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The Print
2 days ago
- Business
- The Print
New Delhi-Dhaka must reimagine ties as ‘strategic necessity for collective growth'—Bangladesh envoy
Riaz in his speech touched upon the soft dimensions of India-Bangladesh ties—language, culture and education. With thousands of Bangladeshi students studying in India, and an organic exchange of ideas and people across the two countries' 4,096-kilometre shared land border, he said the bilateral relationship was not merely geopolitical but personal. The remarks come at a time when ties between New Delhi and Dhaka have been tense for months. New Delhi: Bangladesh and India must reimagine bilateral and regional cooperation, not as a legacy of the past, but as a strategic necessity for collective growth and resilience, said M. Riaz Hamidullah, Bangladesh's High Commissioner to India, during a wide-ranging speech at the neighbouring country's belated national day celebration in New Delhi Thursday evening. 'Our collaboration cannot be judged solely by the memoranda signed or the meetings held,' he noted. 'We aspire for a peaceful and prosperous neighbourhood that upholds universal values while also protecting national interests.' 'Bound by shared geography, shared ecology, and a shared linguistic and cultural heritage, our two peoples embrace each other with respect and dignity,' Riaz added. 'Not just because we share the largest land boundary; our people engage organically, not merely as a matter of choice.' He further asserted that 'Bangladesh's ties with India are historic, deep and multilayered. Bangladesh is open and engaged with India to address diverse issues of the present and future'. Riaz noted that bilateral trade between India and Bangladesh grew in double digits in the fiscal gone by and said Dhaka sees the India-Bangladesh partnership as an engine for broader regional development, referencing the sub-regional energy agreement through which Nepal has begun transmitting 40 megawatts of electricity to Bangladesh via the Indian grid. 'These mutually gainful tasks are already in place,' Riaz said. 'It is this understanding that asks our two nations to reimagine bilateral and regional cooperation, not as a legacy of the past, but as a strategic necessity for our collective growth and resilience.' Highlighting Bangladesh's priorities under its chairmanship of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), Riaz said Dhaka looks forward to 'reinvigorating the regional cooperation agenda'. The envoy underlined the country's commitment to democratic values, calling democracy one of the founding ideals that inspired Bangladesh's liberation. He spoke of the current political transition under way in Dhaka, where an interim government led by Nobel laureate Muhammad Yunus is expected to hold free and fair elections early next year. He further emphasised that the future of Bangladesh lies in transformation: empowering the young to define their destiny and build a democracy that is not only electorally functional but socially inclusive. Riaz ended on a personal note, recounting his meeting last month with Raghu Rai—the Indian photojournalist who documented the Bangladesh Liberation War and was awarded the Padma Shri in 1972 for his powerful imagery. 'His work captured our agony, our struggle, and reminded me that the humanism of 1971 still binds us,' he said. 'Today, some of the war veterans from 1971 are with us in this hall. Their sacrifices must never be forgotten.' 'The friendship between Bangladesh and India must continue to fly forward, rooted in history, yet reaching ambitiously into the future,' Riaz concluded. (Edited by Nida Fatima Siddiqui) Also Read: After Operation Sindoor, why India must keep an eye on Bangladesh too
The Hindu
6 days ago
- Business
- The Hindu
India's uneasy balancing act in the Bay of Bengal
India's economic engagements in the Bay of Bengal appear to be entering a new phase. On the face of it, there is reason for quiet confidence. Trade volumes through India's eastern ports are up. Cargo throughput at Visakhapatnam (Andhra Pradesh), Paradip (Odisha), and Haldia (West Bengal) has grown steadily. The signing of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Maritime Transport Cooperation Agreement earlier this year promises to ease regulatory frictions and reduce port costs. For a region long characterised by low trade integration, these are welcome signs. The decision on Bangladesh And yet, the optimism sits uneasily alongside a decision that has raised more than a few eyebrows. In early April, India withdrew the transshipment facility it had granted to Bangladesh — an arrangement that had allowed Dhaka to route exports through Indian ports to third-country destinations. The official explanation was logistical: Indian terminals were congested, and delays were hurting exporters. That may well be true. But in Dhaka, the move was read differently — as a quiet assertion of Indian disapproval, possibly linked to Bangladesh's recent diplomatic