Indian companies to invest C800 in Bangladeshi joint ventures

Indian companies have expressed interest in investing Tk 800 crore in Bangladeshi joint ventures, according to the Bangladesh Investment Development Authority (Bida).

Indian entrepreneurs were very interested in investing in Bangladesh, Bida Executive Chairman Md Sirazul Islam said at a press briefing on Sunday.

Bida briefed the media on the outcome of a recent conference titled “India-Bangladesh Trade and Investment Prospects”.

The Confederation of Indian Industry and the India-Bangladesh Chamber of Commerce and Industry (IBCCI) jointly hosted the conference in Jaipur, India on August 23.

He was informed at the event that TVS Motors will invest Tk 300 crore with Nitol-Niloy Group in Bangladesh to build three-wheeled cargo vehicles and Credinox Impex Private Limited will invest Tk 300 crore in setting up a factory mustard oil. Indian companies will also invest in jewelry and a paper factory.

The conference aroused the interest of the participants. In the end, nine memorandums of understanding (MoU) and expressions of interest (EoI) were signed between the parties, mainly for joint ventures ranging from three-wheeler manufacturing (cargo), generators and plant from mustard oil to solar energy to jewelry, said Md Sirazoul Islam.

“The enthusiasm shown in Jaipur has led me to believe that Prime Minister Sheikh Hasina’s visit to Delhi in September 2022 will generate more interest among Indian investors,” he added.

In addition, Indian investors have expressed interest in investing in Tata diesel generators, mustard oil production, marble and granite cutting and polishing industry, silver, gold and handicrafts and tourism activities.

Abdul Matlub Ahmad, Chairman of IBCCI, said, “Currently, Bangladesh exports about $2 billion worth of goods to India. To reduce the trade deficit, we are working to increase exports to $3 billion and boost Indian investment in Bangladesh.

Bangladesh’s Nitol Niloy Group and India’s TVS Motor Company signed an Expression of Interest at the Jaipur conference.