Dhaka, Delhi discuss expansion of trade, connectivity
India stands ready to help Bangladesh in realising vision for a ‘stable, progressive and prosperous’ society, says Pranay Verma.
Foreign Minister Hasan Mahmud highlighted the importance of expanding trade and connectivity with India. Discussions with Indian High Commissioner Pranay Verma included topics such as cross-border trade settlement mechanisms, border haats, and the upcoming renewal of the Ganges Water Sharing Treaty. Mahmud emphasised resolving pending issues and developing infrastructure for trade expansion, including the use of Mongla and Chattogram ports for goods transportation to Northeast India. Verma emphasised India's readiness to support Bangladesh's vision for a stable and prosperous society.
https://unb.com.bd/
Bangladesh, Nepal to work in hydropower, climate change
Nepalese Ambassador Bhandari mentioned that the excellent relations at the political and people-to-people levels further may be strengthened in the areas of trade, connectivity, energy, tourism and education, among others.
Bangladesh and Nepal have agreed to enhance their relations, particularly focusing on areas such as hydropower, climate change, and regional cooperation. The Foreign Minister highlighted Nepal's potential to generate 100,000MW of hydroelectricity and Bangladesh's interest in importing more hydropower from Nepal. Nepalese Ambassador outlined the activities conducted by the Nepalese embassy in Bangladesh to bolster bilateral ties and expressed a desire to further enhance relations in areas such as trade, connectivity, energy, tourism, and education.
https://asianews.network/
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India-Japan-Bangladesh brainstorm connectivity projects and value chains in Bay of Bengal
Representatives from Japanese institutions JICA and JETRO shared ideas for strengthening connectivity in the Bay of Bengal region. Northeast Indian MPs and political leaders proposed leveraging Japanese technology.
The Asian Confluence, with its several partners organised the India-Japan Intellectual Conclave in Shillong. Key discussions centred around enhancing connectivity to transform the Bay of Bengal region, develop urban infrastructure in Northeast India and fostering mutual cooperation in the region. Ambassador Suzuki stressed the need for actionable projects for new investments, while High Commissioner Rehman emphasised mutually beneficial connectivity projects between India and Bangladesh. Panel discussions by the Asian Confluence Governing Council members discussed industrial value chains and institutional infrastructure for people connectivity.
https://economictimes.indiatimes.com/
Bangladesh-India river trade route in Rajshahi opens today
“A small ship carrying two tonnes of cotton will depart from Sultanpur port to Maya port on the day of the inauguration, with the return cargo from India to be confirmed in the next couple of days,”
The Rajshahi-Murshidabad river route is set to open to bolster trade and commerce between Bangladesh and India. The Sultanganj River port in Godagari Upazila will be inaugurated, initially connecting to the Maya Port in Murshidabad via the Padma River. The Protocol on Inland Water Transit and Trade facilitates this trade agreement and will transport goods, primarily cotton. The port is expected to create job opportunities and reduce transportation costs. Business leaders anticipate imports of stones, coal, fruits, and spices from India, with exports of jute and garments from Bangladesh.
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Bhutan gets lion’s share in MEA development aid
The ministry was on Thursday allocated a total of Rs 22,154 crore for the 2024-25 fiscal in the Interim budget as against last year's outlay of Rs 18,050 crore.
The Ministry of External Affairs (MEA) has allocated a significant portion of its development assistance for the fiscal year 2024-25 to Bhutan, Nepal, Maldives, and Mauritius. With a total aid budget of Rs 4,883 crore, these countries received the largest share, reflecting India's 'Neighbourhood First' policy. Bhutan received the highest allocation of Rs 2,068 crore. Additionally, allocations for Chabahar Port, Afghanistan, Bangladesh, Sri Lanka, and Myanmar were outlined. The MEA's total budget for 2024-25 increased to Rs 22,154 crore from the previous year's Rs 18,050 crore.
https://indianexpress.com/
Ahead of commissioning, initial reservoir filling of India-funded mega dam in Bhutan done
The Punatsangchhu II hydroelectric project in Bhutan that is fully funded by India is set to be commissioned in October 2024. This week, Bhutan Prime Minister Tshering Tobgay inaugurated the initial reservoir filling of the project.
