Prime Minister Sheikh Hasina yesterday urged Indian investors to consider  investing in the infrastructure, manufacturing, energy and transport sectors of Bangladesh and suggested they set up industries under buy-back arrangements to cut time and costs.

She said Bangladesh-India cooperation should go beyond trade and include investment, finance, services, and technology transfer and be placed in the context of regional cooperation in order to achieve larger gains.

She lamented the lack of adequate investment from India. In the fiscal year of 2021-22, foreign direct investment to Bangladesh totalled $1.37 billion, with India accounting for only $15.7 million, or 1.15 per cent.

"So definitely, there is a real need for more collaboration between the two countries by way of involving business communities and trade bodies," she said at a summit of Indian and Bangladeshi industrialists and businessmen at the Hotel ITC Maurya Sheraton in New Delhi yesterday.

According to the prime minister, Bangladesh has the most liberal investment regime in the region with a wide array of facilities, attractive incentive policies, and consistent reforms.

She appealed to Indian importers to look at Bangladesh which, equipped with improved manufacturing capacity, is prepared to supply quality products at competitive prices to the Indian market.

"We, therefore, invite Indian importers to look at Bangladeshi products that are being imported at higher prices from countries far away."

For Indian investors, two dedicated special economic zones at Mongla and Mirsharai are being developed. "I would urge the business houses present here today to invest there," she said.

"The country is uniquely located to enable Indian investors to export their products not only to the northeastern states of India but also to Nepal, Bhutan, and Southeast Asian countries."

The premier called Bangladesh India's most important development and trading partner.

India also receives the highest number of tourists and medical patients from Bangladesh. Thousands of Indian nationals are working in Bangladesh, contributing to both economies.

"Indeed, the time is ripe for the Indian business community to focus more on Bangladesh and take advantage of its economic growth, cheaper cost and huge consumer base," Hasina said.

The prime minister said she is confident that the deep bonds of friendship existing between Bangladesh and India will continue to grow and flourish.

"As it does, the business communities of both countries should draw closer and play their due role in fostering mutual prosperity and economic advancement of our people. Thus, we would be able to bring prosperity and peace in the region."

Hasina said it was heartening to note that despite the ongoing challenges, India is among the fastest-growing major economies in the world.

Bangladesh's economy also grew at a healthy pace in the last decade, crossing 7 per cent in the fiscal year of 2015-16 and 8 per cent in FY2018-19.

Since 2009, per capita income surged three times from around $1,000 to more than $2,800, according to the prime minister.

Bangladesh is also self-sufficient in food and is now one of the largest global producers of rice, vegetables, grains, and fresh-water fish – to name a few, she said.

Foreign remittance increased to $21.03 billion in FY2021-2022.

"These indices reflect the strength of Bangladesh's economy," she said.

In the last 10 years, the total trade between the two countries posted impressive growth, with the balance heavily tilting towards India.

Hasina said successful ventures call for policy-makers and business leaders to know each other, share ideas and understand respective priorities, prospects and future plans.

The present business summit in Delhi "will hopefully enable reflection on mutual collaboration on enhancing business, trade, investment between our friendly countries," she added.

In the past, Bangladesh had suffered from natural calamities. But today, it is a global example of disaster preparedness and management.

"It has also achieved huge socio-economic success and attained impressive growth and is thus dubbed as a development miracle," Hasina said.

At present, 100 special economic zones and 28 high-tech parks are being established to encourage investment and accelerate economic development.

The government has implemented mega projects to accelerate the growth of industries and take full advantage of Bangladesh's strategic location.

The Padma Bridge, the country's longest bridge entirely funded by domestic resources, has connected 21 southern districts directly with Dhaka and other parts of the country and is expected to boost the country's gross domestic product by 2-3 per cent, she said.

She listed several infrastructure projects that have been initiated in the last decade.

They include the MRT Line-6, the country's first metro rail project, and Karnaphuli Tunnel, the first and longest underwater road tunnel in South Asia as well as Rooppur Nuclear Power Plant, Dhaka Elevated Expressway, and Dhaka Airport Third Terminal.

"Once completed, they would contribute substantially to Bangladesh's GDP growth," said Hasina.