India's Sakata Inx will make an initial investment of US$ 10 million in Bangladesh.
Sakata Inx (Bangladesh) Private Limited, wholly owned subsidiary of Sakata Inx (India) Private Limited, signed the land lease agreement with Meghna Industrial Economic Zone (MIEZ) for setting up a factory to manufacture liquid inks in Bangladesh.
This will lead to an initial investment of US$ 10 million in Bangladesh by Sakata India, said the Indian high commission in Dhaka.
Indian investments in Bangladesh in pipeline have increased from US$ 3 billion to US$ 10 billion.
India is also setting up three Indian Economic Zones (IEZs) in Bangladesh (in Mongla, Bheramara and Mirsarai) to facilitate greater Indian investments in the country.
Speaking on the occasion, chairman of the Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury said he expects the Mongla IEZ to be operational by 2020.
The signing ceremony was also attended by the high commissioner of India to Bangladesh Harsh Vardhan Shringla, chairman of the Meghna Group of Industries Mostafa Kamal, managing director of Sakata India VK Seth and other senior officials of BEZA, Meghna Group and Sakata.