Business leaders have said there is an ample opportunity for Indian businessmen to jointly invest in the automobile spare parts industry, in association with Bangladeshi entrepreneurs, as the majority portion of the spare parts of commercial vehicles is imported from the neighbouring country.
"The Tk1,000-crore auto spare parts market in Bangladesh is import-dependent as 95% of goods are imported. Some 90% of the commercial vehicle parts are imported from India so, Indian companies can invest here," said India-Bangladesh Chamber of Commerce and Industry (IBCCI) President Abdul Matlub Ahmad at a programme in the capital on Thursday.
The Automotive Component Manufacturers Association of India (ACMA) in association with the Bangladesh Automobiles Assemblers and Manufacturers Association and IBCCI organised the programme titled "India-Bangladesh Auto Component Show" at the InterContinental Dhaka.
The IBCCI president said Indian companies can build factories in Bangladesh and sell their products in local as well as foreign markets.
Addressing businessmen, State Minister for Commerce Kamal Ahmed Majumder, who was present at the programme as the chief guest, said, "The huge auto parts market, skilled workers and business-friendly policies in Bangladesh would motivate you in investing. Additionally, technology exchange between the two countries will help modernise the business."
"Bangladesh is setting up 100 economic zones for investors. We hope that Bangladesh will become self-reliant in producing automobile parts within the next five years," he added.
In his speech, Indian High Commissioner to Bangladesh Vikram Kumar Doraiswami said import-export activities between the two neighbouring countries have doubled in the last few years. Not only politics but trade will also be a key driver for stronger Bangladesh-India ties in the next 50 years.
ACMA Director General Vinnie Mehta said, "The per capita income of Bangladesh is higher than that in India. Their purchasing is also increasing. As investing in Bangladesh would be beneficial we are considering how we can work together."
Twenty companies from India and 17 from Bangladesh took part in the day-long show and showcased their products.
Former FBCCI president Kazi Akram Uddin Ahmed, Bangladesh Investment Development Authority Executive Member Abhijit Chowdhury and others also spoke on the occasion.