Walton, a prominent manufacturer of electrical, electronics, and technology products based in Bangladesh, has initiated trade operations with India, conducting transactions in Indian rupees.
The first export transaction between Bangladesh and India for Walton was executed by Standard Chartered Bangladesh, marking a significant step in their trade endeavors.
At a recent event held at a hotel in the capital city, Walton Hi-Tech Industries PLC officially signed an agreement with the multinational bank, Standard Chartered Bangladesh. Golam Murshed, the managing director and CEO of Walton Hi-Tech Industries, and Naser Ezaz Bijoy, the CEO of the bank, formally inked this historic deal.
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In an official statement, Murshed explained, “Given the challenges posed by the Russia-Ukraine conflict, we have been grappling with a dollar shortage. The value of the US dollar against the Bangladeshi taka has surged significantly, adversely affecting our foreign exchange reserves. In response to this situation, Bangladesh and India have introduced a bilateral trade settlement mechanism in Indian rupees.”
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He further elaborated, “Walton has embarked on exporting its products to India while transacting in rupees, contributing to the success of this joint initiative between the two nations.”
During the financial year 2021-22, the bilateral trade between Bangladesh and India amounted to approximately $16 billion, with Bangladesh’s exports reaching $2 billion.
Under this new arrangement, Bangladeshi traders will have the capacity to settle bills of up to $2 billion for their imports from India, all conducted in Indian rupees. Walton’s proactive involvement in exporting to India using this currency will play a pivotal role in facilitating and strengthening this trade partnership.
