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Doing business with Bangladesh

With Bangladesh welcoming Indian investment, embassy officials visited the state recently to look for potential tie-ups between Goan and Bangladeshi businesses.

“Priority sectors for Bangladesh are garment manufacturing, Information Technology, pharmaceuticals, shoes and leather, agro, furniture, home textiles, ceramics and light engineering,” said Md. Lutfor Rahman, Deputy High Commissioner, Bangladesh Deputy High Commission in Mumbai.

He said that, about 100 Special Economic Zones (SEZ) are being set up in Bangladesh of which work has already commenced on 66 SEZs.  Urging Goans to invest,  the Deputy High Commissioner pointed out that, Indian businessmen such as the Adan’s  and Hiranandani Groups are developing around 82,000 acres of SEZ land. “Tax holiday for 10 years, 100 per cent repatriation of royalty and protection of investment by law were some of the incentives that Bangladesh is offering for attracting investment,” said Rahman.

With investor friendly initiatives India- Bangladesh trade is expected to exceed US $ 10 million, said the Deputy High Commissioner, at a World Trade Center- Goa, organised interactive session titled Doing Business with Bangladesh: Opportunities and Way Forward.

The meeting had businessman Ankit Pandit, founder, Ankit Pandit Group, speaking on his experiences of doing business in Bangladesh. Pandit said that, he hopes to promote Goan  homes of Portuguese architecture in Bangladesh.

Earlier in the event, Anil Velde, Joint Director, World Trade Center Goa, in his welcome address spoke on the strong emerging business environment in Bangladesh.  Sekhar H, partner, Unique Equipments Goa, highlighted his company’s foray into the Bangladesh market where it is promoting food processing solutions as well as other solutions especially in the metal detection systems which he said had a very high potential.

Cyril Desouza, assistant director, trade promotion, WTC, in his vote of thanks, hoped that, more local companies would be encouraged to look at Bangladesh as a viable investment destination.

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