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Welcome Address of Mr. Hossain Khaled, President, Dhaka Chamber of Commerce and Industry (DCCI), at the Seminar on “Regional Connectivity: Opportunity and Challenges for Bangladesh” organized by DCCI. Date: 17 October 2015, Time: 11:00 a.m. Venue: DCCI Auditorium (5th Floor) 65-66 Motijheel C/A, Dhaka-1000 -------------------------------------------------------------------------------------------------------------------BISMILLAHIR RAHMANIR RAHIM; Chief Guest Hon’ble Minister, Mr. Obaidul Quader, M.P, Ministry of Road Transport and Bridges, Government of the People’s Republic of Bangladesh, and Chief Guest of today’s programme; Special Guests of the today’s program 1. Rear Admiral (Retd.) Md. Khurshed Alam, BN, Secretary in Charge, Ministry of Foreign Affairs, Government of the people’s Republic of Bangladesh 2. H.E. Mr. Hari Kumar Shrestha, Ambassador, Embassy of Nepal in Bangladesh 3. H.E. Mr. Bijay Selvaraj, First Secretary (Commerce/ Commercial Representative), High Commission of India to Bangladesh 4. H.E. Mr. Yonten Gyamtsho, Counsellor (Trade), Embassy of Bhutan in Bangladesh and 5. Mr. Dibbanjan Roy, Railway Advisor, High Commission of India to Bangladesh Keynote Paper Presenter 1. Dr. Khondaker Golam Moazzem, Additional Research Director, CPD Designated Discussants 1. Mr. Mahbubul Alam, Vice President, FBCCI 2. Mr. Moazzem Hossain, Editor, The Financial Express 3. Mr. Mainuddin Monem, Deputy Managing Director, Abdul Monem Ltd and Hon’ble Consulate of the Czech Republic 4. Dr. Muhammad Shafiullah, Senior Economist, Policy Research Institute 5. Mr. AKD Khair Mohammad Khan, Coordinating Director, DCCI My Colleagues of the Board of Directors of DCCI Distinguished Guests and Participants Representatives of the media, both print and electronic Ladies and Gentlemen Assalamu-Alaikum and a very good morning. On behalf of Dhaka Chamber of Commerce & Industry (DCCI) we warmly welcome you all to the today’s Seminar on “Regional Connectivity: Opportunity and Challenges for Bangladesh”. DCCI is the prime, oldest and most active chamber of commerce in Bangladesh having a history of two centuries and active voice of the business community. It has more than 4000 members who represent a cross-section of exporters, importers, industrialists, Small and Medium Enterprises (SMEs), banks and financial institutions. DCCI has been playing major roles towards building capacity of the private sector to face the challenges of globalization and exploit the emerging opportunities in the international market through advocacy, negotiation in policy formulation of government and international agencies since long. 1 Distinguished Guests; We would like to congratulate Her Excellency Sheikh Hasina, Hon’ble Prime Minister, Government of People’s Republic of Bangladesh who was awarded the ‘Champion of the Earth’ due to visionary leadership and role in sustainable climate and environmental development as well ICTs in Sustainable Development Award, for important contribution and harnessing the potential of information and communication technologies (ICTs) for sustainable development of Bangladesh on the occasion of ITU’s 150th anniversary. It is worth mentioning remarkable achievement was gained in UN Millennium Development Goals having second position of MDG achieving countries. These recognitions have positioned Bangladesh into new height across the World. We also like to recognize the time befitting initiative of present government for entering into the agreement of sub-regional connectivity including India, Nepal and Bhutan. Ladies and Gentlemen The present government of Bangladesh has initiated Vision 2021, which targets the country to reach Middle Income Country (MIC) status with per capita income of US$ 2000 by 2021. The contribution of Industry to GDP will be 40% by 2021. DCCI made a projection of GDP size of about US$ 1 trillion where per capita income would be about US$ 6,000 and we are expecting that the country will be one of the 30th largest economies in the world by 2030. DCCI is confident that Bangladesh will achieve this growth due to our dynamic private sector, strong economic foundation and fundamentals, strategic location and, moreover our resilient human resources of mass people. Distinguished Guests Global economy is currently undergoing a significant rebalancing. Regional cooperation and connectivity has brought magnificent instances in many continents especially in Europe and Asia reshaping intertwined Globalization. The World has already witnessed the regional connectivity of One belt-One Route connecting Europe and China, South East Europe core Regional Transport Network Development (SEETO) for 12 countries which has rewarded economic growth and stability. Off late, world has glued eye and deep concentration on ‘Southeast Asia’ and ‘South Asia’ to play a crucial role in sustaining global growth. However, ability of South Asia to perform inevitably depends on further growth in ‘seamless and connected regional economy’ by means of improving physical connectivity, efficient transport systems along with simpler, smoother border and customs procedures. Bangladesh is on the crossroads of the new integrated regional connectivity- a new episode of the multilateral regional cooperation across the South Asia. Ladies and Gentlemen The success story of economic growth in South Asia over the past decade is remarkable. South Asia has emerged as one of the dynamic growth regions in the world, SAARC is the second largest economic hub of the World with largest population, second largest in area but it is also one of the least economically integrated. With shared history and culture, the South Asia region has a huge potential for economic integration. On the other hand, Bangladesh has consistently marked high trend of economic growth over the past years despite endemic global recession ravaged by many economic heavyweights and hegemonies. Due to recent unrivalled growth record and potentials of Bangladesh, Global financial pioneer JP Morgan remarked Bangladesh ‘One of the top five economic front runners’ and City Group remarked one of the eleven 3G ‘(Global Growth Generating countries)’ and New York Times quoted Bangladesh ‘Global Export House’. Having observed this trend of growth, World Bank has recently ranked Bangladesh as the second highest GDP growth (7.4%) countries in Southeast Asia by 2017. The decision of joining sub-regional connectivity is better to be late than never. It is indeed an opportune matter and moment that Governments of Bangladesh, Bhutan, India, and Nepal have cemented earnest intent to strengthen sub-regional economic integration in recognizing the importance of regional transport connectivity in boosting their competitiveness and accelerating economic growth. As part of this epoch making initiative, four countries have signed the connectivity agreement ‘BBIN MVA’ (Bangladesh, 2 Bhutan, India and Nepal Motor Vehicle Agreement) on 15 June, 2015 for movement of goods and passengers and unlock economic potentials beyond the BBIN countries. Distinguished Guests Bangladesh is the largest sub-continental trading partner of India. Moreover, trade between Bangladesh, Nepal and Bhutan are gradually growing though the growth scale is yet to reach its full potentials. The trade potential of the four countries has been limited by inadequate trade infrastructure, lags in supply chain network, tariff and non-tariff trade barriers and absence of regional cooperation. The new era of trade and economic boom soon will be unveiled once the agreement comes in effect. And, the projected regional trade will be around $40 billion with 14 percent incremental trade growth, 2 percent of GDP growth as well impetus in Investment growth to $3 billion over the years paving the way of strengthening competitive advantages along with multiple rewarding long-term opportunities in regional trade and business regime. The landmark deal in line with WTO TFA agreement will open up enormous economic opportunities in South Asian sub-region, reduce cost and time in the transportation of people and goods leading to more efficient cross-border trading. Distinguished Guests The BBIN MVA is the stoning step towards the integration of India-Myanmar-Thailand (IMT) MVA which will pave easier and affordable road access into ASEAN aligned to Asian highway. Despite this welcome step, some challenges still need to be addressed to ease the implementation capacity of BBIN MVA from 2016. Of the BBIN, other than India, remaining member countries lack adequate communication infrastructure for implementing the MVA. We, on behalf of business communities of member countries, would like to urge the concerned governments to adopt a coordinated Action Plan and extend cooperation to improve infrastructure, resolve unresolved non-tariff issues including transport fees, surcharge and transport vehicles as well modus operandi relating to MVA under the WTO guidelines. We strongly believe that initiative of regional collaboration can be extended to BCIM One-belt One-road connectivity. Cross border energy and power connectivity, regional value chain of large and SME business operation as well new avenues and dimensions in regional economic activities could be potentially explored. I wish this connectivity will bring in diverse and manifold value and blessing to the socioeconomic condition of large humankind of this region. Ladies and Gentlemen I know you all are keen to hear from Honorable Ambassador of Nepal, dignitaries and other expert discussants. I do believe that their insights and critical remarks will contribute to reinvigorate the subregional-BBIN countries’ trade and economic bondage and strengthen regional integration as well grace the event. However before I finish, I would like to express my heartfelt regard and thank to distinguished guests, participants and my colleagues for vibrant participation and contribution to this event. Allah Hafez Mr. Hossain Khaled President Dhaka Chamber of Commerce and Industry (DCCI) 3