BackGreat potential in Bangladesh for further investments from India : Harsh Shringla
Indian high commissioner to Bangladesh Harsh Shringla talks about the state of bilateral ties and possibilities for the future
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New Delhi: Bangladesh Prime Minister Sheikh Hasina will arrive in India on Friday on a four-day visit, her first bilateral trip to India in seven years. On the cards are some 20 agreements aimed at opening a new chapter in bilateral relations. In an interview, Indian high commissioner to Bangladesh Harsh Shringla talks about the state of bilateral ties and possibilities for the future. Edited excerpts:
This is Sheikh Hasina’s first bilateral visit since 2010, which was a successful visit. What are your expectations?
Prime Minister Sheikh Hasina’s visit will add a new chapter to the deepening bilateral relationship between India and Bangladesh. The visit is expected to further bilateral cooperation in several areas including development cooperation and high technology, such as IT, ITES, cyber security and Space.
India has extended $2 billion in credit to Bangladesh so far. Has the utilization been satisfactory? Is there a possibility of a new line of credit being opened when Sheikh Hasina comes?
India has been a longstanding development partner of Bangladesh and we are committed to continuing this significant aspect of our relationship. Most of the projects under the first line of credit (LoC) have been completed with the remaining at various stages of implementation. Under the second LoC, India has sanctioned almost 80% of the projects. Government of Bangladesh is expected to initiate tendering for three of these projects shortly.
What is the volume of Indian investments in Bangladesh? What are the possibilities of increasing this?
Total Indian investments registered with the Bangladesh Investment Development Authority are worth more than $3 billion. Companies such as Tata Motors, Hero Moto Corp, Sun Pharma, Godrej, VIP Industries, Ceat Tyres, Dabur, Airtel, Aditya Birla Cement etc. have set up or are establishing their manufacturing facilities. There is great potential in Bangladesh for further investments from India. The Adani Group and Reliance ADAG had announced their intent to invest around $11 billion in power, LNG and ports in 2016. Bangladesh has also offered India three sites for setting up economic zones exclusively for Indian companies.
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