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Piyush Goyal asks Indian industry to invest in Bangladesh

Updated: Oct 04, 2019 11:17:32am
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Piyush Goyal asks Indian industry to invest in Bangladesh

New Delhi, Oct 4 (KNN) India and Bangladesh are not competitors but collaborators in making both countries prosperous and ensuring a better future for their people said, Piyush Goyal, Union Minister of Commerce & Industry and Railways.

Speaking at the India - Bangladesh Business Forum meeting held today in New Delhi, he urged Indian industry to be part of Bangladesh’s growth story with greater investment in infrastructure, technology and energy where Bangladesh has huge potential.

This will help to create more balanced trade between the two countries added Goyal. 

Minister assured the visiting Prime Minister that India stands committed to every request that Bangladesh has in railways sector because the connectivity that the expansion in railways will bring to both countries will boost trade and also give greater and smoother access to the North East region of India.

Bangladesh Prime Minister thanked the Government of India and the three Chambers of Commerce and Industry for giving this opportunity to the Bangladesh Government and Industry to interact with Indian business heads. 

Bangladesh Prime Minister informed that three Special Economic Zones have been set up in Bangladesh for Indian investors and hoped that this will broaden the export base of Bangladesh.

On this occasion two Government to Business (G2B) MoUs were signed between Start up Bangladesh and Tech Mahindra and Bangladesh Economic Zones Authority and Adani Ports and SEZs.

India and Bangladesh have trade agreement which is facilitative in nature. India and Bangladesh are members of various regional trade agreements including the Asia Pacific Trade Agreement (APTA), SAARC Preferential Trade Agreement (SAPTA) and the Agreement on South Asian Free Trade Area (SAFTA) which govern the tariff regimes for trade. Under SAFTA, India has granted duty free quota free access to Bangladesh on all items except alcohol and tobacco. 

Four Border Haats, two each in Tripura (Srinagar and Kamalasagar) and Meghalaya (Kalaichar and Balat), have been established for the benefit of communities living along the border areas of both countries. Ten additional Border Haats on the India-Bangladesh border are under implementation.

Bangladesh is the biggest development partner of India today. India has extended 3 Lines of Credits (LOCs) to Bangladesh in the last 8 years amounting to USD 8 billion.

In addition to LOCs, the Government of India has also been providing grant assistance to Bangladesh for various infrastructure projects such as the Agartala- Akhaura rail link, dredging of inland waterways, India Bangladesh Friendship Pipeline, and High Impact Community Development Projects (HICDPs) in the areas of education, health, water, culture, urban development, disaster management and community welfare.

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