High Commission of India

Dhaka

Remarks by High Commissioner of India, Mr. Harsh Vardhan Shringla at the Inauguration of 1^st INDEE Bangladesh, 02 November 2017 [Venue: International Convention City, Bashundhara, Dhaka]

H.E. Mr. Alhaz Amir Hossain Amu, Minister of Industries, Bangladesh

Mr. B. S. Bhalla, Joint Secretary (Foreign Trade-South Asia), Ministry of Commerce & Industry, India

Mr. Sheikh Fazle Fahim, Acting President, Federation of Bangladesh Chambers of Commerce & Industry

Mr. Taskeen Ahmed, President, India Bangladesh Chamber of Commerce & Industry

Mr. T. S. Bhasin, Chairman, EEPC India

Mr. Bhaskar Sarkar, Executive Director and Secretary, EEPC India

1. I am very happy to be here at the inauguration of the 37^th edition of EEPC’s flagship event and EEPC’s first such event in Bangladesh – the India Engineering Exhibition (INDEE Bangladesh). The exhibition will showcase Indian strength in the engineering sector and give further impetus to the Make in India initiative of Prime Minister of India, Shri Narendra Modi.
2. Economic growth in Bangladesh has been remarkable with the country registering an average GDP growth of over 6% per annum in the last few years. GDP growth crossed the 7% mark in 2015-16 and is expected to reach 7.4% in 2017-18. As in any other modern economy, engineering and engineering products will play a critical role in facilitating the sustained growth of the Bangladesh economy.
3. India’s global engineering exports stood at USD 65.23 billion in 2016-2017. India is exporting transport equipment, capital goods, machinery/equipment and light engineering products such as castings, forgings and fasteners to US, Europe, Japan and South Korea among others. Indian engineering companies have now gained acceptance on a global scale. Given its competence and geographical proximity to Bangladesh, Indian industry is in an ideal position to meet the demand for engineering and engineering products in Bangladesh.
4. India is one of the most important suppliers of these products to the Bangladesh economy. In the last five years, our engineering exports to Bangladesh have nearly doubled to USD 2 billion. India’s engineering exports to Bangladesh are dominated by two and three wheelers, auto components/parts, commercial vehicles, iron and steel, industrial machinery, aluminium products etc., and serve as critical inputs for the local economy. Bangladesh’s engineering exports to India have also nearly doubled in the last 5 years.
5. It may be mentioned here that several of our top exporters of these goods have invested or are investing in Bangladesh. Prominent examples include Tata Motors, Ashok Leyland, Mahindra & Mahindra, Hero MotoCorp, L&T, Shapoorji Pallonji, Reliance, Adani, Godrej etc.
6. In a significant development for India-Bangladesh trade ties, Ashok Leyland with their local partner Ifad Group, led by President of the IBCCI, recently sent 185 commercial vehicles from Chennai, India to Mongla, Bangladesh under the India Bangladesh Costal Shipping Agreement.
7. India is also a committed development partner of Bangladesh, and we have pledged USD 8 billion in concessional financing to Bangladesh. During the visit of Prime Minister Sheikh Hasina to India in April 2017, USD 5 billion was pledged in concessional financing in addition to the earlier USD 3 billion in the first and second lines of credit. This is the largest amount of credit India has committed to any single country which demonstrates that we value our relationship with Bangladesh and accord it the highest priority. The 17 pre-identified projects under the new line of credit will help improve infrastructure in Bangladesh in sectors like ports, power, railways, highways and airports. Our companies in the engineering sector can contribute to the infrastructure improvement in Bangladesh by associating themselves with these projects.
8. I am happy to note that 100 Indian companies/organizations in the engineering and allied sectors including railway, infrastructure, power and energy are participating in INDEE Bangladesh 2017. These companies include some of our top public sector enterprises such as SAIL, Indian Oil, Powergrid and RITES. I am also happy to note that there is good participation of the Micro, Small and Medium Enterprises in the event.
9. The event will present a good opportunity to Indian companies to showcase India’s strength in the engineering sector and will help promote trade, investment, joint ventures and technology transfer between the two countries.
10. Let me take this opportunity to invite the Bangladesh companies to attend an annual exhibition titled the India Engineering Sourcing Show organized by the EEPC in India. Bangladesh companies can explore the technologies which they can bring to Bangladesh in partnership with their Indian counterparts. EEPC, in association with the Bangladesh authorities concerned, can also organize a session on investment opportunities in Bangladesh during the exhibition.
11. I must thank the Hon’ble Minister of Industries, Bangladesh, H.E. Alhaz Amir Hossain Amu for attending the inauguration of INDEE Bangladesh as the Chief Guest. Let me also thank the Presidents of the Federation of Bangladesh Chambers of Commerce & Industry, the India Bangladesh Chamber of Commerce & Industry, the Bangladesh Engineering Industry Owners Association, and the Bangladesh Electrical Merchandise Manufacturers Association for extending their support to EEPC for organizing this event. I also congratulate EEPC India for having taken the initiative to organize this event in Bangladesh. I extend my best wishes to the exhibitors, buyers and visitors participating in INDEE Bangladesh 2017.

Thank you.