A 3-day India show to boost economic integration

A three-day exposition of Indian products and services will take place in Dhaka on December 3 to enhance economic co-operation between the two neighbouring countries.
Titled 'the India show', the fair is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and India's ministry of commerce, at the Bangabandhu International Conference Centre.
“The aim of 'the India show' is to build partnerships between the two neighbouring countries to facilitate each other's economic progress,” said Gaurav Swarup, chairman of FICCI Eastern Regional Council.
Spread over 100 stalls, the fair will showcase products and services of India's textile and handicrafts, automobile and spare parts, readymade garments, consumer products, jewellery, healthcare, education, information technology, agro-business, renewable energy and light engineering sectors.
Arvind Mehta, joint secretary of India's commerce ministry, said the South Asia needs more economic integration to enhance the competitiveness of the region.
“The show will create a building block for this integration,” said Mehta, while mentioning of the Indian government's decision last year to allow duty- and quota-free market access to all Bangladeshi products except drugs and alcohol.
“We are organising the fair not only to explore trade opportunities in Bangladesh, but also to encourage more joint ventures initiatives between the two neighbouring countries,” said Mehta.
He added that it will spur Indian companies to enter into joint ventures for the purpose of manufacturing products in Bangladesh for re-export to South Asia, particularly to the northeastern region of India.
Sandeep Chakraborty, the Indian deputy high commissioner to Dhaka, said the Indian business delegation will examine the joint venture opportunities in Bangladesh as there are many proposals in the pipeline, pertaining to the power, information technology, tyres and readymade garment sectors.
“This will be the biggest Indian show here, meaning they [India] are taking Bangladesh seriously for business partnership with mutual benefits,” said Abdul Matlub Ahmed, president of India-Bangladesh Chamber of Commerce and Industry.
Ahmed is hopeful the event to correct the trade imbalance between the two countries.
“The event will help boost Indian investment here, create scope for re-export there by availing duty-free facilities and minimise the trade imbalance between the two,” Ahmed said, while revealing the possibility of signing three memorandums of understanding during the event.
Seminar on investment opportunities and business-to-business sessions will be held on the sidelines of the exhibition to find ways to strengthen bilateral business co-operation and increase investment.
Anand Sharma, the Indian minister of commerce and
industry, and GM Quader, the Bangladeshi commerce minister, are expected to inaugurate the exhibition, which will be open to all from 10 am to 8 pm.