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Barua pledges SEZ for Indian investors

Confederation of Indian Industry plans to open office in Dhaka

Star Business Report
Industries Minister Dilip Barua yesterday assured Indian investors of a special economic zone.
“The Indian investors deserve priority allocation of SEZ for their extraordinary assistance during our liberation war in 1971,” he said.
The assurance came at a meeting with the visiting business delegation of Confederation of Indian Industry (CII) at the ministryyesterday.
The minister, however, did not specify where the Indian investors will be accommodated.
The 17-member delegation expressed their interest to invest in sectors, such as gas exploration, renewable energy, information and communication technology, capacity development of small and medium enterprises and other promising sectors in the country.
Adi Godrej, president of CII and chairman of Godrej Group, said the two countries have a historical and geographical link, which they would like to explore for mutual benefits.
“We see a tremendous business opportunity in the country due to the increase in purchasing power here,” said Godrej.
“Bangladeshi economy is one of the few economies in the world which is growing even during the global recession,” he added.
Currently, almost all Bangladeshi products enjoy duty-free access to India, so it would be economical to manufacture products here and export them to India, particularly the north-eastern region, Godrej said.
To facilitate economic relations
between the two neighbouring countries, he said, CII is planning to open an international office in Dhaka, to add to their international offices in Africa, Australia, China, France, UK, Singapore and the USA.
A delegation of Bangladeshi entrepreneurs will return the visit soon to learn about India's industrialisation, Barua said.
India and Bangladesh opened up bilateral trade after Indian Prime Minis-ter Manmohan Singh and his Bangladeshi counterpart Sheikh Hasina signed a joint communique in January, 2010inNew Delhi.
The bilateral trade, which predominantly favours India, was enhanced when India gave Bangladesh a zero-duty benefit for majority of its products, including garment items, in November last year, following Manmohan Singh's visit to Bangladesh in September.
However, 25 Bangladeshi products, most of which are alcoholic beverages and drugs, were excluded from the zerodutycategory.
According to data from the commerce ministry, Bangladesh imported goods worth $3.26 billion during the July-February period of the immediate past fiscal year.
Additionally, it is estimated that goods worth $3 billion are imported through informal channels every year.
Exports to India amounted to $512 million in fiscal 2010-11, a 68 percent rise from 2009-10.
Bangladesh exported garments worth $30.61 million during the September-March period of fiscal 2011-12, registering a 77.92 percent rise over the same period in the previous fiscal year. On April 18, the government announced plans to set up five economic zones — in Anwara and Mirsarai of Chittagong, Sherpur of Moulvibazar, Mongla of Bagerhat and near Bangabandhu Bridge in Sirajganj --for promotion of industrialisation and job creation for rural people.
Barua said the government has stressed on setting a 'multidimensional connectivity' to accelerate industrialisation in the country.
Tariq Ahmed Karim, the Bangladesh High Commissioner to India, Matlub Ahmed, the president of India-Bangladesh Chamber of Commerce and Industry and KH Masud Siddiqui, the industries secretary, were also present at the meeting.
On the day, the CII delegation also met Foreign Minister Dipu Moni. She also appreciated the Indian prime minister for granting duty free access to 46 tex-