Indian companies keen on investment

Rajeet Mitter, second from left, Indian high commissioner to Bangladesh, speaks at the monthly luncheon meeting of Foreign Investors' Chamber of Commerce and Industry (Ficci) at the Westin Dhaka yesterday. AM Hamim Rahmatullah, second from right, Ficci president, is also seen. Photo: FICCI

Indian companies are showing interest in non-traditional manufacturing and have already moved to sign joint-venture deals with Bangladeshi businessmen, said an envoy yesterday.
"There are some encouraging results already with reports coming in of new joint venture agreements in such areas as bicycle, auto components, leather and leather products and food processing industries," said Rajeet Mitter, Indian high commissioner to Bangladesh.
The diplomat was speaking at a luncheon meeting hosted by Bangladesh Foreign Investors Chamber of Commerce and Industry (Ficci) at a city hotel.
Businessmen urged the Indian diplomat to take steps to remove non-tariff barriers in an effort to reduce the existing trade gap between Bangladesh and India.
They also urged the high commissioner to make business visa hassle-free and allow more readymade garment products to be exported to India duty-free.
Responding, Mitter said different government agencies from both countries such as the Bangladesh BSTI and Indian BSI are working to enhance Bangladesh's testing capacities as well as product quality.
Mitter said the high commission has updated its home page and to make visa hassle-free.
He assured businessmen that the tenure of business visa would be extended soon for those who frequently visit India and who have business with India.
Mitter said the current trade gap of more than $2.5 billion would be reduced as the governments are working on a series of projects to bolster connectivity between India and Bangladesh.
The establishment of many projects including two new land customs stations at Sabroom-Ramgarh and Demagiri-Thegamukh, Akhaura-Agartala rail link, Ashuganj and Silghat as ports of call and connecting the electricity grids of India and Bangladesh are going in full swing," the diplomat said.
He said negotiations on the text of the $1 billion line of credit to be given by India are also progressing.
"If Bangladesh has competitive products and services to offer, there is absolutely no reason why the Indian private sector will not seek to import those," Mitter said.
He assured the Bangladesh businessmen of extending the quota further if Bangladesh can fulfil the quota for exporting eight million pieces of apparel to India successfully.
Ficci President Hamim Rahmatullah presided over the meeting where Citi Bank Country Director Mamun Rashid also spoke.