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Indian businesses are going to invest $3.5b in Bangladesh

Visiting Indian commerce and industry Minister Anand Sharma told yesterday that Indian companies will invest $3.5 billion in Bangladesh’s telecom, food processing, and manufacturing and pharmaceuticals sectors in the next few years

India has agreed to increase the quota of duty-free import of ready-made garment products from Bangladesh to 10 million pieces from eight million pieces under the South Asia Free Trade Agreement.

According to Sharma, the Indian telecom company Airtel has already invested $300 million in Bangladesh and will invest more.

India has given an assurance that it will consider the proposal to withdraw duty on import of 61 products including 54 garment items. The neighbouring country has already lifted the duty on import of jute products from Bangladesh, Faruk said.

Bangladesh’s export to India has increased six times in the last few years. It stood at $359 million in the first three quarters of the current fiscal year.

Trade and transit issues were discussed at the meeting. Both the ministers discussed the use of Mongla and Chittagong ports for enhancing bilateral trade.

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