India an Emerging Favorite Destination for Bangladeshi Investment
Bangladesh has forex reserves of $32B. $7B of it will be released for investment overseas with India emerging a favored destination
Photo Credit : The Statesman,
Indian PM Narendra Modi shakes hands with Bangladesh PM Sheikh Hasina
Effective and fast-track implementation of decisions taken by the governments of India and Bangladesh has resulted in enhancement of trade and investment between the two nations, said, Veena Sikri, former ambassador of India to Bangladesh recently at an event in the NCR.
She said this on the occasion of Bangladeshi Prime Minister, Sheikh Hasina’s visit to the capital. Following the event were B2B meetings with a high-powered Bangladeshi business delegation accompanying the Prime Minister. The delegation comprised businessmen representing diverse sectors like automobiles, cement, insurance & banking, readymade garments, shipping, IT and ITes, food and beverages, jute, power, renewable energy, real estate, electronic & print media, packaging, poultry, education, health & pharma, chemicals and telecommunication.
Speaking about the ‘Neighbourhood First’ policy of Prime Minister Narendra Modi, Ms. Sikri said that India and Bangladesh share a long border and the areas surrounding the borders should be developed as zones of prosperity. She added that the relationship between India and Bangladesh has reached a historic high and this should be further strengthened by engaging in mutually beneficial initiatives.
Ms. Sikri said that the issue of connectivity was vital and businesses on the two sides should take advantage of the increased connectivity. Besides, financial connectivity and knowledge connectivity was needed to be strengthened. She added that IT must be leveraged to create new ties and enhance the existing systems.
Abdul Matlub Ahmad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), who is leading the business delegation from Bangladesh, said that the country was on a sound economic footing with forex reserves of $32 billion. The Government of Bangladesh has decided to retain $25 billion and release the rest for investments overseas with India emerging as a favored destination.
Mr. Ahmad said that the Bangladeshi delegation was looking forward to B2B meetings with their Indian counterparts. He urged the business community on both sides to utilize this platform to bring to the fore their concerns and assured solutions would be fast-tracked.
Highlighting the significant role of business leaders, Subhrakant Panda, senior committee member of FICCI and managing director of Indian Metals & Ferro Alloys Ltd, said that India and Bangladesh needed to take bilateral relations to the next level. He added that the two nations must work in tandem for creation of employment opportunities and upliftment of less privileged as it would be a win-win situation for India and Bangladesh.
Ambika Sharma, director general of FICCI, said that FICCI and FBCCI have finalized a 6-point agenda which includes setting up a joint task force on tariff and non – tariff barriers and establishment of a joint task force to promote Indian investments in Bangladesh in the areas of infrastructure, education, healthcare, power and tourism
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