Indian cos urged to boost investment in Bangladesh

Bangladesh high commissioner to India Syed Muazzem Ali has urged the Indian companies to make investment in Bangladesh taking advantage of its impressive economic growth.

"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 in some other neighbouring countries," he said.

He was addressing a seminar in Kolkata on Monday to celebrate Bangladesh's graduation from LDC, said the Bangladesh high commission in New Delhi, reports UNB.

The seminar was jointly organised by Bangladesh deputy high commission in Kolkata and Merchants Chamber of Commerce and Industry (MCCI).

Syed Muazzem advised the Indian businesses to take advantage of Bangladesh's competent labour costs and closer proximity to North-East markets.

He mentioned that several Indian mega companies like Hero-Honda, Tata group or CEAT Tire companies have already set up such projects in Bangladesh.

"These are small projects, but we need much bigger investments. If we could engage in bigger projects, this will also ensure the stability of our relationship," he said.

He cited agro-processing, automobiles, ceramics, chemicals, gems and jewellery, light engineering, ICT, hospital and medical equipment, pharmaceuticals, plastics, professional services, tourism, textiles including home textiles as fields of joint investment.

Expressing satisfaction at Bangladesh's graduation from LDC Syed Muazzem said, "This achievement partly fulfills the dream of Bangabandhu Sheikh Mujibur Rahman, Father of our Nation, to transform Bangladesh into "Sonar Bangla" (Golden Bangla)."

"This has been possible largely due to the dynamic and visionary leadership of his daughter, our able prime minister Sheikh Hasina," he said.

The envoy said "Under the visionary leadership of prime minister Sheikh Hasina, Bangladesh has done wonders during recent years since her assumption of power in 2009 for the second time.

"Bangladesh has seen a steadily upward run in almost every sector of governance, economy, politics and social upliftment," he said.

Bangladesh is one of the fastest growing economies in the world with a record 7.28 per cent GDP growth.

"Our growth rate is expected to reach 7.65 per cent in current FY 2017-18. The country which once was ridiculed as 'bottomless basket' is now globally considered as a 'development-miracle'; Bangladesh's socio-economic achievement is a global role-model," the freedom fighter-turned-diplomat said.

Presided over by Toufique Hasan, deputy high commissioner, the seminar was also addressed by Jamaluddin Ahmed, general secretary of Bangladesh Economic Association, Ramesh Agarwal, president of MCCI, Sheikh Fazle Fahim, senior vice president of FBCCI, Vishal Jhajharia, senior vice president of MCCI.

A similar seminar, jointly organized by Bangladesh high commission in New Delhi and Federation of Indian Chamber of Commerce and Industry (FICCI), was held in New Delhi last month.