Indian cos want to invest Tk800cr in Bangladeshi joint ventures: Bida

Indian companies have expressed their interest in investing Tk800 crore in Bangladeshi joint ventures, said the Bangladesh Investment Development Authority (Bida).

"Entrepreneurs from India are very interested in investing in Bangladesh," said Bida Executive Chairman Md Sirazul Islam at a press briefing on Sunday.

Bida organised the event to brief the media about the outcomes of a recent conference titled "Trade and Investment Prospects between India and Bangladesh".

The Confederation of Indian Industry and the India-Bangladesh Chamber of Commerce and Industry (IBCCI) jointly arranged the conference in Jaipur of India on 23 August.  

It was informed at the event that TVS Motors will invest Tk300 crore with Nitol-Niloy Group in Bangladesh to build three-wheeler cargo vehicles and Credinox Impex Private Limited will invest Tk300 crore in setting up a mustard oil factory. Indian companies will also invest in jewellery and a paper factory.

"The conference generated interest among the participants. In the end, nine Memorandums of Understanding (MoUs) and Expressions of Interest (EoIs) were signed between parties mostly for joint ventures ranging from three-wheeler (cargo) manufacturing, generators, and mustard oil plant to solar power to jewellery," said Md Sirazul Islam.

"The enthusiasm shown in Jaipur led me to believe that Prime Minister Sheikh Hasina's visit to Delhi in September 2022 will create more interest among Indian investors," he added.

Additionally, Indian investors expressed interest in investing in Tata diesel generators, mustard oil production, marble and granite cutting and polishing industry, silver, gold and handmade products and tourism business.

Abdul Matlub Ahmad, president of IBCCI, said, "Currently, Bangladesh exports about $2 billion worth of goods to India. To reduce the trade gap, we are working to increase the exports to $3 billion and boost Indian investments in Bangladesh."

Nitol Niloy Group of Bangladesh and TVS Motor Company of India signed an EoI at the Jaipur conference.

Abdul Matlub Ahmad, chairman of Nitol Niloy Group, told The Business Standard, "We will manufacture three-wheeler cargo vehicles. TVS Motor Company will provide us with technical support. We have 45 bighas of land near Bogura city where the factory will be built. The cargo vehicles will be produced under the brand name TVS within the next eight months."

Abdul Aziz, managing director of Rose Agro Pvt Ltd, told TBS, "We will jointly build mustard oil factory with Credinox Impex Private Limited of India. We will build a facility in Ishwardi with an investment of Tk300 crore."

IBCCI Vice President M Shoeb Chowdhury was present on the occasion.