Indian companies plan to invest close to $100m in various projects in Bangladesh, reports UNB.
A number of Indian and Bangladeshi companies signed proposals to set up projects in sectors such as limousine services, manufacturing three-wheelers and software development during road shows held in Chennai and Mumbai recently, officials of the Confederation of Indian Industry (CII) told Business Line.
The private sector initiative comes in parallel to the Indian government’s effort to bolster relations with Bangladesh.
Foreign Secretary Ranjan Mathai told reporters ahead of the president’s visit to Bangladesh earlier this year that India continues to see Bangladesh as a “very, very important partner,” and it would like to take forward plans for investment, trade and joint ventures between the two countries.
In March, senior officials of the Ministry of External Affairs said 38 Indian investments had been registered with the Board of Investments in Bangladesh for about $183m in the preceding six months or so.
Major Indian companies such as BhartiAirtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky’s Hatcheries, Parle Products, Forbes and Marshall have invested in Bangladesh in the recent past.
In addition, 14 projects – worth nearly $736m out of the $800m Line of Credit that was signed between the two countries in 2010 – have been approved. These include 11 projects valued at about $630m in the railways sector for the supply of locomotives, tank wagons, flat wagons and brake wagons to Bangladesh.