overtures toward China. The timing was hardly a coincidence. The announcement came after Bangladesh's interim Chief Adviser, in a speech in Beijing, described India's northeastern States as 'landlocked' and cast Bangladesh as the region's maritime lifeline — a claim that did not sit well in New Delhi. Prime Minister Narendra Modi has repeatedly underscored the strategic and economic importance of the Northeast, with Indian Ministers also championing its role in regional connectivity. The suggestion that these States are dependent on Bangladesh for maritime access struck a nerve. This came as India has doubled down to position itself as a regional integrator. In recent years, New Delhi has invested heavily in port infrastructure through the Sagarmala programme to improve coastal logistics and connectivity. Cargo movement on the east coast has more than doubled in a decade, aided by policy changes such as Goods and Services Tax (GST) cuts on bunker fuel and incentives for coastal shipping. Maritime trade is, by all measures, a national priority. Tensions amid reenergised BIMSTEC At the regional level, India has sought to reinvigorate BIMSTEC. The BIMSTEC Maritime Transport Cooperation Agreement, for instance, aims to harmonise customs procedures and foster multimodal linkages, with the broader goal of reducing the cost and friction of trade within the Bay. For smaller economies such as Bhutan, Myanmar and Nepal, improved access through Indian ports remains a lifeline. That is what makes the rollback of Bangladesh's transshipment facility seem somewhat jarring. It reintroduces conditionality into what had been presented as a neutral economic architecture — one where trade facilitation serves regional integration, not shifting political winds. For Bangladesh, the impact is immediate: exporters, particularly in the ready-made garment sector (which accounts for over 85% of the country's foreign earnings), will likely bear the brunt. Many had come to rely on Indian gateways for faster, cheaper access to global markets. The alternatives — via Sri Lanka or Southeast Asia — are costlier and less time-efficient. The move injects uncertainty into Bangladesh's export logistics at a time of already fragile demand. Tensions have since escalated. In mid-May, India placed restrictions on the import of seven categories of Bangladeshi goods, which include garments, plastics, and processed foods, through land ports in the Northeast. These products can now only enter India through seaports such as Kolkata and Nhava Sheva (Maharashtra), which raises costs and delays. Indian officials cited Dhaka's restriction on yarn imports via land routes as justification, though India's revocation of the transshipment facility had preceded that move. Many in Bangladesh, nonetheless, view New Delhi's response as disproportionate. Some in Delhi argue that Dhaka is being reminded of the risks of strategic hedging. Bangladesh has, after all, stepped up diplomatic engagement with China, reopened maritime trade with Pakistan, and asserted its role as a regional connector. But these are choices Dhaka is entitled to make. If India recalibrates trade access to signal political displeasure, it risks undermining the very idea of cooperative regionalism it has sought to promote. This is not just a bilateral issue. What affects Dhaka will be noted in Naypyidaw, Bangkok, and Colombo. The concern is not that India has used leverage — major powers often do. The concern is that India has done so in a domain once insulated from overt geopolitical contest. Maritime trade corridors, once seen as shared infrastructure, are beginning to feel more transactional. The issue is about credibility India still holds many cards. Its port infrastructure remains the most extensive and efficient in the region. Cargo-handling capacity is expanding rapidly, and coastal shipping and multimodal linkages are more developed than those of any other BIMSTEC partner. But infrastructure alone does not confer leadership. In a region as fragmented and wary as the Bay, credibility matters as much as capacity. If neighbours begin to view Indian trade facilitation as shifting with the political winds, they will hedge — and the regional architecture India hopes to build will inevitably stall. The Bay of Bengal, then, is at an inflection point. On one level, it is a zone of opportunity. With improved connectivity, it could emerge as a self-sustaining corridor between South and Southeast Asia. A proposed BIMSTEC free trade agreement, if concluded and implemented well, could reshape regional trade patterns. On another level, the region remains vulnerable to strategic anxieties. The line between economic policy and geopolitical preference is beginning to blur. There may still be time to draw that line more clearly. India could clarify the circumstances under which the transshipment arrangement with Bangladesh might be reinstated — or, better yet, replace it with a rules-based mechanism that insulates trade from political cycles. That would send a reassuring signal not only to Dhaka but to the rest of the Bay. The larger question is whether India can maintain the balance between asserting strategic interests and cultivating regional trust. So far, the signals are mixed. Abhijit Singh is the former head of maritime policy at the Observer Research Foundation (ORF), New Delhi
