‘Besides defence, India hoping to explore textile, medicine sectors in Bangladesh’
Lamenting that its defence cooperation with Bangladesh has not progressed after having offered a 500-million dollar line of credit, India today said that the time has come to take bilateral cooperation to the next level by exploring potential areas of investment such as textiles, jute, leather, footwear, and medicine.
Addressing the inaugural session of "India-Bangladesh Stakeholder's Meet", organised by the Indian Chamber of Commerce, India's Commerce and Industry Minister Piyush Goyal listed three other key areas besides defence for further strengthening bilateral relationship.
They were -- maintaining an uninterrupted supply chain; exploring potential areas of investment in textiles, jute and leather and footwear; and joint production of vaccines and other medicines.
The Indian minister hoped the Stakeholder's Meet would provide a boost to not only India-Bangladesh business relations but also with Southeast Asian countries, reports our New Delhi correspondent.
"There is a need to give more impetus to joint production of defence equipment. Our defence cooperation has not progressed, though India offered USD 500 million line of credit (in 2017). Time has come to take it to the next level," he said in his speech through video conference.
He also said both sides should explore potential areas of investments, such as textiles, jute products, leather and footwear, active ingredients for pharmaceuticals, medical equipment, digital health and education services, agribusiness, electronics and renewable energy.
Stressing that India and Bangladesh can become "pharmacy of the world", Goyal said during Covid-19 pandemic the vaccines produced in India -- Covaxin and Covishield -- created a niche for themselves as safe vaccines and it is high time for joint manufacturing of vaccines and other medicines.
"Vaccine Maitree reaffirmed our Mitrata (friendship) with over one crore vaccines being supplied from India," he said.
The Textile Industry Forum between India and Bangladesh constituted to facilitate cooperation in the textiles sector "is also yielding results", the Indian minister also said.
Pointing out that Bangladesh is India's biggest trade partner in South Asia, Goyal said India is looking to advance the Comprehensive Economic Partnership Agreement (CEPA) with Bangladesh.
"We have over 350 Indian companies in Bangladesh now … Our friendship has not only stood the test of time but has now blossomed into multifaceted, mutually enriching relationship with deep collaboration in trade, investment, food security and technology."
He recalled that India has extended three lines of credit for $8 billion to Bangladesh, the largest concessional credit given by India to any single country, adding that India is also developing two Indian Economic Zones at Mirsarai and Mongla in Bangladesh.
Comments