Bhutan PM inaugurated the initial reservoir filling of the 1020 MW Punatsangchhu-II hydroelectric project. The project aims to bolster hydroelectric power generation. It is being developed by the Punatsangchhu II Hydroelectric Project Authority under an inter-government agreement between India and Bhutan. The project will consist of a concrete gravity dam, diversion tunnels, cofferdams, and an underground powerhouse with six units generating 170 MW each. Once fully commissioned, the project is expected to annually generate 4357 million units of electricity, with surplus power exported to India.
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Bhutan mulling joining BBIN soon
Bhutan is actively considering rejoining the Bangladesh-Bhutan-India-Nepal (BBIN) process soon.
Bhutan is contemplating rejoining the Bangladesh-Bhutan-India-Nepal (BBIN) process. The meeting focused on the progress of the BBIN MVA and the draft protocol for cargo vehicle movement. Participants expressed optimism that the BBIN MVA would enhance physical connectivity, trade, people-to-people interactions and greater regional cooperation among the contracting countries. The agreement, aimed at regulating vehicular traffic among the four nations, was signed in 2015, and discussions on its implementation have been ongoing, with the last meeting held in 2022 in New Delhi, India.
https://www.thedailystar.net/
Bhutan PM Tobgay stresses upon the need to enhance air connectivity with India
PM Tobgay lauded the ‘excellent’ relations between India and Bhutan while inviting more Indians to visit Bhutan.
Bhutanese PM expressed the need to improve air connectivity with India during the 'India-Bhutan Tourism: Expanding Horizons' event organised by FICCI in Delhi. He highlighted Bhutan's focus on Gross National Happiness and its unique cultural heritage, ensuring safety and security for tourists. He pledged to target 150,000 Indian tourists in the coming years and announced plans to allow FDI in the tourism sector. He also urged Indian tour operators to collaborate on specialised tourist packages.
https://theprint.in/
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Union Budget 2024 gives thrust to multi-modal connectivity & efficiency to improve logistics industry
The integration of dedicated freight corridors is poised to catalyse GDP growth and significantly reduce logistics costs.
The Union Budget 2024-25 emphasises multi-modal connectivity with a focus on establishing economic railway corridors, port connectivity corridors, and high-traffic density corridors under the PM Gati Shakti initiative. The budget aligns with the vision of 'Vikasit Bharat'. Stakeholders in the logistics sector welcome the budget's emphasis on advancing EV infrastructure, green energy initiatives, and enhancing air connectivity. These measures are expected to catalyse GDP growth, reduce logistics costs, and improve supply chain efficiencies, contributing to India's transformation into a USD 26 trillion economy by 2047.
https://indiashippingnews.com/
Northeast to become important chapter in India's trade: PM Modi at 'Viksit Bharat Viksit North East' programme
Prime Minister Narendra Modi inaugurated the Sela Tunnel in Arunachal Pradesh and other projects worth Rs 55600 crore for Northeast India. PM Modi emphasised the region’s role in India’s trade and tourism with South Asia and East Asia, highlighting significant investments for development.
Prime Minister inaugurated the strategically significant Sela Tunnel in Arunachal Pradesh during his two-day visit to the northeast. Constructed at a cost of approximately Rs 825 crore, the tunnel is part of his 'Viksit Bharat Viksit North East' program. The Sela Tunnel, located at an elevation of 13000 feet, provides all-weather connectivity to Tawang and holds strategic importance due to its proximity to the Line of Actual Control (LAC). It will facilitate swift troop deployment and logistics movement for the Indian Army along the Indo-Sino border.
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Trade game-changer in making? Several countries willing to start trading with India in rupee
Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too.
