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Sunday, July 22, 2012
Business
Indian businesses push for special economic zone in Bangladesh
Indian businesses push for special economic zone in Bangladesh
Refayet Ullah Mirdha
An Indian business delegation yesterday demanded a special economic zone (SEZ) in Bangladesh to set up heavy industries, said the chief of India Bangladesh Chamber of Commerce and Industry (IBCCI).
Seventeen Indian business leaders arrived in Dhaka on Friday to explore investment opportunities in sectors such as steel and food processing, IBCCI President Matlub Ahmed told The Daily Star.
The delegates, who are members of the Confederation of Indian Industry, include Adi Godrej, chairman of Godrej Group; Ajai Lal, senior vice-president of Indian NIIT; Antony Logo, a special director of Ashok Leyland; MS Unnikrishnan, managing director of Thermax, and Rakesh Sharma, president for international business of Bajaj Auto.
Matlub said the members of the delegation halve already met Prime Minister's Foreign Affairs Adviser Gowher Rizvi on Saturday and demanded a separate SEZ.
The delegation also discussed business potential with some local companies such as ACI, Rahimafrooz and HRC and leading chamber Metropolitan Chamber of Commerce and Industry yesterday.
Matlub said the members of the delegation also visited Dhaka Export Processing Zone on Saturday.
He said some renowned Indian companies have already started investing in the private industrial park at Chhatak in Sunamganj district.
The Sunamganj-based industrial park, meant for Indian entrepreneurs only, was opened when another Indian business delegation last year demanded a separate industrial zone for them.
Now they are demanding a separate SEZ because a large number of Indian entrepreneurs want to invest in Bangladesh, he said.
If the government gives a go-ahead to an SEZ for Indian entrepreneurs, Bangladesh may receive Indian investment worth $2-3 billion, he added.
The delegation will also meet the finance minister, foreign minister, chief of Board of Investment (BoI), Bangladesh Bank governor and industries minister to discuss various bilateral trade issues.
India and Bangladesh opened up bilateral trade after Indian Prime Minister Manmohan Singh and his Bangladeshi counterpart Sheikh Hasina signed a joint communiqué in January, 2010 in New Delhi.
The bilateral trade, which is heavily in favour of India, got a boost when India gave Bangladesh a zero-duty benefit for almost all products, including garment items, in November last year after Manmohan Singh's visit to Bangladesh in September.
However, 25 Bangladeshi products, most of which are alcoholic beverages and drugs, do not fall in the zero-duty category.
According to data from the commerce ministry, Bangladesh imported goods worth $3.26 billion during the July-February period of the immediate past fiscal year. However, it is estimated that goods worth $3 billion are imported through informal channels every year.
Exports to India were worth $512 million in fiscal 2010-11, 68 percent higher than those in 2009-10.
Bangladesh exported garments worth $30.61 million during the September-March period of fiscal 2011-12, registering a 77.92 percent growth over the same period in the previous fiscal year.
reefat@thedailystar.net
Business
Indian businesses push for special economic zone in Bangladesh
Indian businesses push for special economic zone in Bangladesh
Refayet Ullah Mirdha
An Indian business delegation yesterday demanded a special economic zone (SEZ) in Bangladesh to set up heavy industries, said the chief of India Bangladesh Chamber of Commerce and Industry (IBCCI).
Seventeen Indian business leaders arrived in Dhaka on Friday to explore investment opportunities in sectors such as steel and food processing, IBCCI President Matlub Ahmed told The Daily Star.
The delegates, who are members of the Confederation of Indian Industry, include Adi Godrej, chairman of Godrej Group; Ajai Lal, senior vice-president of Indian NIIT; Antony Logo, a special director of Ashok Leyland; MS Unnikrishnan, managing director of Thermax, and Rakesh Sharma, president for international business of Bajaj Auto.
Matlub said the members of the delegation halve already met Prime Minister's Foreign Affairs Adviser Gowher Rizvi on Saturday and demanded a separate SEZ.
The delegation also discussed business potential with some local companies such as ACI, Rahimafrooz and HRC and leading chamber Metropolitan Chamber of Commerce and Industry yesterday.
Matlub said the members of the delegation also visited Dhaka Export Processing Zone on Saturday.
He said some renowned Indian companies have already started investing in the private industrial park at Chhatak in Sunamganj district.
The Sunamganj-based industrial park, meant for Indian entrepreneurs only, was opened when another Indian business delegation last year demanded a separate industrial zone for them.
Now they are demanding a separate SEZ because a large number of Indian entrepreneurs want to invest in Bangladesh, he said.
If the government gives a go-ahead to an SEZ for Indian entrepreneurs, Bangladesh may receive Indian investment worth $2-3 billion, he added.
The delegation will also meet the finance minister, foreign minister, chief of Board of Investment (BoI), Bangladesh Bank governor and industries minister to discuss various bilateral trade issues.
India and Bangladesh opened up bilateral trade after Indian Prime Minister Manmohan Singh and his Bangladeshi counterpart Sheikh Hasina signed a joint communiqué in January, 2010 in New Delhi.
The bilateral trade, which is heavily in favour of India, got a boost when India gave Bangladesh a zero-duty benefit for almost all products, including garment items, in November last year after Manmohan Singh's visit to Bangladesh in September.
However, 25 Bangladeshi products, most of which are alcoholic beverages and drugs, do not fall in the zero-duty category.
According to data from the commerce ministry, Bangladesh imported goods worth $3.26 billion during the July-February period of the immediate past fiscal year. However, it is estimated that goods worth $3 billion are imported through informal channels every year.
Exports to India were worth $512 million in fiscal 2010-11, 68 percent higher than those in 2009-10.
Bangladesh exported garments worth $30.61 million during the September-March period of fiscal 2011-12, registering a 77.92 percent growth over the same period in the previous fiscal year.
reefat@thedailystar.net
