25 C
Delhi
Friday, December 4, 2020

Sheikh Hasina asked Indian business community to invest in Bangladesh

- Advertisement -

Sheikh Hasina asked Indian business community to invest in BangladeshNew Delhi, Oct 4 (IANS) Bangladesh Prime Minister Sheikh Hasina on Friday asked the business community in India to invest in Bangladesh, saying that her country offers a conducive environment and sustainable development.

“We also want to see trade and investment together where Indian big investors can set up industries in Bangladesh to the southeast Asian countries taking advantage of the improved connectivity between us,” she said while addressing a business meeting jointly organised by business chambers ASSOCHAM, CII and FICCI here.

“The trade and investment between our two countries are increasing and volume of bilateral trade has steadily grown during the past years. The balance of trade, however, is still largely in India’s favour. The volume of trade between two countries is nearly $10 billion. In 2018, Bangladesh was India’s eighth largest export destination with $8.8 billion export and our export to India also crossed $1 billion mark for the first time last year. So, the progress is visible, but there is lot of scope for further deepening our relations in the area of trade and investment,” Sheikh Hasina said.

Noting Bangladesh has achieved remarkable economic progress in the last decade, often recognized as “development model”, she said her country is one of the fastest growing economies in the world. It is the second-largest garment exporter, third-largest inland fish producer, fourth-largest freshwater fish producer, fourth-largest rice producer and eighth-largest remittance earning country, she said, adding: “If all these positive trends continue, we expect eventually to implement our Vision to make Bangladesh a developed country by 2041.”

She said that “a few statistics would further highlight strength of our economy”, citing how inflation has been reduced to 5.4 per cent, per capita income grew 3.5 times to around $2,000 in 2019 from $ 543 in 2006, foreign currency reserve rose to $33 billion, and exports grew three-fold from 2005-06 to reach $40.53 billion in 2018-2019.

“With a large population, young people mostly under the age of 25 are ready to be engaged at very competitive wages. Rapid urbanisation fed by increasing consumption of electricity and burgeoning growth of middle class indicates the market potential in Bangladesh for investors.

READ ALSO:  Domestic pharma industry to grow 3-5 pc this fiscal: Ind-Ra


“We are in the process of establishing 100 Special Economic Zones. About a dozen of them are ready with four allotments to three countries. A number of high-tech parks are also ready for technology and innovative enterprises. Bangladesh has offered three Special Economic Zones for Indian investors at Mongla, Bheramara and Mirsarai. Substantial investment from Indian investors in these three Indian Economic Zones in Bangladesh would help broaden our exportable base,” she said.

Sheikh Hasina said that persistent growth of global FDI in Bangladesh since her government took over in 2009 reflects the increasing confidence of the foreign investment in Bangladesh, and its strategic location provides tremendous potential for being the economic hub of the region.

“With India on the west, China on the north and Southeast Asia on the east, Bangladesh is in the middle of a combined market of 4 billion people,” she said.

India’s Commerce and Industry and Railways Minister Piyush Goyal said: “India stands committed to every request that Bangladesh will make on the railway sector. I would like to see in the very near future, an end-to-end connectivity with Bangladesh and can look at a seamless corridor which can help enable people and goods movement from either side.”

“There is a great chemistry between our two leaders and the people, and we would now like to see the same engagement in the business communities and this visit will be the harbinger of better times to come. All of our cultural and sporting ties will help the engagement going forward and follow the path shown by both our founding fathers, Mahatma Gandhi and Bangabandhu Sheikh Mujibur Rahman,” he said.

“Our ties of neighbours should go beyond ties of friends, it should be ties of brotherhood, ties of oneness, and the ties of one family working for a better future. Bangladesh’s vision to make it a developed nation by 2041 is truly very encouraging and India would like to be a part of the growth story,” Goyal added.

READ ALSO:  RBI to maintain accommodative stance in the upcoming monetary policy review

ASSOCHAM President B.K. Goenka said that Bangladesh is India’s biggest trade partner in South Asia. “Over the last 10 years, India and Bangladesh have made unprecedented progress in furthering bilateral ties and moving towards building a multi-faceted relationship, which today covers cooperation in a wide range of areas, including security and border management, trade and investment, connectivity, energy and power, space, development projects, culture, and greater people-to-people exchange.

“India being its oldest ally and the closest neighbour enjoys growing trend in bilateral relationship with Bangladesh. Total bilateral trade between both the countries stands at $10.46 billion in year 2018-19, rising by 28 per cent as compared to previous year,” he said.

