Prime minister Sheikh Hasina who concluded her four-day visit on Wednesday, when she met top Indian leaders, said the trip was a '100 percent success'.
While politicians lock horns over likely benefits Bangladesh may derive from prime minister Sheikh Hasina's visit to India, the country's business leaders say the decision to open up its ports to neighbours could earn up to $1 billion annually in extra trade revenues.
Hasina, who concluded her four-day visit on Wednesday, when she met top Indian leaders, said the trip was a "100 percent success" and that it opened up a new era of relationship with the giant neighbour.
"Bangladesh cannot keep doors closed to neighbours in this 21st century when the whole world is racing every possible ways to cash in on closer ties and to spur their economies," Hasina said, back in Dhaka.
Her rivals from opposition Bangladesh Nationalist Party (BNP) led by former prime minister Begum Khaleda Zia, branded the visit as a "100 percent failure and a total sell out to India."
In New Delhi, Hasina signed deals and memorandum of understanding to reduce trade gap with India, allowing India as well as Nepal and Bhutan use of Bangladeshi ports, combat terrorism and find ways to share water of the common rivers.
But the key issue in a roaring debate is Hasina's decision to let India use Bangladesh's sea ports, which her critics say would be a threat to the country's security.
"Giving port facilities to the neighbours will substantially increase handling of import and export cargoes, meaning more revenue earnings for us," said Annisul Huq, president of SAARC Chamber of Commerce and Industry.
"This may bring in an additional $1 billion revenue for cash-strapped Bangladesh," Annisul told Reuters on Thursday.
SAARC (South Asian Association for Regional Cooperation) groups Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
Annisul, also chief of the Federation of Bangladesh Chambers of Commerce and Industry, however, said Bangladesh must improve its infrastructure so neighbours could properly use the increased connectivity facilities.
He said Bangladesh could improve its roads and other infrastructure with a $1 billion loan facility offered by India, for which a deal was signed during Hasina's visit.
PORTS UNDERUSED
"The connectivity facility will ensure maximum utilisation of our two ports at Chittagong and Mongla, and both trade and business volumes will rise manifold," said Mustafizur Rahman, executive director of Centre for Policy Dialogue, a leading think tank in private sector.
"With the implementation of the deals (with India) more foreign investment will flow into the country," Mustafizur, also a professor of Dhaka University, told Reuters.
"We can not use 40 percent and up to 90 percent of the capacity of Chittagong and Mongla ports respectively and similarly 85 percent of rail and 75 percent of river potentials remain unutilised," said Abdul Matlub Ahmad, President of India-Bangladesh Chamber of Commerce and Industry.
"Bangladesh will not need to make any capital investment ... (but) only need to improve the infrastructure facilities for which India has agreed to provide credit," Ahmad told Reuters.
He said that land-locked Nepal, Bhutan and most of the north-eastern states of India will use Bangladesh for movement of their merchandise products. "That will also lower the prices of goods in Bangladesh."
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