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The Minister of Commerce and Industry Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has urged to explore potential areas of investment like Textiles, Jute products, Leather and footwear, API for pharmaceuticals, medical equipment, Digital health and Education services, agribusiness, Electronics and renewable energy between India and Bangladesh.

Addressing the Inaugural session of India-Bangladesh Stakeholder’s meet on Monday, the Minister listed four focus areas for strengthening India-Bangladesh relationship. He said that during the Covid 19 pandemic, the supply chain between the two countries was maintained without interruption. Improving this connectivity further is imperative for expansion of the bilateral trade and realisation of the investment potential of Bangladesh and eastern India.

He said that there was a need to give more impetus to Joint Production of Defence Equipment through the USD 500 million line of credit given by India. He also pointed out that India and Bangladesh can become the pharmacy of the world and the two countries can come together for joint manufacturing of vaccines and other medicines.

The Commerce Minister said that since 2014 India and Bangladesh have scaled up trade and economic engagement as collaborators and not competitors. He said Bangladesh is the recipient of the largest concessional credit facility of USD 8 billion from India.

Talking about the ongoing areas of cooperation between the two countries, Piyush Goyal said that India is developing two Indian Economic Zones at Mirsarai and Mongla. Over 350 Indian companies are working in Bangladesh now, said the minister. He said that the India-Bangladesh CEO Forum is a testimony to the friendship between the two countries. The Textile Industry Forum is also yielding results.

The Commerce Minister expressed the hope that the stakeholders meeting would provide an impetus to not only India-Bangladesh business relations but also with Southeast Asian countries.

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