Dhaka, Bangladesh, August 24, 2011—
IFC, a member of the World Bank Group, and the United Kingdom’s Department for International Development supported the Federation of Bangladesh Chambers of Commerce and Industry to improve trade in South Asia and help spur economic growth and development.
FBCCI and IFC hosted a one-day workshop titled “Public-Private Dialogue for Enhancing Trade Facilitation in South Asia” on Wednesday that brought together senior officials of Bangladesh’s ministries of finance, commerce, health, and agriculture and representatives from transport companies, freight forwarders, logistics companies, and clearing house agents.
The workshop was aimed at helping implement measures to reduce costs and promote trade through simplified documentation and procedures, electronic processing, and risk management for border inspections and clearances.
“An improved trading environment within the region is key to economic growth and development,” said Bangladesh’s Finance Minister Abul Maal Abdul Muhith.
“With support from IFC we will be able to enhance Bangladesh’s competitiveness in trading goods and services efficiently with lower transaction costs,” said Bangladesh’s Commerce Minister Muhammad Faruk Khan.
The workshop is part of a series of IFC-led initiatives in South Asia to build effective trade partnerships between public and private sector stakeholders in eastern and northeastern India, Nepal, and Bangladesh, helping identify areas where reform efforts can have maximum impact on cross-border private sector activity.
A. K. Azad, President of FBCCI, said improved trade facilitation and relations will help unleash the region’s economic potential. 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.
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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