CII President Vikram Kirloskar said that India is a committed development partner of Bangladesh, and has extended $8 billion in concessional financing to Bangladesh under three Lines of Credit, and the projects covered under these will help improve infrastructure in Bangladesh in sectors like ports, power, railways, roads and airports.

READ ALSO:  Musk one step closer to beam cheaper Internet with Starlink

“There is need for greater cooperation in the energy sector, in building roads, railways, ports and inland waterways and in using such connectivity for mutual benefit. This will create jobs, reduce costs and enhance mobility for both countries. There is a need to work together to leverage India’s experience with Digital India to provide a boost to Digital Bangladesh. India experience in rolling out the digital services to remote and rural areas can help Bangladesh in its mission to provide the same services to its own citizens,” Kirloskar said.

FICCI President Sandip Somany highlighted five areas that will create new vision for our strategic partnership – collaboration in knowledge-sharing to facilitate innovation and research, partnership on skill development, connectivity, tourism and entertainment.

“There is a strong need for joint investments and roadmap for cooperation in Bay of Bengal to explore potential of the ‘Blue Economy’,” he added.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

India warns Canada of serious damage to bilateral relations over Trudeau’s comments

New Delhi, Dec 4 (IANS) In a major diplomatic offensive, the Centre on Friday warned the Canadian government of serious damage to bilateral relations...

Hiring outlook bleak for manufacturing sector: FICCI Survey

New Delhi, Jul 19 (IANS): The employment scenario that worsened amid the pandemic is unlikely to see a revival any time soon, as a survey...

Resume mining to overcome jobs, economy issues: CII to Goa govt

Panaji, Nov 22 (IANS) The Confederation of Indian Industry (CII) Goa chapter has emphasised the need for prompt resumption of mining activities in the...

India set to resume talks on free trade agreements with EU, US

New Delhi, Nov 21 (IANS) India, which has not signed any trade agreement since 2012, will soon revive talks on the possible free trade...

India calls out Pakistan’s ‘Pavlovian’ behaviour at UN

United Nations, Nov 17 (IANS) India's Permanent Representative T.S. Tirumurti has called out Pakistan's "Pavlovian" response at the world body whenever India is mentioned,...

India’s stand on RCEP depends on US outlook towards China

New Delhi, Nov 16 (IANS) Even as the 10-member ASEAN bloc has signed the Regional Comprehensive Economic Partnership (RCEP) with five economies led by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

What does the PM stand by: Rahul quizzes govt over Covid vaccination

New Delhi, Dec 3 (IANS) Former Congress Chief Rahul Gandhi took a swipe at the Centre by highlighting the differing stance of the BJP...

What does the PM stand by: Rahul quizzes govt over Covid vaccination

New Delhi, Dec 3 (IANS) Former Congress Chief Rahul Gandhi took a swipe at the Centre by highlighting the differing stance of the BJP...

Amarinder to take first Covid-19 vaccine shot in Punjab

Chandigarh, Dec 2 (IANS) With the Covid-19 vaccine in the final stages of operationalisation in India, Chief Minister Amarinder Singh on Wednesday said he...

May vaccinate those infected with Covid or having its antibodies: Govt

New Delhi, Dec 1 (IANS) The Union Health Ministry hinted on Tuesday that the people infected with Covid-19 or those who have recovered and...

Centre: homeopathic drugs permitted as add-on treatment in Covid; SC says will clarify

New Delhi, Dec 1 (IANS) The Centre on Tuesday informed the Supreme Court that Ministry of Ayush has permitted the homeopathic medical practitioners to...

Vaccine will not be released for mass use unless proven immunogenic: Serum Institute

Chennai, Dec 1 (IANS) Vaccine development company Serum Institute, India on Tuesday said the Covidshield vaccine will not be released for mass use unless...

Trending News In India

Facebook to remove fake claims about Covid vaccines

San Francisco, Dec 3 (IANS) Facebook on Thursday announced to step up its fight against the misinformation about Covid-19 vaccines, saying it will remove...

Fruits & veggie prices show slight dip as arrivals improve in Delhi

New Delhi, Dec 4 (IANS) Despite the closure of several routes connecting Delhi, due to the farmers’ protests, arrival of fresh vegetables and fruits in...

‘New film city in Noida won’t divide B’wood, but boost Indian cinema’

By Anand Singh, New Delhi, Dec 4 (IANS) The proposed ‘infotainment’ city to be set up in Noida in Uttar Pradesh will provide a...

