Kolkata, India, July 20, 2011—
IFC, a member of the World Bank Group, and the United Kingdom’s Department for International Development are supporting Confederation of Indian Industry are facilitating dialogue between the public and private sectors in eastern and north eastern India to improve trade in South Asia. The initiative will help implement measures to reduce costs and promote trade by simplifying procedures, and introducing electronic processing and risk-management approaches for border inspections and clearances.
To support the initiative, the Confederation of Indian Industry and IFC hosted a workshop, titled Public-Private Dialogue for Enhancing Trade Facilitation in South Asia, which brought together senior officials of the ministries of agriculture, commerce, health, and finance and Indian state governments. Private sector representatives from transportation companies, freight forwarders, logistics companies, and clearing-house agents also joined the discussions to enhance trade and investment in South Asia.
“We have developed new port facilities and taken steps to reduce uncertainties in the Kolkata and Haldia municipalities to improve trade. We are seeking IFC’s support to help us strengthen and promote trade,” said M.L. Meena, Chairman of Kolkata Port Trust and senior government official.
The workshop is part of a series of IFC-led initiatives in South Asia to build effective partnerships with public and private sector stakeholders in eastern and northeastern India and in Bangladesh and Nepal. IFC held a similar workshop in Nepal earlier this week. The program assists the government in focusing reform efforts to create a business-enabling environment.
“Successful and increased trade is key to any country’s competitiveness in the international market,” said Ranaveer Sinha, Chairman of the Confederation’s eastern region chapter. “We reiterate our support in reducing transaction costs to trade and promoting growth.”
Trade facilitation involves reforms in border operations, including the reliability and efficiency of transportation infrastructure, logistics operations, and customs and border management regulations and procedures.
“IFC works with both private sector and governments to identify areas where reform efforts can help maximize improvements for cross-border private sector activity,” said Paramita Dasgupta, IFC’s lead on investment climate in South Asia.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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