Prime Minister's Adviser Dr Mashiur Rahman Thursday said the government will look into proposals to invest outside the country. "Though the country's domestic savings are not adequate for foreign investment, the government will find a way out on a case to case basis to allow local investors invest in other countries," he said at a seminar on the sideline of the two-day Indo-Bangla Trade Fair 2011. His observations came in the context of a proposal from the Bangladeshi businessmen to invest outside the country, especially in financial, garments farming, and agro-food processing sectors in the North-East Indian states. The India-Bangladesh Chamber of Commerce and Industry (IBCCI), with support from the Indian High Commission, organised the seminar titled 'Strengthening Indo-Bangladesh Business Ties: North-East India Perspective' at a city hotel. IBCCI president Abdul Matlub Ahmad presented the keynote paper. Industry and Tourism Minister of Mizoram S Hiato and industry secretary of Mizoram R L Rinawma, Centre for Policy Dialogue (CPD) executive director Mustafizur Rahman, Bangladesh Garments Manufacturers and Exporters Association (BGMEA) president Shafiul Islam (Mohiuddin), and chief executive officer of Otobi Sabbir Hasan Nasir also spoke on the occasion. Mr Mashiur said if any Indian state applies discriminatory tax on Bangladeshi products, it will be taken care of through consultation with the federal government of India. "I have been asking for a report on this regard from our commerce ministry for the last two years, which was never served to me. I could have looked into the matter and resolve it. But if it is a domestic tax, then we are very weak," he added. Matlub Ahmad said the huge volume of informal trade between India and Bangladesh is estimated to cross $3.0 billion, and the country needs to make policies and take actions to resolve the issue. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), India's export to Bangladesh increased from $1.0 billion in 2001-02 to $3.17 billion in 2007-08. The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) observes that besides the said amount, goods worth $3.0 billion are being brought into Bangladesh informally. On the other hand, Bangladesh's exports to India amount roughly half a billion dollar as on date. Mr Ahmad said Bangladeshi investment in India has started. Pran and Mercantile Bank are on the way for investment in India, while Rahimafrooz and Otobi are already there. He called upon the Indian investors to join hands in costructing the proposed deep seaport near Chittagong that would cater to the needs of Bangladesh, Bhutan, Nepal, North East India, Southern China and Myanmar. S Hiato said government to government cooperation and negotiation can help remove state taxes on Bangladeshi RMG products. R L Rinawma said Mizoram is looking forward towards the deep seaport in Chittagong for establishing greater connectivity with the region. He also called upon the Bangladeshi investors to invest in oil and gas exploration in their state. Shafiul Islam said exporting one million pieces of garments to India is not substantial, as it is the production of one local big factory. Mustafizur Rahman said Bangladesh should tap the $400 million non-readymade garments market of India. He also suggested strengthening the BSTI and signing agreement between the two countries to recognise each others certificates to overcome the non-tariff barriers.
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