Cover Story
Joy of July 36
The 36th of July has created a window of opportunity for Pakistan and Bangladesh to enhance trade, economy, sports activities, and cultural exchange.
5th August 2024 is popularly known in Bangladesh as 36 July, a symbolic date when Bangladesh turned a page in its history, and a youth-led public movement overthrew an authoritarian regime. This was not only a turning point for people in Bangladesh to free themselves from the shackles of an oppressive regime, but it also created an opportunity for the country to look for new economic partners.
While living in Bangladesh for the past two decades, I have witnessed the ups and downs of trade and commerce activities between South Asian neighbours, primarily driven by political interests and based on age-old feuds between the neighbours next door.
In the last 15 years, Bangladesh has drifted towards Indian and non-Asian business conglomerates, and its trading volume with Pakistan has been increasingly stifled due to political reasons. While there were many feasible trade and commerce opportunities between Pakistan and Bangladesh, where both countries could gain from mutual trading, these opportunities were denied due to untold reasons and political leanings.
This complete cut-off – of all sorts – between the two nations was painful, to say the least. Later, it went on so brutally that it not only severed trade and social ties between the two countries but also revived the pre-1971 sentiments in people connected with business and many other assignments. In this situation, Bangladesh turned towards non-Asian countries to import many food and industrial items at higher prices, contributing to the loss of precious foreign exchange and increased inflation.
After the symbolic 36 July, Bangladesh adopted an open and balanced policy and trade relations with all its neighbours, opening up a great avenue for trade and commerce opportunities between Pakistan and Bangladesh, which can reap many dividends from this situation.
It is encouraging to see the two countries reaffirm their commitment to deepen bilateral and multilateral collaboration in trade, commerce, sports, culture, technology, and tourism. Equally important is not to let any internal development within the nations damage this revival of relations between the two countries.
It is heartening to see the revival of a direct sea-route connection between the two nations through cargo ships. So far, two major shiploads of various products, including sugar, textiles, industrial raw materials, and vegetables, have been received from Karachi Port to Chittagong Port.
Bangladesh is heavily dependent on its garment and knitwear-related exports to earn foreign exchange as well as create jobs for citizens. Pakistan can be a very supportive and reliable source of raw materials such as cotton, textiles, and accessories and a skilled workforce to help this industry progress further. In addition, Pakistan can help provide several food-related items, including sugar, salt, rice, wheat, dates, fruits, vegetables, and livestock, which Bangladesh can import at a much lower price than other non-Asian countries, which can help stabilize inflation of food prices in Bangladesh.
Apart from direct trade, the two countries can also use this opportunity to enhance cooperation in disease control and other social service improvements. Bangladesh is facing a dire situation of a dengue outbreak, while Pakistan has successfully eliminated this disease in the past. Both countries can share experiences and technical resources to eradicate this problem in Bangladesh.
Pakistan can also offer good opportunities for medical treatment for many healthcare problems at a reasonable cost. Bangladeshi people are forced to travel to other countries and bear high costs for these services. Due to cultural similarities, Pakistan can be an attractive destination for health-related services for Bangladesh citizens.
For both countries to work together, there are more ventures in information technology, tourism, sports, pharmaceuticals, infrastructure, and agriculture.
After the symbolic 36 July, Bangladesh adopted an open and balanced policy and trade relations with all its neighbours, opening up a great avenue for trade and commerce opportunities between Pakistan and Bangladesh.
Cultural engagements, youth exchanges, and shared educational projects will be critical in eliminating misunderstandings and bitterness and building confidence between the two nations. In my two decades of stay in Bangladesh, I have seen a massive demand for Pakistani TV shows, songs, and dresses among people of all ages. Due to cultural similarities, major Pakistani fashion brands have a great opportunity to open franchises in Bangladesh.
For tourism between the two countries, I see a burning desire among Bangladesh citizens to visit the North of Pakistan and enjoy nice food in different Pakistani cities. Similarly, there is a desire among Pakistani people to see the beautiful sandy beaches of Cox’s Bazar and enjoy green tea gardens in Sylhet. A direct flight between Pakistan and Bangladesh would be the most appropriate step for this. Relaxing the visa regime, facilitating currency exchange, and trading in local currency will be other critical administrative measures.
On the political front, the Chief Advisor of Bangladesh has expressed a desire to reactivate the South-Asian Association for Regional Cooperation (SAARC) to enhance mutual cooperation among all South-Asian countries – including India and Pakistan. This sincere desire needs to be reciprocated by the Pakistani side, and positive steps should be taken to improve the political relationship between all South-Asian countries for the welfare of people and local economies.
Lastly, with the lower cost of doing business in Bangladesh in terms of wages, energy prices, and tariffs, Bangladesh is an ideal country for Pakistani investors to expand their businesses and market outreach by using Export Processing Zones (EPZ) of Bangladesh. This mutual direct investment by Pakistani investors will further boost mutual economic cooperation and strengthen trade opportunities for both countries. Bangladesh Investment Development Authority (BIDA) should actively reach out to Pakistani investors through ‘Investment Roadshows’ in major cities of Pakistan and invite Pakistani investors to invest in Bangladesh – with simplified investment procedures.
In essence, the 36th of July has created a window of opportunity for Pakistan and Bangladesh to enhance relationships for trade, economy, culture, sports, and technology. Both countries should seize this opportunity and make good policy decisions to strengthen cooperation in the interest of both countries. International experience has shown that having good relations with neighbouring countries is much more beneficial than with other countries. The year 2025 will be crucial for both countries to further cement their relationship by taking positive steps to enhance it.
The writer is a Pakistani businessman and business consultant in the RMG sectors, residing in Dhaka, Bangladesh, for over two decades. He can be reached at areeefkhan@gmail.com
A New Beginning
Uphill Task
Joy of July 36
Get What We Desire!
The Way Forward
Mayor Karachi inaugurates Nestlé Pakistan & PQA Clean and Safe Drinking Water Facility
Punjab Investment Conference Ends on a Positive Note
PSL draft to take place in Gwadar
US says Pakistan developing missiles that eventually could hit US
Saudi Arabia has extracted lithium from oilfield runoffs
Pakistan Scripts Record Win Against South Africa
Dhaka wants to ‘move on from 1971’
‘Exhausted’ Syria not a threat to the world: Jolani
Extremely rare baby mammoth found in Siberia
Putin ready to meet Trump ‘anytime’ to talk Ukraine deal
KAP Launched to Revolutionize Education Through AI
Virat Kohli, Anushka Sharma ‘leaving India’?
World Bank approves $800 million loan for Amaravati Development Programme
Pakistan to host West Indies for two Tests
Why Aamir Khan quit films and quietly came back
Leave a Reply