collectively reshape their economic ties.
The two neighbours have recently launched a much-anticipated trade transaction in rupees. The move is aimed at reducing dependence on the US dollar and strengthening regional currency and trade. The leaders discussed the implementation of different trade transaction approaches such as the the “First-time Bilateral Trade”, “Trade Settlement in Rupees”, “Gradual Transition” and “Nostro Accounts”. This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar.
The most recent development is the eligibility granted for banks across India and Bangladesh to open accounts across borders. Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the "first step in a great journey".
After the meeting between High Commissioner Verma and Prime Minister Hasina, the Indian envoy was quoted by news reports as saying that a large number of Bangladeshis visit India for various purposes and they can use a card that both sides will issue, so that people could use these cards for their payments irrespective of their physical location. Shifting from its privatized use, he also expressed the necessity to implement this move in the context of cross border trade and commerce.
The meeting was also attended by Bangladesh PM's Ambassador-at-large Mohammad Ziauddin, PM's Press Secretary Ihsanul Karim, and Indian Deputy High Commissioner to Bangladesh Bishwadip Dey.
The three major infrastructure projects being implemented with Indian assistance in Bangladesh are expected to have a profound impact on the economic partnership between the two countries. Expected sectors which will be impacted include Bangladesh’s energy sector, industrial development and investment load. Once these outcomes have been measured, the two nations plan on cooperating in other sectors to strengthen their independent economic circumstances.
The meeting between the Indian envoy and the Bangladesh Prime Minister is a step towards achieving these goals. The credit cards will be a convenient and efficient way for people of both countries to conduct cross-border transactions. The move towards diversifying currency options and reducing reliance on a single currency for trade is a positive step towards strengthening regional economic integration and diversification
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