Industry hails RBI’s move to hike contactless card transaction limit

New Delhi, Dec 4 (IANS) The payments industry on Friday welcomed the Reserve Bank of India's move to hike the limit of contactless card...

Farmers at Delhi-Ghazipur border to intensify stir if demands not met

New Delhi, Dec 4 (IANS) Farmers protesting at Delhi-Ghazipur border against the three contentious agricultural laws on Friday warned that they will amplify the protest...

Flipkart launches ‘2GUD Local’ to digitise offline retailers

Bengaluru, Dec 4 (IANS) Flipkart's independent value-driven platform, 2GUD on Friday launched 2GUD Local to connect popular offline retailers scattered across the country with...

Trending Showbiz

‘New film city in Noida won’t divide B’wood, but boost Indian cinema’

By Anand Singh, New Delhi, Dec 4 (IANS) The proposed ‘infotainment’ city to be set up in Noida in Uttar Pradesh will provide a...

John Abraham is PETA India’s Person of the Year

Mumbai, Dec 2 (IANS) Bollywood actor John Abraham has been named the Person of the Year for 2020 by the People for the Ethical...

Yogi promises world class film city, opens doors for investment

Mumbai/Lucknow, Dec 2 (IANS) Uttar Pradesh Chief Minister Yogi Adityanath said on Wednesday that the proposed film city in Noida would offer ‘world class’ facilities to the entertainment...

Lionsgate Play arrives in India to take on Netflix, Amazon Prime

New Delhi, Dec 2 (IANS) Starz, one of the leading premium global streaming platforms, on Wednesday launched its independent direct to consumer over-the-top (OTT) app...

Hansal Mehta decodes why sports-based films do well

New Delhi, Nov 30 (IANS) Filmmaker Hansal Mehta, who is currently riding high on the success of his new sports drama Chhalaang, has revealed...

Trending Sports

FIH allocates quotas for 2022 and 2023 World Cups

Lausanne (Switzerland), Dec 3 (IANS) The International Hockey Federation (FIH) on Thursday allocated quotas for the 2022 women’s World Cup and the 2023 men’s...

Indian team can now compete against ‘high-profile opponents’: Ashalata

New Delhi, Dec 2 (IANS): India captain Ashalata Devi feels women's football in the country has come a long way forward where they can compete...

India 6th on Super League table, Australia climb to top

Canberra, Dec 2 (IANS) Australia jumped to the top of the ICC Men’s Cricket World Cup Super League points table after their 2-1 win...

Pandya, Jadeja power India to 13-run win, avoid whitewash

Canberra, Dec 2 (IANS) India, riding on a 150-run partnership between Hardik Pandya and Ravindra Jadeja for the sixth wicket and a three-wicket haul...

Michael Schumacher’s son Mick to race F1 for Haas in 2021

New Delhi, Dec 2 (IANS) The Schumacher name will make a racing return to Formula One next year as Mick Schumacher -- son of...

Bowlers found difficult to adapt from T20 to 50-over format: Iyer

Canberra, Dec 1 (IANS) Middle-order batsman Shreyas Iyer has admitted that the Indian bowlers have struggled to adapt to the 50-over format from the...

Latest Trending News In India

Intel debuts 2nd Gen cryogenic quantum control chip

New Delhi, Dec 4 (IANS) Chip maker Intel has debuted second-generation cryogenic control chip called Horse Ridge II housing key capabilities to overcome scalability,...

Fruits & veggie prices show slight dip as arrivals improve in Delhi

New Delhi, Dec 4 (IANS) Despite the closure of several routes connecting Delhi, due to the farmers’ protests, arrival of fresh vegetables and fruits in...

‘New film city in Noida won’t divide B’wood, but boost Indian cinema’

By Anand Singh, New Delhi, Dec 4 (IANS) The proposed ‘infotainment’ city to be set up in Noida in Uttar Pradesh will provide a...

Industry hails RBI’s move to hike contactless card transaction limit

New Delhi, Dec 4 (IANS) The payments industry on Friday welcomed the Reserve Bank of India's move to hike the limit of contactless card...

Farmers at Delhi-Ghazipur border to intensify stir if demands not met

New Delhi, Dec 4 (IANS) Farmers protesting at Delhi-Ghazipur border against the three contentious agricultural laws on Friday warned that they will amplify the protest...