Economic Times
10-06-2025
- Business
- Economic Times
DFCC Bank's green bond debut first foreign corporate issuer at GIFT IFSC
DFCC Bank PLC became the first foreign corporation to list green bonds on NSE IX at GIFT IFSC, raising LKR 2.5 billion for solar energy projects. This supports Sri Lanka's renewable goals and strengthens regional sustainable finance partnerships between India and Sri Lanka under IFSCA's green finance vision. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Sri Lanka's DFCC Bank PLC has become the first foreign corporate issuer to list green bonds on the NSE International Exchange (NSE IX) at GIFT IFSC . The green bonds, valued at LKR 2.5 billion, are Sri Lanka's first capital market debt instruments dedicated to renewable energy, focusing primarily on funding solar energy bonds align with Sri Lanka's goal of generating 70% of its electricity from renewable sources by 2030 and are already listed on the Colombo Stock listing on NSE IX reflects the IFSCA's broader vision of making GIFT IFSC a hub for sustainable and green finance, particularly for the Global at the event, K Rajaraman, Chairperson of IFSCA, emphasized the significance of this milestone. 'We are delighted, as a regulator, to support and facilitate this initiative by both NSE IX and DFCC Bank of Sri Lanka,' he said.'India and Sri Lanka are very important partners in the growth and stability of this region. We believe that strong economic relations between both countries will lay the foundation for greater economic progress in both nations.'Thimal Perera, CEO of DFCC Bank PLC, highlighted the importance of regional collaboration in sustainable finance . 'This listing reflects the growing relevance of regional financial partnerships in advancing meaningful progress,' he said.V Balasubramaniam, MD & CEO of NSE IX, welcomed DFCC Bank PLC as the first foreign corporate issuer at NSEIX and in GIFT IFSC.'I am confident that this listing will inspire more issuers from Sri Lanka and neighboring countries to explore opportunities in GIFT City,' he said. 'The IFSCA listing regulations are designed to support global fundraising, and NSE IX is proud to contribute to the vision of BIMSTEC business summits fostering regional collaboration through robust trade and investment.'NSE IX, established in 2017, continues to dominate the market with over 99% share in GIFT IFSC, offering a wide range of financial products.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
10-06-2025
- Business
- Time of India
DFCC Bank's green bond debut first foreign corporate issuer at GIFT IFSC
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Sri Lanka's DFCC Bank PLC has become the first foreign corporate issuer to list green bonds on the NSE International Exchange (NSE IX) at GIFT IFSC . The green bonds, valued at LKR 2.5 billion, are Sri Lanka's first capital market debt instruments dedicated to renewable energy, focusing primarily on funding solar energy bonds align with Sri Lanka's goal of generating 70% of its electricity from renewable sources by 2030 and are already listed on the Colombo Stock listing on NSE IX reflects the IFSCA's broader vision of making GIFT IFSC a hub for sustainable and green finance, particularly for the Global at the event, K Rajaraman, Chairperson of IFSCA, emphasized the significance of this milestone. 'We are delighted, as a regulator, to support and facilitate this initiative by both NSE IX and DFCC Bank of Sri Lanka,' he said.'India and Sri Lanka are very important partners in the growth and stability of this region. We believe that strong economic relations between both countries will lay the foundation for greater economic progress in both nations.'Thimal Perera, CEO of DFCC Bank PLC, highlighted the importance of regional collaboration in sustainable finance . 'This listing reflects the growing relevance of regional financial partnerships in advancing meaningful progress,' he said.V Balasubramaniam, MD & CEO of NSE IX, welcomed DFCC Bank PLC as the first foreign corporate issuer at NSEIX and in GIFT IFSC.'I am confident that this listing will inspire more issuers from Sri Lanka and neighboring countries to explore opportunities in GIFT City,' he said. 'The IFSCA listing regulations are designed to support global fundraising, and NSE IX is proud to contribute to the vision of BIMSTEC business summits fostering regional collaboration through robust trade and investment.'NSE IX, established in 2017, continues to dominate the market with over 99% share in GIFT IFSC, offering a wide range of financial products.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The Hindu
24-05-2025
- Business
- The Hindu
How will land ports closure impact the region?
