Industries minister urges Indian entrepreneurs to invest in SEZs
A three-day Indian engineering trade show, styled ‘INDEE Bangladesh 2020’ began on Wednesday in the capital, seeking to forge global supply chain with partners from Bangladesh.
Industries Minister Nurul Majid Mahmud Humayun inaugurated the show at the International Convention City Bashundhara (ICCB).
Over 120 leading Indian companies including public sector undertakings (PSUs) like Indian Oil Corporation and Bharat Earth Movers, among others, are taking part in the event.
The show is organized by Engineering Export Promotion Council of India (EEPC India), premier Indian trade and investment promotion organization, and sponsored by the Ministry of Commerce and Industry of India.
Beside the Indian High Commission in Dhaka, Bangladeshi apex trade bodies like the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and India-Bangladesh Chamber of Commerce and Industry (IBCCI) are supporting the event.
In the inauguration ceremony, Industries Minister Nurul Majid Mahmud Humayun said they had been pursuing a liberal investment and industrial policy for both the local and foreign investors.
"Our government is currently setting up 100 economic zones with huge fascinating incentive package," he said.
Humayun said Bangladesh was now an attractive investment destination with all positive indicators.
“Bangladesh achieved 8.15% GDP growth in the fiscal 2018-19, exceeding all the previous records. Per capita income has risen to $1,909. As a result, Bangladesh is now globally recognized as a ‘role model’ for development. Our government is giving more thrust on the establishment of knowledge based high-tech green industries,” he added.
Indian High Commissioner in Dhaka Riva Ganguly Das, Chairman of EEPC India Ravi Sehgal, Senior Vice President of FBCCI Md Muntakim Ashraf, Senior Vice Chairman Mahesh K Desai and Executive Director of EEPC India Suranjan Gupta also addressed the inaugural ceremony.
Riva Ganguly Das said: “An impressive economic growth of 8% makes Bangladesh a compelling case for trade and investment."
"Prime Minister Sheikh Hasina has announced year 2020 as the year of Light Engineering products in Bangladesh and INDEE 2020 provides an excellent platform to connect engineering equipment and machine providers of India and Bangladesh," she added.
Riva Ganguly pointed out: “India and Bangladesh can jointly build a global supply chain and integration in a host of sectors. For instance, since Bangladesh has emerged as a leading exporter of apparels, India could be a partner in supply of textile machinery."
EEPC India Chairman Ravi Sehgal said that the show aimed to seek Bangladesh as partner in global supply chain.
"Bangladesh has emerged as India's major trading partner with bilateral trade exceeding USD 10 billion along with Bangladesh exports crossing the one billion USD mark in the year 2019," he mentioned.
The exhibition will remain open to all from 11am to 7pm every day, until the last day, January 24.
The first edition of INDEE Bangladesh was held from November, 2017 at Dhaka and saw the participation of over 100 Indian companies from engineering sector.