Dhaka, Delhi business chambers make plans to bridge deficit

DHAKA - Leading business lobbies in Bangladesh and India have agreed to expedite bilateral trade and investment between the two countries and have laid out plans to bridge the $3 billion trade deficit.

Bangladesh Industry Minister Dilip Barua sought India investment on 100 percent equity at a seminar organised by the India-Bangladesh Chamber of Commerce and Industry (IBCCI) and Confederation of Indian Industry (CII) here Sunday.

“We seek your support and cooperation for meaningful industrialisation in Bangladesh,” Barua was quoted as saying by The Daily Star.

Both business bodies adopted a joint declaration to identify opportunities for Indian investment, technology transfer and joint ventures in Bangladesh. The declaration also includes ways in which Bangladeshi investment can reach India.

The balance of trade has heavily favoured India for years. The deficit now stands at nearly $3 billion, the paper said.

Banglades Minister for Science and Technology Yeafesh Osman and Indian High Commissioner to Bangladesh Rajeet Mitter also spoke on the occasion.

Citibank Country Officer Mamun Rashid presented a paper highlighting investment opportunities in Bangladesh. He identified seven areas for Indian investment - power, telecom, healthcare, education, business process outsourcing, pharmaceuticals and fast-moving consumer goods.

He invited Indian businessmen to come and invest in the right sectors to tap the potential.

Ganesh Nataranjan, chief executive officer of IT and ITES of CII, said India wants to take along Bangladesh to expand the IT business across India and some other countries.

Both sides also agreed to organise roadshows styled ‘Invest in Bangladesh’ at major cities in India.

According to the declaration, a joint team of the CII and the IBCCI will visit border sites, particularly the northeastern states of India and Bangladesh, to help governments improve infrastructure. About 20 top officials from Indian IT companies will visit Bangladesh in the six months to see business opportunities here.

Interaction has intensified between the two South Asian neighbours, particularly since Bangladesh Prime Minister Sheikh Hasina’s January visit to New Delhi.