Bangladesh seeks big Indian investment in 13 sectors
Bangladesh has identified 13 sectors where it is seeking 'mega investment' from India in joint venture projects.
The sectors include agro-processing, automobiles, ceramics, chemicals, gems and jewellery, light engineering, ICT, hospital and medical equipment, pharmaceuticals, and textiles.
Syed Muazzem Ali, Bangladesh's high commissioner to India, pointed out the sectors and urged Indian companies to make mega investment by taking advantage of the country's impressive economic growth.
He spoke at a seminar in Kolkata on Monday organised to mark Bangladesh's graduation from the least developed country's category, said the high commission in a statement.
The Deputy High Commission of Bangladesh in Kolkata and the Merchants Chamber of Commerce and Industry (MCCI) jointly organised the seminar.
“The most practical cause of action would be to set up a series of buy-back projects where Indian investors will set up industries in Bangladesh and re-export to India and some other neighbouring countries,” said Ali.
He advised the Indian businesses to take advantage of Bangladesh's competitive labour costs and closer proximity to India's north-eastern markets.
Several Indian large companies such as Hero Honda, Tata Group and CEAT Tyres companies have already set up projects in Bangladesh. “But, these are small projects. What we need is much bigger investment. If we could engage in the bigger projects, it will also ensure the stability of our relationship,” Ali said.
The envoy said Bangladesh has seen a steadily upward run in almost every sector of governance, economy, politics and social upliftment.
“Today, Bangladesh is one of the fastest growing economies in the world with a record 7.28 percent GDP growth. Our growth rate is expected to reach 7.65 percent in the current fiscal year.”
The country which was once ridiculed as bottomless basket is now globally considered as a 'development miracle', Ali said, adding that Bangladesh's socio-economic achievement is a global role model.
Jamaluddin Ahmed, general secretary of the Bangladesh Economic Association; Ramesh Agarwal, president of the MCCI; and Sheikh FazleFahim, senior vice president of the Federation of Bangladesh Chambers of Commerce and Industry, also spoke.
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