Bangladesh is likely to be a new investment destination for Indian companies, which are eagerly looking towards investing here, especially after successful exchange of enclaves between the two countries, said Indian High Commissioner Pankaj Saran. “Indian investors have further started looking towards Bangladesh after the signing of a number of important agreements during Indian Prime Minister Narendra Modi’s recent visit to Dhaka.” He was addressing the monthly luncheon meeting of the Foreign Investors’ Chamber of Commerce and Industry (FICCI) at a city hotel on Monday. Terming the exchange of enclaves a landmark development in bilateral relations the envoy said it would open a new horizon of cooperation between the two countries. “Ratification of the India-Bangladesh Land Boundary Agreement, 1974 and implementation of the roadmap went on simultaneously, which reflected the maturity of both the governments. It will help us consolidate the relations, overcoming many problems.” He said India wants to deepen further trade ties with Bangladesh that also needs more foreign investment to get rid of the stagnant six per cent GDP growth rate. “Both India and Bangladesh can benefit immensely with enhanced bilateral trade and investments.” Some Indian companies are also showing interest to participate in tenders, floated by Bangladesh government for construction of power plants, the envoy also said. “India is producing surplus power, but it took 42 years to have an integrated power connection from India. It’s a fatal failure.” Getting power from India is a win-win situation. But there are many barriers which have to overcome, he opined. Two-way trade between India and Bangladesh stood at about US$ 6.5 billion in last fiscal, with India’s exports at $ 6.0 billion and imports from Bangladesh at $ 500 million. The balance of trade is heavily tilted towards India. This represents more than double the value of $ 2.7 billion five years ago. Experts and businessmen identified various tariff and non-tariff barriers (NTBs), imposed by India, as major obstacles that restrict the market access of Bangladeshi products to the country. However, the Indian envoy identified border infrastructure and congested roads as the main obstacles. He urged the government to remove the obstacles, both infrastructural and institutional, to facilitate trade and business between the two countries. Earlier, FICCI president Rupali Chowdhury welcomed the Indian High Commissioner to the luncheon meeting, saying the bilateral relation between the neighbouring countries is excellent. She appreciated the agreements signed during the Indian Prime Minister’s visit to Bangladesh, which will facilitate trade and commerce between the two countries and consolidate bilateral relations.
