core sector communique

IFC, Indian Industry Look to Strengthening Trade in South Asia

Kolkata, India, July 21, 2011—IFC, a member of the World Bank Group, and the United Kingdom’s Department for International Development are supporting Confederation of Indian Industry facilitate a dialogue between public and private sector in eastern and north eastern India to improve trade in South Asia. The program will help implement measures to reduce costs and promote trade through simplified documentation and procedures, electronic processing, and risk management approaches for border inspections and clearances.

Confederation of Indian Industry joined forces with IFC to host a one-day workshop titled Public-Private Dialogue for Enhancing Trade Facilitation in South Asia that brought together senior officials of Ministries of Commerce, Finance, Health and Agriculture and Indian state governments. Private sector representatives from transport companies, freight forwarders, logistics companies and clearing house agents joined the discussions to enhance trade and investment in South Asia.

“We have developed new port facilities and taken steps to reduce uncertainties in Kolkata and Haldia to improve trade. We seek IFC’s support to help us strengthen and promote trade,” said M.L. Meena, Chairman, Kolkata Port Trust, a senior government official who attended the opening session.

The workshop is part of a series of IFC-led initiatives in South Asia to build effective partnerships with public and private sector stakeholders in eastern and northeastern India, Nepal, and Bangladesh. The program aims to assist the government in focusing its reform efforts to create an enabling business environment.

"Successful and increased trade is key to any country's competitiveness in the international market. We reiterate our support in reducing transaction costs to trade and promoting growth," said Ranaveer Sinha, Chairman of the Confederation’s Eastern Region chapter.

Trade facilitation involves reforms in border operations, including the reliability and efficiency of transportation infrastructure, logistics operations, and customs and border management regulations and procedures.

“IFC works with both private sector and governments in identifying areas where reform efforts can help maximize improvements for cross-border private sector activity,” said Paramita Dasgupta, IFC’s head for Investment Climate in South Asia.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.