In a unique move to boost trade and investment with neighbouring India, Bangladesh is going to arrange a roadshow on ‘Investment opportunities in Bangladesh’ in India from June 27 to attract Indian businesses to investment here in joint ventures.This is the first-ever Bangladesh Roadshow in India under the ‘Bangladesh-India Partnership Initiative’ that will touch upon Mumbai, Chennai and Kolkata.
Board of Investment (BoI) Bangladesh will arrange the event in cooperation with India Bangladesh Chamber of Commerce and Industry (IBCCI) and the Confederation of Indian Industry (CII).
“This is a unique initiative for having long-term joint venture investments here. We’re inviting Indian businesses to take the opportunities that Bangladesh offers,” IBCCI President Abdul Matlub Ahmed told UNB on Friday.
He said India has already offered duty- and quota-free market access for Bangladeshi major products to their market but the export to India has not yet increased significantly.
“That’s why we’ve told them, you produce your brands products here, and re-export to India and other destinations. This is how they can set up manufacturing units here in joint ventures benefiting both countries,” Ahmed said.
He said merchant banks, insurance companies and big business delegation, including top government officials, will be joining the roadshow.
Bangladesh delegation will leave here on June 26 and will be in Mumbai via Kolkata.
BoI executive chairman Dr Syed Abdus Samad, Bangladesh High Commissioner in India Tariq Ahmad Karim, President of the CII Kris Gopalakrishnan, Director General of the CII Chandrajit Banerjee and IBCCI President Matlub Ahmed will also be present at the inaugural session of the roadshow in Mumbai.
On June 28, the Bangladesh delegation will fly to Chennai and will be there in Kolkata on June 30.
Saarc Chamber of Commerce and Industry executive member SM Nurul Hoque said there is still trust deficit between India and Bangladesh that is apparently hindering trade.
“We need to minimise the trust deficit and build up strong relations for our mutual benefits,” Hoque, also the vice president of Bangladesh Myanmar Chamber of Commerce and Industry (BMCCI), said.
Matlub Ahmed said by using Bangladesh’s competitive labour , energy and facilities the Indian companies can now produce goods even cheaper than at home.
He said Indo-Bangla trade and investments now look towards a new horizon. IBCCI has embarked on a new policy for Indian Industrialists to utilise Bangladesh’s unique position as a Least Developed Country (LDC). “Let the Indian industries use Bangladesh as a production hub.”
BoI officials said it will be for the first time that the roadshow will offer ready land, power, water, gas, money for factory building, working capital.
The delegation will be led by the Executive Chairman of BoI, 20 private industrialists with ready projects and 10 government officials.
Additionally, for the first time insurance and leasing companies are in the delegation to try to get partners from India to join them. Merchant bank association president is also going to get Indians to invest in Bangladesh’s stock market.
Private Bank and a Private lease and finance company managing directors will also be members of the team. CII is now preparing counterparts in the 12 sectors chosen for this roadshow.
The sectors are Agro Products, Basic Chemicals, Hospital & Hospital Equipment, ICT, ITES, Jewellery Industry, Jute and Jute Goods, Light Engineering, Medical Equipment, Pharmaceuticals, Plastic, Software Development and Textiles including Home Textiles. We expect a large number of collaborations to happen during the roadshow.
In both Mumbai and Chennai, the agreement signings will be followed by press conferences.
From the Indian side central and state-level ministers, big industrial group chairmen, and many prospective joint venture industrialists are expected to join. Indian government officials are being invited to share their thoughts.
IBCCI expects a huge response from this roadshow. From the initial results it is forecasted that over 20 MoUs/agreements worth over US$ 400 million worth of projects will be signed.
CII high officials are expected in Bangladesh to sign a cooperation agreement between CII and BOI and IBCCI.
Bangladesh has come politically closer to India than ever before over the last 38 years. Since the visit of Prime Minister Sheikh Hasina to Delhi in 2010, the ice melted faster.
Meanwhile, Board of Investment (BoI) Bangladesh and Confederation of Indian Industry (CII), India have signed a Memorandum of Understanding (MOU) recently here and both the countries will disseminate investment related information to support different companies to invest in potential sectors.
The objectives of MoU of BoI and CII are to jointly conduct sectoral studies to identify potential sectors for investment in Bangladesh and India and also to address the investment related issues for Indian and Bangladeshi entrepreneurs. (Source: UNB)
