Prime Minister Narendra Modi and Sheikh Hasina of Bangladesh will formally establish the first power pipeline connecting their countries on Saturday. A total of 377 crore rupees were spent on its construction, of which 285 crore were used to build the part on the Bangladeshi side.
According to a statement from the Ministry of Foreign Affairs, Prime Minister Narendra Modi and Prime Minister Sheikh Hasina of Bangladesh will launch the India-Bangladesh friendship pipeline via video conference on March 18 at 1700 hours (IST).
The first cross-border energy pipeline between India and Bangladesh was created at an estimated cost of INR 377 crore, of which the Bangladesh portion of the pipeline was built at a cost of around INR 285 crore and was paid for by the government of India through grant assistance, according to the statement.
One million metric tonnes of high-speed diesel can be transported through the pipeline each year (MMTPA). According to reports from PTI, it will initially provide high-speed diesel to seven districts in northern Bangladesh.
The MEA claims that the functioning of the India-Bangladesh Friendship Pipeline will establish a long-term, dependable, economical, and environmentally friendly method of transferring HSD from India to Bangladesh and will further strengthen bilateral cooperation in energy security.
Over the past 50 years, India-Bangladesh relations have made great strides in establishing political capital, enhancing the commerce and connectivity sectors, and forging alliances in vital fields like capacity building and training.
The two sides have made progress in a number of areas, including resolving disputes over the demarcation of land and maritime borders, security, connectivity, development cooperation, cultural exchange, power and energy, trade and commerce, the blue economy, and defense.
India’s largest trading partner in South Asia at the moment is Bangladesh. The value of bilateral commerce increased from USD 9 billion to USD 18 billion over the previous five years. With an increase of almost 66% from USD 9.69 billion in FY 2020–21 to USD 16.15 billion in FY 2021–22, Bangladesh has moved up to the fourth-largest export destination for India, according to ANI.
The growing interconnectedness between the two countries is a significant additional aspect. While trade via the land route was hindered during COVID, Bangladesh was supplied with necessities using India’s well-connected rail system.