Bangladeshi Envoy calls for bigger Indian investment in the country

Banglesh High Commissioner to India, Syed Muazzem Ali, has called on  Indian business people to boost ir investment in Banglesh to reap benefits of country's rapid economic growth and business-friendly environment.

While speaking at Pondicherry Global Economic Summit and Fifth World Tamils Economic Conference in Pondicherry, Ali suggested establishment of a series of "buy-back" projects, where Indian investors will set up industries in Bangleshand re-export to India and in some or neighbouring countries.

"Similar equation exists between US-Cana and US-Mexico. Through se buy-back projects, within a very short time, Cana and Mexico have emerged as largest tring partners of US. If y can do it, we can do it as well," envoy said. He furr urged  Indian investors to take vantage of Banglesh's competent labour costs and close proximity to North-East markets.

Ali mentioned that several Indian mega companies like Hero-Honda, Tata group and CEAT Tyre companies have set up such projects in Banglesh. se are small projects, but we need much bigger investments. If we could engage in bigger projects, this will also ensure stability of our relationship, he ded.

Ali said that Banglesh and India may delve into joint venture partnership in important sectors such as agro-processing, automobiles, ceramics, chemicals, gems and jewellery, light engineering, Information and Communications Technology (ICT), hospital and medical equipment, pharmaceuticals, plastics, professional services, tourism, and textiles (including home textiles).

High Commissioner furr said that Banglesh would need substantial investment to broen its exportable base. "It is little unfortunate that investment opportunities for Indian industrialists in Banglesh h not been fully explored in depth so far," he ded.

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Ali underlined that Banglesh government has given maximum importance to transform country into one of most favoured investment destinations in South Asia and all policies and practices are now in place to create a favourable environment to carry out necessary businesses of investors. Massive reforms have been undertaken in service deliveries of associated ministries, departments and agencies to ensure world-class services for investors.

Ali ded that Banglesh is being considered as most liberal and business-friendly economy in region and one of most attractive destinations for business and investment. He said that country's investment climate offers generous and attractive packages of incentives to investors. envoy furr stated re is no discrimination between local and foreign investors.

"Prevailing laws and practices fully guarantee safety of  investment and ir returns. Geographically, also, Banglesh is located in such a position, where it can act as a hub of connectivity between South and South-East Asia."

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Banglesh's rising economic trajectory is also a testimony that Banglesh offers a huge opportunity to investors. Just a day ago, one of  Indian news portals carried out an article where y mentioned that Banglesh is no more a backward neighbour in region, rar Banglesh is better off than its neighbours in socio-economic progress in recent years," he ded.

report cited that according to Asian Development Bank (B), Banglesh is expected to post a growth rate of 7.5 per cent in 2018-19. According to United Nations Conference on Tre and Development figures, Banglesh's per capita income grew by 39 per cent. According to some estimates, country is expected to emerge as one of highest per capita income countries in South Asia by 2020.

"I believe, you all know that recently we have qualified by United Nations for gruation from LDC (Least Developed Country) status to a Middle Income Country or Developing country. If all se positive trends continue, we expect to implement Prime Minister Sheikh Hasina's 'Vision 2041' to make Banglesh a developed country by year 2041,"  Banglesh High Commissioner to India told in business summit.