India eyes BD's machinery, equipment mkt
Trade show of engineering products 'INDEE Bangladesh 2020' begins in city
FE Report | Thursday, 23 January 2020
A three-day trade show on Indian engineering products kicked off in the city on Wednesday, aimed at forging global supply chain with partners from the two neighbouring countries.
Industries minister Nurul Majid Mahmud Humayun inaugurated the fair titled 'INDEE Bangladesh 2020' as the chief guest at the International Convention City Bashundhara (ICCB) while Indian high commissioner in Dhaka Riva Ganguly Das addressed the event as the especial guest.
EEPC India, the premier Indian trade and investment promotion organisation, organised the event, sponsored by the ministry of commerce and industry, and supported by the Bangladeshi trade bodies like FBCCI, IBCCI, BEIOA and BEMMA.
Some 120 leading Indian companies, including Indian Oil Corporation and Bharat Earth Movers, are taking part in the event.
Addressing the inaugural function, the minister said Indian investment would help increase export of multipurpose products from Bangladesh to India apart from reducing the trade gap between the two countries.
Bangladesh is an attractive name for investment as all the indicators are positive here in Bangladesh, he said, adding that the government is providing all necessary supports to build knowledge-based high-tech industries in the country.
Mr. Humayun said the Indian investment in Bangladesh reached $3.11 billion as of now and it is rising.
Riva Ganguly Das said Bangladesh and India will work jointly on the formation and integration of global supply chains in various fields. Besides, she said, there is an opportunity for India to supply machinery to the country's leading export sector - readymade garment.
Terming Bangladesh's economic growth impressive, she said: "PM Sheikh Hasina announced the light engineering products as the product of the year 2020 in Bangladesh, and 'INDEE 2020' is giving an excellent platform to get connected with the engineering equipment and machinery providers of India and Bangladesh."
According to EEPC India, Bangladesh has emerged as India's major trade partner with bilateral trade exceeding US$ 10 billion along with Bangladesh exports crossing the $ 1.0 mark in the year 2019.
Ravi Sehgal, chairman of EEPC, Muntakim Ashraf of FBCCI, Md Abdul Matlub Ahmad, president of IBCCI, also addressed the event among others.
The exhibition is open to everyone from 9 am to 8 pm daily until Friday.