Bangladesh Set

Indian SMEs Pushing Boundaries in Bangladesh

The economy of Bangladesh is largely dependent on agriculture and agri-related activities that provide employment to a large section of the population. In the past few years, Bangladesh has pursued an economic policy that aimed at stabilising its economy and boosting its export incomes. To achieve these goals, Bangladesh is looking to attract Indian companies, particularly SMEs, to benefit from knowledge exchange and foreign investment.

Bangladesh’s agro-based economy has grown at around 6% since 1996. It recorded a GDP real growth rate of 4.9% in 2008. Market experts have projected that the economy is expected to grow by 6% in 2009-10.

India is one of Bangladesh’s leading trading partners. According to official estimates, Indian goods account for more than 15% of total Bangladeshi imports. Agricultural products, livestock, processed foods, textiles and industrial equipment are the chief items exported from India to Bangladesh. Likewise, Bangladesh exports anhydrous ammonia, fish, raw jute, coal and leather to India.

Indian SMEs looking to expand their base in Bangladesh have a significant cost advantage, chiefly owing to India’s geographical proximity with Bangladesh. Furthermore, Indian SMEs can capitalise on the availability of cheap labour in Bangladesh to carry out their operational activities.

FICCI’s observations

According to the Federation of Indian Chambers of Commerce and Industry (FICCI), India and Bangladesh have not yet tapped the potential of bilateral trade and mutual cooperation. The industry body has projected that Indo-Bangladesh bilateral trade will double by 2011.

FICCI has also identified potential sectors of growth that can enhance trade relations between the two countries. These include leather, frozen foods, FMCG, chemicals, engineering and pharmaceuticals.

To encourage trade and investment between India and Bangladesh and promote cooperation between SMEs in the two countries, the India-Bangladesh Chamber of Commerce and Industry (IBCCI) has been set up. This organisation is actively involved in accelerating the flow of Indian FDI into Bangladesh.

SMEs are expected to benefit immensely from these collaborative initiatives undertaken by governments in the two countries.

About the Author

David Parks is a well known author and has written articles on IT Companies, B2B Portal, Trade Leads, suppliers, Manufactures and many other subjects.

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