Mumbai, India (BBN)– Bangladesh Central Bank Governor Atiur Rahman on Monday said after Prime Minister Narendra Modi’s visit to Dhaka, the onus of taking the bilateral ties ahead now rests with economic policymakers of both countries and suggested joint ventures aimed at developing Northeast region as a key imperative.

“After the recent visit of Prime Minister Modi to Bangladesh, the level of political understanding has reached a new level. Now, the challenge is before us who are running and regulating the economy. We need to respond to that political call,” he said, addressing the FICCI’s annual conference on banking and finance here, reports The Economic Times.

New Delhi and Dhaka recently implemented a historic land swap agreement under which both sides agreed to give away the enclaves in each others territories, thus ending seven decades of alienation of the people living in these regions.

Dr. Rahman called for joint ventures between the two governments so that the underdeveloped NE region of India could be put on fast-track of growth.

“Bangladesh and India can join hands in terms of joint ventures. A lot of investment is needed in NE India. We and India can come together in terms of developing JVs. You can develop JVs in Bangladesh and provide services to the NE,” he said, adding necessary infrastructure in roads and waterways is already being developed in his country.

It may be noted that from the connectivity angle, there have been successful attempts at leveraging on waterways to transport commodities into pockets in the Northeast like Tripura. A journey from Kolkata to Agartala through Bangladesh using the road and water route takes significantly less time than moving the same consignment over the Indian territory.

Dr. Rahman was quick to point out that China has also partnered with its neighbours to further its economic agenda and urged the policymakers in New Delhi to seize the moment.

“Chinese did so well because they moved with their neighbours, invested in them. I am sure Indian economic leadership will do the same and take all of us together. If all of us move together, it will be a win-win for the region.”

Inviting Indian investors to Bangladesh, he said his country offers advantages like a strong economic growth that is slated to touch 7.0 per cent this year, high forex reserves, which have risen four times over the past 6 years, falling inflation and poverty levels.