24 January , 2022 Fdiindia
Indian Investment in Bangladesh to Reach $9 Billion in the Future: Bangladesh Industries Minister
Bangladesh will likely see foreign direct investment (FDI) from India touch $9 billion in the near future, said Bangladesh Industries Minister Nurul Majid Mahmud Humayun.
Currently, Indian investment in Bangladesh stands at $3.11 billion, with increments in investment each year.
“During Prime Minister Sheikh Hasina’s visit to India in April 2017, the private sector of India signed several agreements that are expected to increase investment in Bangladesh to upwards of $9 billion in future,” Mr. Humayun said during the opening ceremony of the INDEE Bangladesh 2020 at the International Convention City Basundhara in Kuril.
The Indian Engineering Exhibitions, or INDEE, is one of the largest engineering exhibitions in the world.
Bangladesh has emerged as one of India’s significant trading partners. Bilateral trade between the two nations is estimated in excess of $10 billion. The total amount of Bangladesh exports to India exceeded $1 billion in 2019.
“Prime Minister Sheikh Hasina has announced 2020 as the year of light engineering products in Bangladesh and the INDEE 2020 provides an excellent platform to connect engineering equipment producers of India and Bangladesh,” said Indian High Commissioner Riva Ganguly Das.
She added that India and Bangladesh collaborate in many sectors and build a global supply chain together. She gave the example of Bangladesh emerging as a prominent apparel exporter and India’s capability to become a textile machinery supplier.
More than 120 Indian companies are participating in the exhibition, and the list includes PSUs like Indian Oil Corporation and Bharat Earth movers.
Mr. Humayun suggested that products manufactured in Bangladesh with the assistance of Indian investments can be exported to India, helping reduce the trade deficit, which is a key factor in bilateral relations.