Indian businesses urged to invest more in Bangladesh
Bangladesh High Commissioner to India Syed Muazzem Ali has urged the Indian businesses to invest more in Bangladesh for mutual gains of the two neighbours.
“Prime Minister Sheikh Hasina and her government have given maximum importance to transforming Bangladesh into one of the most favoured investment destinations in South Asia,” the envoy told a seminar at Aurangabad of India's Maharashtra yesterday, describing Bangladesh as the “most liberal and business-friendly economy” in the region.
The seminar on investment potentials in Bangladesh was jointly organised by Marathwada Chamber of Industries and Agriculture and Bangladesh Deputy High Commission in Mumbai, according to Bangladesh High Commission in New Delhi.
The envoy said pro-investment policies are being implemented along with massive reforms in the relevant government organisations.
With annual economic growth registered at 7.86 percent, Bangladesh, the envoy said, is hungry for more investment.
As one of the world's fast-growing economies, India can seize the business opportunities offered by Bangladesh. Indian business giants like Ambani and others are coming forward, said the high commissioner.
“But the Indian investors' response is not enough. They need to be more vigorous,” he said.
Syed Muazzem said despite common economic advantages, the two nations have evolved in different industrial sectors. “While garments and agricultural products are exported from Bangladesh, Indian exports include automotives and pharmaceuticals.”
This can be overcome if Indian investors set up a series of “buy-back” projects in Bangladesh and re-export to India and some other neighbouring countries, he said.
The high commissioner pointed out that similar equation exists between US-Canada and US-Mexico.
The High Commissioner said Dhaka offers a well-educated, highly adaptive and industrious workforce with the lowest labour cost in the region.
Source: https://www.thedailystar.net