Aiyar urges Bangladeshi businessmen to invest in Indian NE region

---

FE Report
Bangladesh can largely make up for its huge trade imbalance with the neighbouring India through greater regional economic integration and by substantially investing in the Indian northeast region, a former Indian Minister said in the city Sunday.
"The existing trade imbalance between the two countries is largely due to the bigger GDP and huge size of the Indian economy and there is hardly any means to eliminate this disproportion", said Mani Shankar Aiyar, former Indian minister for development of the North-East Region who is now on a visit to Bangladesh.
"However, a large chunk of this trade imbalance can be compensated through paying of the transit fees as well as the servicing of the capital investment made by Bangladesh in Indian northeast", he added.
His remarks came at a discussion meeting on "Bangladesh India Relations" organized by the Bangladesh Enterprise Institute in the city.
The Indian leader also urged the Bangladeshi businesspeople to invest in India's northeastern region, noting that Bangladesh's historical link and geographical proximity with the region offers huge potential for mutual benefit.
"The northeastern states of India would require investment to the scale of 20 lakh crore in the coming decade to speed up its development- a large chunk of which must have to come through foreign and domestic private investment",
"Bangladeshi business people can take this opportunity to invest in the northeast as they are likely to enjoy much more privileges as foreign investors in this part compared to other Indian region", he added.
Highlighting the advantages of making investment in India's northeastern region often referred as seven sisters, the former Indian minister focused on the incentives offered by the Indian government for investing in the region.
"Under the North East Industrial Investment Promotion Policy formulated by the Indian government, a package of tax incentives and subsidies are offered on working capital, insurance and even transport for investing in the northeastern region", Mani Shankar said.
"Apart from that, Bangladeshis can also leverage the development process of the region through contributing their managerial and technological skills and skilled labour as the region is significantly lacking the required technical capacity and labour", he added.
He also highlighted the need for a tri nation gas pipeline between Bangladesh, India and Myanmar to tap the potential of the energy sector in the region.
Earlier, President of Bangladesh Enterprise Institute (BEI) Farook Sobhan in his speech said that accelerated trade cooperation between India and Bangladesh can add two percent to the annual economic growth of Bangladesh.
Chairman of the parliamentary standing committee on posts and telecommunication ministry Hasanul Haque Inu said that the proposed deep sea port at Sonadia of Bangladesh can largely benefit the trade in northeastern India, Myanmar and Landlocked parts of China.
Indian High Commissioner in Bangladesh Rajeet Mitter also spoke on the occasion.