The story so far: On May 17, the Directorate General of Foreign Trade shut down all land ports with Bangladesh for export of apparel (readymade garments) from Bangladesh. The order also shut down the northeastern land ports with Bangladesh to restrict the export of specific items from Bangladesh. The move is being interpreted as a fallout of the downturn in relations between New Delhi and Dhaka. The two sides are yet to develop a fully functional relationship after the fall of the Hasina government last August. What is the May order? Stopping import of readymade garments from Bangladesh through all land ports, the order said, 'Import from Bangladesh shall not be allowed from any land port; however, it is allowed through Nhava Sheva and Kolkata seaports.' That apart, the order also banned export of fruit, fruit flavoured drinks, processed food items (baked goods, snacks, chips and confectionery), cotton and cotton yarn waste, plastic and PVC finished goods except pigments, dyes, plasticisers, and granules, and wooden furniture from Bangladesh through land ports of Assam, Meghalaya, Mizoram and Tripura. The same goods were also banned from entering India through the land customs stations of Changrabandha and Fulbari. The order has clarified that import of fish, LPG, edible oil and crushed stone from Bangladesh will remain unaffected. What led India to issue this order? India said the order was aimed at ensuring reciprocity in trade with Bangladesh. On April 13, Bangladesh's National Board of Revenue imposed a ban on the import of cotton yarn from India through land ports. That apart, Bangladesh also stopped export of Indian rice through the Hili land port in West Bengal. Indian officials further said that Bangladesh had been carrying out aggressive checks of Indian trucks over the past several months. All these factors were taken into account in stopping the entry of readymade garments through Indian land ports. In all, there are 24 operational land ports between India and Bangladesh, and several other crossings are being developed. How is India justifying the decision? The order came into immediate effect on May 17, officials said. However, the order and the list of items on it are expected to be reviewed from time to time. The sea ports too are not expected to remain open for all items from Bangladesh as there will be mandatory checks and reviews of all items from Bangladesh exported through Indian sea ports. The Indian side further claimed that Bangladesh has been cherry-picking issues and that several comments by top leaders indicated that they were treating the northeast as a 'captive market' for Bangladesh's products, while Indian goods are not being given transit. Citing Prime Minister Modi's speech on the northeast, Indian officials said the northeast is integral to the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation). The 'equal market space now available in the resource-rich northeast is expected to give a fillip to manufacturing and entrepreneurship in the region under the Atmanirbhar Bharat schemes and policies,' they said. How has Bangladesh responded? Bangladesh has not issued any official response so far though off the record Bangladeshi officials have expressed disappointment over the way this step was initiated by the Indian side. They said Bangladesh was not intimated about Indian plans and that they got to know of the decision through media reports which caught traders and transporters unawares. To India's accusation of Bangladesh unilaterally stopping India's cotton yarn and rice exports, Bangladesh officials said that these moves were enforced to control corruption on their side. Commerce Adviser S.K. Bashir Uddin of the interim government of Bangladesh has said a preliminary review is on about the impact that the Indian order will have on the economic prospects of Bangladesh. He said that in terms of furniture and agro products, the impact on Bangladesh will not be widespread, but the impact on readymade garments is likely to be significant. Will India's order affect Bangladesh's trade with Nepal and Bhutan? India claims that the order will not affect Bangladesh's trade with Nepal and Bhutan. However, it is understood that overland trade blockade will naturally impact flow of orders from Bangladesh to Nepal because of frequent disruption. The order has also created a ripple effect making investment planners careful before venturing into Bangladesh. Is the decision to shut land ports part of a larger issue between India and Bangladesh? Indian officials say the order is a 'message to Bangladesh' in response to remarks regarding India's northeast made by interim government chief Mohammed Yunus in China during the March 26-29 visit, which were unacceptable. In a meeting with Chinese business houses, Prof. Yunus had described the northeast as a 'landlocked' region that is suffering from developmental bottlenecks, urging China to access the region through Bangladesh. He had pitched Bangladesh as the 'guardian of the ocean' suggesting that Bangladesh's coastline is available to China to develop industrial and commercial links with India's northeast. Indian officials have said that the closure of land ports (Integrated Check Posts and Land Customs Stations) is also a message to the interim government of Bangladesh which has warmed towards Pakistan, accused of exporting cross-border terrorism to J&K. Indian officials said the order to restrict readymade garments was taken as it will affect nearly $700 million worth of textile exports from Bangladesh to India. Though it is a small part of the total $50 billion worth of exports from Bangladesh, it is expected to send a message to the global community about Bangladesh's moves.
