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Change Your Life! |
Three-day Indian textile exhibition begins |
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August 23, 2000
Dhaka (UNB) – Foreign Minister Abdus Samad Azad yesterday (Tuesday) said Bangladesh-India trade interdependence should be picked up, but by addressing the growing trade imbalance objectively. “We’ve not been able to fully address the growing trade imbalance between the two countries,” he said inaugurating an Indian Textile Exhibition at Hotel Sheraton. The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) of India organised the three-day exhibition, called ITEXPO 2000, in collaboration with the Indian High Commission in Dhaka. Over 30 Indian textile companies, including some of the biggest and well-known ones, put on display an array of latest synthetic, rayon and blended textiles at the ITEXPO 2000. India has emerged as the single largest source of imports for Bangladesh in recent years. Bangladesh imports goods worth over US$1 billion from India annually against its exports worth around US$60 million showing a huge trade imbalance. “For a viable economic relation, it’s important to address this issue objectively and in the spirit of friendship and understanding,” Azad said. He invited the Indian businessmen and industrial entrepreneurs to seize upon the opportunity provided to foreign investors by Bangladesh. An investment friendly environment is now prevailing in the country offering one of the most liberal and attractive foreign investment markets in the region, the foreign minister said. “I believe, their support would not only help bring some balance in our bilateral trade, it could also stimulate growth in Bangladesh.” He said economic interactions between the two countries should be balanced, comprehensive and mutually beneficial so that both can gain much from cooperation and collective efforts. “We are prepared to go an extra mile to boost confidence of foreign investors- in turn, we expect them to take a closer look at Bangladesh. We want our Indian friends to make Bangladesh the preferred destination for their investments,” Azad said. Addressing the function, Indian High Commissioner in Dhaka ML Tripathi stressed the need for special attention of both the countries to strengthen the economic ties through utilising the unexplored areas. Both the countries will gain if pragmatic assessment can be made for the unexplored areas, he said. The exhibition is not for retail sales, but designed as an opportunity for Bangladesh businessmen to see Indian synthetic and rayon fabrics, yarn and made-up items under one roof. The companies like the Bombay Dyeing, S Kumar Synfabs, Indo Rama Synthetics, Sutlej Industries, Vardhaman Spinning and Vijoy Silk House displayed suitings and shirtings, dress fabrics, lycra fabrics, embroidered and furnishing fabrics, sheetings, interlinings and industrial fabrics, among other products. A complete range of yarn-like polyester filament and textured yarn, polyester-cotton, polyester-viscose and polyester-wool blended yarn, viscose, acrylic, polynosic yarn and polyester sewing thread also remained on the showcase. Besides, made-up items like saree, dhoti, scarf, shawl, labels, laces, trimmings and tapes were being exhibited. Export of Indian synthetic and blended textile items to Bangladesh stood at about Tk 1,200 million in 1999, accounting for 2 per cent of Bangladesh's total import of these items. Bangladesh is the 14th biggest export destination for Indian synthetic textiles, export of which touched Tk 56,500 million last year. |