A number of Bangladesh business leaders living in Yangon for pretty more than a decade say as the resource-blessed South East Asian country Myanmar is opening up its economy offers a plenty of opportunities for Bangladeshi businesses. Bangladesh needs to give a push to further improve its ties with this newly emerging democratic neighbour in all areas. They think, despite being a close neighbour, Bangladesh is yet to explore the “tremendous” business potential such as bilateral trade, investment and other forms of economic cooperation with Myanmar. Other countries, including India and China, advanced well ahead of Bangladesh in such fields of economic cooperation with Myanmar.Time to explore business opportunities with Myanmar
The BMCCI said � referring to inadequate banking facilities � grounds need to be prepared for Bangladeshi private banks to operate in Myanmar
Sarwar Md. Saifullah Khaled
A number of Bangladesh business leaders living in Yangon for pretty more than a decade say as the resource-blessed South East Asian country Myanmar is opening up its economy offers a plenty of opportunities for Bangladeshi businesses. Bangladesh needs to give a push to further improve its ties with this newly emerging democratic neighbour in all areas. They think, despite being a close neighbour, Bangladesh is yet to explore the tremendous business potential such as bilateral trade, investment and other forms of economic cooperation with Myanmar. Other countries, including India and China, advanced well ahead of Bangladesh in such fields of economic cooperation with Myanmar.
For Bangladesh to gain maximum benefit utilizing its proximity with Myanmar, the business leaders laid emphasis on enhanced people-to-people contact, boosting trust and image between the two countries along with establishing smooth connectivity, especially direct shipping links. The Managing Director of Bay Line Shipping PTE Limited Capt Quamruddin Ahmed who has been living in Myanmar for the last 18 years told there is tremendous prospect for Bangladesh to be benefited by enhancing business relation with Myanmar if it can have better relations with it. He said that India is enjoying very good relations with Myanmar if India can why not Bangladesh! 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.
The Managing Director of Trust Technologies Limited Bijan Bishi who has been living in Myanmar since last 16 years 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 to the outer world. He said that Everybodys doing business here. Only were (Bangladeshis) lagging behind. He mentioned that the Bangladesh government needs to do whatever is needed for improving relations with Myanmar as there is huge scope for doing business with Myanmar. Currently India is the fifth largest trade partner of Myanmar and in the fiscal year 2013-2014 the bilateral trade between the two countries climbed up to US$ 2.18 billion while the annual bilateral trade between Bangladesh and Myanmar stands at only US$100 million. Both Bangladesh and Myanmar hope to raise the figure to US$500 million with the introduction of the shipping line. According to the business leaders Bangladesh has a target of US$1 billion trade between the two countries by 2020.
The Country Manager in Myanmar, Searle Company Limited, Abul Kalam Azad Khan who is living in Myanmar since last 11 years 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 modern business. He said that Theyre developing all necessary infrastructures. For Bangladeshis, there is a vast scope in Myanmar.
The Bangladesh Myanmar Chamber of Commerce and Industry (BMCCI) maintains that though many talk about trust deficit between the two countries, 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. It said that though they were supposed to be leader in the race it was unfortunate that they the Bangladeshi businesspeople remained behind all in terms of exploring business opportunities in Myanmar. However, it sees the ray of hope as there has been some progress in terms of establishing connectivity. It says and hopes that Connectivity is the key. Once connectivity is established in all forms, well remain well ahead of others whore now much ahead of us.
The business leaders, appreciating government efforts, said Biman Bangladesh Airlines introduced Dhaka Yangon direct flight first though it was very costly. They say that Then we encouraged private airline Novoair to operate flights on the same route and the fare came down to Tk 22-23 thousand. According to the BMCCI, for Bangladesh now the need is to give priority to establish direct shipping link with Myanmar and the protocol needs to be signed as soon as possible. Bangladesh and Thailand are working on modalities to start direct coastal shipping, connecting the Chittagong Port in the Bay of Bengal with the Yangon Port in the East of the Andaman coast in south-western Thailand. Smooth connectivity in all forms is the key to boost business ties between the two countries says BMCCI. If Bangladesh now wants to import or export goods through sea, it will have to do it via Singapore. It is time-consuming and costly one. The BMCCI says that If the sea connectivity is established with Myanmar through signing necessary protocol, well definitely remain ahead of all.
The BMCCI said referring to inadequate banking facilities grounds need to be prepared for Bangladeshi private banks to operate in Myanmar. Through required banking connectivity with the presence of private bank, cost will be reduced and process for opening letter of credit (LC) will be easier. Now Sonali Bank plays a role which is not adequate as described by the Chamber leaders. Moreover, Bangladesh has its presence in Myanmar now in a very limited way in some areas like IT, RMG and Pharmaceuticals. The business leaders say there are many areas to explore in Myanmar which can bring benefits for both Bangladesh and Myanmar.
Managing Director (MD) of Novoair observed that Myanmar, endowed in rich natural resources and situated in the fastest growing region of the world, is now opening up. He told that Many global companies have already gained access to investment there while many are trying to gain access. Were committed to facilitating Bangladeshi businesspeople to explore opportunities there through smooth flight connectivity. At the same time, the Novoair MD said they want to promote people-to-people contact between the two countries. While emphasising nationals of Myanmar to come and explore Bangladesh as Bangladesh is a place of rich natural beauty has many other things to offer such as attractive tourist spots specifically the Buddhist heritage sites in the country.
Led by a successful new democratic leadership of Aung San Suu Kyi, Myanmar is preparing to take a historic leap into unexplored territory, having only known democracy for 14 of its 1,000 years of recorded history. Suu Kyi scored a stunning victory in last years national elections. Bangladesh hopes she will take quick and fruitful initiatives to solve the current Rohingya problem that exists between the two countries to give successful vent to the taping up of all businesses and trading opportunities for the welfare of both the people.
The writer is a retired Professor of Economics
