Foreign direct investment (FDI) from India to Bangladesh will likely reach $9 billion in future because of several agreements signed during Prime Minister Sheikh Hasina’s visit to India in April 2017, according to industries minister Nurul Majid Mahmud Humayun, who recently said total Indian investment in Bangladesh is worth $3.11 billion now.
Indian investments in Bangladeshi products that could be exported back to India might help diversify Bangladesh’s export basket, reducing the trade deficit in the process, said Humayun, adding that investment is a crucial aspect of bilateral relations.
Humayun was speaking at the opening ceremony of the INDEE Bangladesh 2020 in Kuril. The INDEE, or Indian Engineering Exhibitions, is one of the largest engineering expositions in the world, according to report in an English-language daily in Bangladesh.
The Engineering Exports Promotion Council (EEPC) of India, the premier trade and investment promotion organisation of the country, organised the three-day trade show in association with the commerce and industry ministry of India and the High Commission of India in Bangladesh.
Bangladesh has emerged as a major trading partner of India with bilateral trade exceeding $10 billion. The value of Bangladeshi exports to India crossed the $1 billion-mark in 2019.
More than 120 Indian companies participated in the event.
Fibre2Fashion News Desk (DS)