Bangladesh High Commissioner to India Syed Muazzem Ali has called on the Indian businesspeople to boost their investment in Bangladesh to reap the benefits of the country’s rapid economic growth and business friendly environment.
He was speaking at the Pondicherry Global Economic Summit and the Fifth World Tamils Economic Conference Pondicherry on Saturday.
High Commissioner Syed Muazzem Ali suggested establishment of a series of ‘buyback’ projects, where Indian investors will set up industries in Bangladesh and re-export to India and in some other neighboring countries.
Similar equation exists between US-Canada and US-Mexico. Through these buy-back projects, within a very short time, Canada and Mexico have emerged as the largest trading partners of the USA, he said.
“If they can do it, we can do it as well,” Syed Muazzem said.
He urged the Indian investors to take advantage of Bangladesh’s competent labour costs and closer proximity to North-East markets.
He mentioned that several Indian mega companies like Hero-Honda, Tata group or CEAT Tire companies have set up such projects in Bangladesh.
“These are small projects, but we need much bigger investments. If we could engage in bigger projects, this will also ensure the stability of our relationship,” he said.
Syed Muazzem said Bangladesh and India may delve into joint venture partnership in important sectors such as Agro Processing, Automobiles, Ceramics, Chemicals, Gems and Jewelry, Light Engineering, ICT, Hospital and Medical Equipment, Pharmaceuticals, Plastics, Professional Services, Tourism, Textiles (including home textile).
The envoy said Bangladesh would need substantial investment to broaden her exportable base. “It is little unfortunate that investment opportunities for Indian industrialists in Bangladesh had not been fully explored in depth so far.”
Syed Muazzem said Prime Minister Sheikh Hasina and her government have given maximum importance to transform Bangladesh into one of the most favoured investment destinations in South Asia and all the policies and practices are now in place to create a favourable environment to carry out necessary businesses of the investors.
Bangladesh, he said, is being considered as the most liberal and business friendly economy in this region and one of the most attractive destinations for business and investment.
Geographically, also, Bangladesh is located in such a position, where it can act as a hub of connectivity between South and South-East Asia, said the High Commissioner.
He said Bangladesh’s rising economic trajectory is also a testimony that Bangladesh offers huge opportunity to the investors.
“If all these positive trends continue, we expect to implement Prime Minister Sheikh Hasina’s 'Vision 2041' to make Bangladesh a developed country by the year 2041,” the High Commissioner told the business summit.