IFC and Bangladesh’s Top Business Association Cooperate to Strengthen Trade in South Asia

Dhaka, Bangladesh, August 24, 2011—IFC,a member of the World Bank Group, and the United Kingdom’s Departmentfor International Development supported the Federation of Bangladesh Chambersof Commerce and Industry to improve trade in South Asia and help spur economicgrowth and development.

FBCCI and IFC hosted a one-day workshoptitled “Public-Private Dialogue for Enhancing Trade Facilitation in SouthAsia” on Wednesday that brought together senior officials of Bangladesh’sministries of finance, commerce, health, and agriculture and representativesfrom transport companies, freight forwarders, logistics companies, andclearing house agents.

The workshop was aimed at helping implementmeasures to reduce costs and promote trade through simplified documentationand procedures, electronic processing, and risk management for border inspectionsand clearances.

“An improved trading environment withinthe region is key to economic growth and development,” said Bangladesh’sFinance Minister Abul Maal Abdul Muhith.

“With support from IFC we will be ableto enhance Bangladesh’s competitiveness in trading goods and servicesefficiently with lower transaction costs,” said Bangladesh’s CommerceMinister Muhammad Faruk Khan.

The workshop is part of a series ofIFC-led initiatives in South Asia to build effective trade partnershipsbetween public and private sector stakeholders in eastern and northeasternIndia, Nepal, and Bangladesh, helping identify areas where reform effortscan have maximum impact on cross-border private sector activity.

A. K. Azad, President of FBCCI, saidimproved trade facilitation and relations will help unleash the region’seconomic potential. Trade facilitation involves reforms in border operations,including the reliability and efficiency of transportation infrastructure,logistics operations, and customs and border management regulations andprocedures.

About IFC

IFC, a member of the World Bank Group,is the largest global development institution focused exclusively on theprivate sector. We help developing countries achieve sustainable growthby financing investment, providing advisory services to businesses andgovernments, and mobilizing capital in the international financial markets.In fiscal 2011, amid economic uncertainty across the globe, we helped ourclients create jobs, strengthen environmental performance, and contributeto their local communities—all while driving our investments to an all-timehigh of nearly $19 billion. For more information, visit

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