Huge trade boost projected with Tripura

The rapidly increasing border trade between India's Tripura state and Bangladesh will touch $82 million in the next two to three years, says a top Tripura Industry department official.

Agartala correspondentbdnews24.com
Published : 23 Sept 2014, 09:08 AM
Updated : 23 Sept 2014, 09:35 AM

“Our target is to increase the border trade to 5 billion rupees ($82 million) by 2016-17 and it is quite possible with coming up of new industries from Bangladesh,” said PL Agrawal, Director of Industries Department of Tripura.

“In 1994 this trade was zero but it rose to 3.4 billion rupees ($55.72 million) in 2012-13. It dropped by 1 billion rupees ($16.41 million) last year because of the violence before the elections, but the momentum is back. This trade favours Bangladesh but we are not unhappy."

He said Kolkata's Business Intelligence and Statistics has indicated that Tripura's handicraft mainly bamboo products are increasingly being exported to third countries through Mumbai and Kolkata ports to the tune of $1.64 million.

Agrawal was confident one of the two border haats (markets) coming up in Tripura will be operating by end of October.

This will hugely boost the official India-Bangladesh trade through Tripura, he said.

Tripura has asked Delhi to open dozens of border haats on its border with Bangladesh.

Commerce ministries of India and Bangladesh had agreed to set up border haats at Kamalasagar in Sepahijala district and Sreenagar along the southern border town of Sabroom in 2013.

Work on the Sreenagar border haat is almost complete.

The Indian federal government has sanctioned almost $ 390,000 for the Kamalasagar haat and $ 400,000 for the Sreenagar market.

“Border haat cater to the masses on both side of the border and help people to sell products. Business in the haats will be around 1 million rupees ($16,500) per week in each of them. At present two border haats are coming up and two more are in the pipeline. The state government on the basis of the response is keen to increase the number. Response of Bangladesh is very positive and they are keen to open more border haats,” said Agrawal.

“There have been talks on opening of the Chittagong and Ashuganj ports and both sides are positive but bilateral issues takes time to settle,” said Aggrawal.

He said for better connectivity a rail link between Agartala and Akhaura is coming up and for which survey works is going on in Bangladesh to identify land setting it up.

According to Agrawal already two Bangladeshi industries have already invested in Tripura and others in the pipeline.

"This is the most peaceful state in the region and has proximity to all major cities in Bangladesh that could make it the major business hub and gateway to northeast India.

“Walton Industries is trying to export and later setup their assembling plant in Tripura like PRAN which has already set up its factory and started trial production of various food products and beverages,” said Aggrawal.

“The Bangladeshi company after finding a very lucrative market in India’s northeastern region had decided to open a manufacturing unit of all its product line including its sister concern RFL plastic products at Bodhjungnagar in Tripura for catering to the Northeastern regional demand using Tripura as its gateway.”

PRAN is the biggest of Bangladesh investors who came to Tripura after India recently allowed Bangladeshi investment here.

But Agarwal said India and Bangladesh has to finalise financial arrangements so that investors from Bangladesh find no difficulty to bring in and repatriate profits from their business in Tripura.

Meantime, Monish Biswas, general secretary of Agartala Exporters-Importers association viewed that peace will bring in foreign investments to Tripura and much of it will be from Bangladesh.

He saw a quantum jump in trade with Bangladesh through Tripura and said this will increase many folds in years to come.


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