Commerce and Industry Minister revealed a significant development in India's trade landscape. Several countries like Bangladesh, Sri Lanka and Gulf nations are willing to trade directly in rupee with India. This shift aims to reduce transaction costs by avoiding currency conversion. The stability of the Indian Rupee against international currencies makes it an attractive option for trade, especially for countries facing US dollar shortages. India has already initiated rupee-based trade with neighbouring countries and made its first payment for crude oil in rupees to the UAE.
https://economictimes.indiatimes.com/
Launching the Sabroom ICP: A New Era in Connectivity between Bangladesh and India
On March 9, 2024, Prime Minister Narendra Modi virtually inaugurated numerous development initiatives in Tripura, valued at Rs 8,534.02 crore.
Prime Minister inaugurated numerous development initiatives in Tripura on March 9, 2024, including the Sabroom Land Port valued at Rs 8,534.02 crore. This port provides direct access for India's northeastern region to the Chittagong Port, significantly enhancing maritime connectivity and trade between the two countries. It will position Tripura as the gateway to India’s northeast. This initiative underscores India's commitment to regional connectivity and economic growth, fostering closer ties and cooperation between neighbouring nations.
https://moderndiplomacy.eu/
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S Jaishankar in Nepal says India will provide NPR 1,000 crores to support earthquake affected people
The Indian Embassy in a statement said the financial package given by India is for 200 prefabricated houses, 1200 blankets, 150 tents and 2000 sleeping bags for the earthquake-affected people in Nepal.
During his official visit to Nepal, Indian External Affairs Minister announced a financial assistance package of NPR 1000 crores to support Nepal following the recent earthquake. The aid includes prefabricated houses, blankets, tents, and sleeping bags for the affected people. The visit also saw the co-chairing of the 7th meeting of the India-Nepal Joint Commission, where several agreements were exchanged, including those related to High Impact Community Development Projects, Long Term Power Trade, and the launch service agreement for Munal Satellite developed by Nepali students.
https://www.india.com/
Nepal, India express commitment to implementing bilateral initiatives for strengthening cross-border connectivity
The India-Nepal Inter-Governmental Sub-Committee on Trade, Transit, and Cooperation to Combat Unauthorised Trade convened its latest session in Kathmandu on January 12-13.
Nepal and India recently convened the India-Nepal Inter-Governmental Sub-Committee on Trade, Transit, and Cooperation to Combat Unauthorised Trade, highlighting their commitment to enhancing cross-border connectivity and economic ties. Discussions included mutual market access for pharmaceuticals and Ayurvedic products, as well as the need for an IPR regime to encourage FDI. Emphasis was laid on constructing new Integrated Check Posts and railway links to strengthen trade. Both sides also reviewed agreements related to transit, trade, investment, and infrastructure development.
https://www.thehindu.com/
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Nepal Investment Summit 2024: Navigating Nepal’s FDI Journey
According to the World Bank’s Doing Business Report, Nepal ranks 94th in 2020. Starting a business became more challenging in Nepal; investors face eight procedures and 22.5 days to initiate a business.
The 2023 World Investment Report highlights a global surge in Foreign Direct Investment (FDI) inflows, yet Nepal's FDI inflows have fluctuated despite positive policy attributes, robust institutional support, and international commitments. Challenges include political uncertainty, policy instability, weak governance, a lack of infrastructure and connectivity weak economic diplomacy and an underutilised Non-Resident Nepali community. Nepal needs comprehensive policy measures, resilient corporate culture, and strategic initiatives in governance, infrastructure, and economic diplomacy, which will be highlighted in the Nepal Investment Summit 2024.
https://www.india.com/
India renews agreement to export electricity to Nepal
India renews Nepal electricity export pact, allowing 554 MW imports till June. Nepal faces power shortages due to river-based plants. After mid-June, Nepal can export to India, with imports limited to 6 am-6 pm.
India has renewed its agreement to export electricity to Nepal, responding to the Himalayan nation's request just days before the pact was set to expire. The renewed agreement allows Nepal to import a total of 554 MW of electricity from India. Nepal is facing electricity shortages, restricting domestic power production at around 1200 MW. The contrasting demand of 1800-2000 MW will be met by the imported electricity. Nepal will be able to export electricity to India after mid-June.
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