The Hindu Business Line : ‘Govt will soon allow FDI from Bangladesh’

Kolkata, July 28 The Union Government will soon allow foreign direct investment (FDI) from Bangladesh, according to Mr Jairam Ramesh, Union Minister of State for Commerce.

“However, there will be no across-the-board or automatic relaxation,” Mr Ramesh said pointing out that permission would be granted on case-to-case basis.

Bangladeshi entrepreneurs were interested in investing in India in such sectors as pharmaceuticals, textiles and paper, he said while talking to newspersons here.

Pakistan was the only other country that attracted ban in regard to foreign direct investment in India.

“However, there is no proposal for relaxation of the FDI from Pakistan,” the Minister said.

“Pakistan is a different ball game altogether.”

In 2006-07, India’s exports to Bangladesh amounted to $1.7 billion compared with $1.8 billion in the previous year.

During the same period, India’s imports from Bangladesh amounted to $250 million, up from $170 million or so in the previous year.

However, Bangladesh’s trade deficit with China was much larger, with China having displaced India from the position of the largest trading partner of Bangladesh.

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‘Govt will soon allow FDI from Bangladesh’