Indian businesses sign deals to invest $10 billion in Bangladesh

Indian businesses have signed agreements and memoranda of understanding with their Bangladesh peers to invest $10 billion in power, energy, logistics, education and medical sectors.

The deals were exchanged on Monday, the last day of Prime Minister Sheikh Hasina’s four-day visit to India.

 

Five of those are related to power projects including Rampal plan and supplying power from Nepal and four are related to oil, gas and petroleum sector cooperation, the High Commission of India in Dhaka said in a statement.
A 250-member business delegation led by FBCCI President Abdul Matlub Ahmad interacted with about 150 business leaders from India in New Delhi, where those agreements were exchanged.
Hasina spoke about the achievements of Bangladesh in the last few years in the socio-economic sphere and invited Indian businessmen to invest taking “full advantage” of Bangladesh’s economic growth, high demographic dividends, competitive business cost and large consumer base.

She also invited Indian companies to invest in the special economic zones in Mongla, Bheramara and Mirsarai, which have been exclusively dedicated to Indian investors, according to the statement.
India’s Minister of State for Petroleum and Natural Gas Dharmendra Pradhan was also present during the meeting.

Pradhan highlighted the growing engagement between India and Bangladesh in power and energy and underlined the economic potential of the sub-region, including India’s eastern and northeastern states, and Bangladesh.
During the visit, Indian Prime Minister Narendra Modi announced a $5 billion line of credit for different development projects including $500 million for defence purchase.
The business deals are:
>> Agreement between Bangladesh India Friendship Power Company and EXIM Bank of India for financing construction of 1,320MW Maitree power project in Rampal
>> Implementation and power purchase agreement between Reliance Power and Bangladesh’s Ministry of Power, Energy and Mineral Resources for the first phase (718MW) of the 3,000MW power project at Meghnaghat
>> Supplementary agreement between NTPC Vidyut Vyapar Nigam and Bangladesh Power Development Board for supply of additional 60MW of power from Tripura to Bangladesh

>> MoU between NTPC Vidyut Vyapar Nigam and Bangladesh Power Development Board for supply of power from Nepal
>> Implementation agreement between Adani Power and Bangladesh Power Development Board and power purchase agreement between Adani Power and Power Grid Company of Bangladesh for supply of power from 1,600MW power plant in Jharkhand
>> Understanding on LNG terminal use between India’s Petronet and Bangladesh Oil, Gas and Mineral Corporation or Petrobangla
>> MoU between Reliance Power and Petrobangla for setting up 500mmscfd LNG terminal at Kutubdia Island
>> MoU between India Oil Corporation and Petrobangla for LNG cooperation

>> Agreement between Numaligarh Refinery and Bangladesh Petroleum Corporation for sale and purchase of gasoil
>> MoU between Container Company of Bangladesh and Container Corporation of India to promote and expand cooperation between India and Bangladesh in container transportation
>> MoU between Tamil Nadu Veterinary Sciences University and Chittagong Veterinary and Animal Sciences University
>> MoU between Viswabharati, Santiniketan, India and Northern University of Business and Technology, Khulna, Bangladesh
>> MoU between Tata Medical Centre, India and Directorate General of Medical Services, Bangladesh Armed Forces