Bangladesh’s government has decided to reserve three special economic zones for Indian enterprises. The High Commissioner of Bangladesh informed that by opening country-specific economic zones, the exportable base for foreign investment will broaden.
H E Syed Muazzem Ali, the High Commissioner, speaking at a session hosted by the Southern India Chamber of Commerce and Industry (SICCI) emphasised saying “Bangladesh’s progress in setting up country-specific economic zones is getting affected due to factors such as non-availability of soft loans and cumbersome process to select developers. But the considerable increase in foreign investment in the past year will speed up this initiative.”
The Special Economic Zone will be set up in three locations including Mongla, Bheramara, and Shoronkhola. “By opening country specific economic zones, the exportable base for foreign investment will broaden. Recently, the Indian government has invested five billion USD in Bangladesh for economic and technical development,” Bangladesh’s High Commissioner said.
The Bangladesh government is waiting for clearance to set up a Deputy High Commission in Chennai from the Indian Ministry of External Affairs. “Bangladesh has a strong connection with southern India as many come to undergo treatment and advanced medical procedures, and to seek employment in the IT, automobile and garment sector. A Deputy High Commission will act as a catalyst in such a situation,” said the High Commissioner.
“Nine hundred USD worth ready-made garments have been imported from Bangladesh. There has been a 113 per cent increase in trade between the two countries since July 2017. India also has exported nearly two hundred thousand tons of raw cotton from AP and Telangana to Bangladesh, which is the second largest producer of ready-made garments,” said the President of SICCI, M Ganapathi adding to the fact that in past one year, there has been a sharp increase in terms of general trade between India and Bangladesh.