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HSBC to facilitate regional trade

Star Business Report
The Hong Kong and Shanghai Banking Corporation (HSBC) Bangladesh has moved to facilitate integration between regional private sector businesses to boost trade and commerce.
“We are in a good position to create a link between Bangladesh and its major trade partners, particularly India and China, because of our presence in 86 countries,” said Mahbub-ur-Rahman, head of corporate banking of HSBC Bangladesh.
As part of its plan, the bank is sponsoring an interactive meeting between apex trade bodies from Bangladesh — Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Foreign Investors' Chamber of Commerce and Industry (Ficci) - and India to be held in Dhaka later this month.
“The meeting will create opportunities for private sector businesses from these two countries,” Rahman said.
The HSBC official also said Bangladesh's possibilities in exporting apparels to India and China are brightening as renowned global retailers are opening outlets there.
Wal-Mart and Tesco, two of Bangladesh's major apparel buyers, could be asked to import directly from
its stores in these two neighbouring countries, he suggested.
Wal-Mart, the biggest US retail chain, plans to open as many as 147 stores in China, India and Hong Kong in a year. Other retailers, like Tesco, Tommy Hilfiger and Marks & Spencer, are also expanding their presence in those countries.
Bangladesh has been running massive trade deficits -- over $3 billion each with India and China -- while Dhaka's exports to China and India remain at around $300 million.
India with $251 billion in annual imports took in just $330 million from
Bangladesh last year. The situation is more of the same with China.
Rahman said if global retailers imported Bangladeshi apparel items for their Chinese and Indian stores, the shift in supply chain model would help narrow the trade gap.
“The move will lead to lower freight charges and lead time."
The HSBC banker, who has 15 years of banking experience, said the bank is ready to help Bangladesh build a strong linkage with two of its major trading partners by using its global network.
He said the bank could even facilitate trade negotiations between Bangladesh, India and China.
Rahman said Bangladesh must make good use of regional trade agreements, such as the South Asia Free Trade Area (Safta), by promoting greater preferential access for products in other member countries.
Around 37 percent of the commercial bank's portfolio is composed of readymade garments and textiles.
During July-April of fiscal 2008-09, the country's total exports were $12.82 billion, of which HSBC handled 9 percent. The country shipped ready-made garments worth $10.13 billion in the July-April period of the same year and the bank dealt around 9 percent of RMG exports.