Prime Minister Narendra Modi’s presence in Dhaka on Friday will trigger memories of India’s support for the liberation of Bangladesh, and New Delhi’s unflagging backing for the new Asian Tiger’s rise, says a leading Bangladeshi daily.
Indian Prime Minister Narendra Modi has been invited to be the 'honoured guest' on Bangladesh's 50th Independence.
Half-a-century ago, on March 26, Pakistani forces launched the infamous Operation Searchlight and “perpetrated worst form of brutalities and genocide in the erstwhile East Pakistan,” the Daily Asian Age said.
An article in the daily pointed out that the emotional bonds stemming from contribution of India towards liberation of Bangladesh remain a dominant factor in the country's political, social and cultural web. Yet economically and commercially, the collaboration between two countries involving both the private and public sector is on a surge.
“Economic relations between these two countries have over the last couple of years become multifaceted, embracing trade transactions, joint ventures, transit facilities and transport development, the article published on the eve of PM Modi’s visit said.
To trigger an India-Bangladesh economic renaissance, PM Modi, during his June 2015 visit had announced a US $ 2 billion credit line Bangladesh. The loan carried the lowest ever one per cent interest rate with a repayment period of 20 years and a 5-year grace period.
During the Indian Prime Minister Modi's last visit to Dhaka in 2015, two MoUs were signed to produce 4,600 Mega Watt (MW) electricity. Reliance Power signed MoU with Bangladesh Power Development Board to produce 3000 MW by investing $ 3billion. Adani Power would set up two coal-fired plants with a total capacity of 1,600 MW by investing $ 1.5 billion.
Earlier, in August 2010 India gave Bangladesh $ 1 billion Line of Credit to be used in specific sectors especially railways.
The Indian private sector has also pitched in a significant investor in Bangladesh.
Major Indian companies such as Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky's Hatcheries, Parle Products, Forbes and Marshall have invested in Bangladesh in the recent past, the daily reported.
At the Bangladesh Investment and Policy Summit held in Dhaka in 2016, two big industrial groups of India, Reliance and Adani, committed to make huge investment in Bangladesh to the tune of US dollar 1,100 crore. In addition, Indian companies plan to invest more than $100m in various projects in Bangladesh. A number of Indian and Bangladeshi companies signed proposals to set up projects in sectors such as limousine services, manufacturing three-wheelers and software development during road shows held in Chennai and Mumbai recently.
There are a number of Indian investments in ready-made garment (RMG) sector like Ambattur Clothing, a Chennai-based company that started operations in Bangladesh in 2007 and later set up its own manufacturing units through acquisitions. Helix Garment started operations in Bangladesh more than a decade ago. Consumer brands like Marico and Godrej have consolidated their position in Bangladesh. Indian tyre manufacturing giant CEAT has tied up with Bangladesh's A.K Khan Group to form CEAT Bangladesh. The growing resilience of Bangladesh economy continues to attract Indian investment. The average economic growth rate in the country has been over 7.0 percent for the last couple of years. The country has graduated to lower-middle income league from lower-income status.
In tune with Bangladesh’s stunning growth, Indian companies such as Bharti Airtel, acquired 70% stake in Warid Telecom Bangladesh. It has further injected some $ 300 million in subsequent years and renamed it Airtel Bangladesh.
'Regional connectivity is not only strengthening friendship between Bangladesh and India but also proving to be a strong link of business', Prime Minister Sheikh Hasina remarked while inaugurating 'Maitri Setu' (Friendship Bridge) virtually with the Indian Prime Minister Narendra Modi on March 9. The Indian Prime Minister expressed the view that connectivity between Bangladesh and India will prove to be very important for the north-east region of India and Bangladesh trade as well.
Sheikh Hasina lauded India for 'building a prosperous region together' and wished for a 'successful operation and utilization of the Maitri Setu'. The opening of the bridge is a "testimony to Bangladesh government's continued commitment to support our neighbour India in strengthening connectivity in the region", she said.
Bangladesh and India have signed MoU to construct a pipe line for supply of high-speed diesel from Numaligarh in Assam to Parbatipur in Bangladesh under a joint venture project between Numaligarh Refinery Limited and Bangladesh Petroleum Corporation. As a goodwill gesture an initial consignment of 2,200 tonnes of diesel has been transported from Siliguri in West Bengal to Parbatipur by 50 wagons of Indian Railways. The decision to construct pipe line was taken during Modi's last visit.
Besides, India's state-owned Bharat Heavy Electricals Ltd (BHEL) is set to sign an agreement to construct the 1,320 megawatt (MG) thermal power station in Khulna. BHEL outbid Larsen and Toubro (L&T) and two Chinese companies to bag the contract for building $ 1.6 billion power plant having a final capacity of 2,640 MW. The Indian concern has emerged as the lowest bidder for this 'Maitri' (friendship) project. The Bangladesh-India Friendship Power Company Ltd (BIFPCL), a joint venture between Bangladesh Power Development Board (BPDB) and India's power generation major National Thermal Power Corporation (NTPC), had invited bids for turnkey construction of 2 x 660 coal-fired super thermal power plant coming up near Mongla river port at Rampal, district Bagerhat, Khulna. This project, known as "Maitri Super Thermal Power Project", is set to be the largest in Bangladesh. The power plant is a partnership between BPDB and NTPC which will share fifty-fifty ownership of the plant as well as electricity it produces. The project is, however, presently facing opposition from some environmentalist groups.
On security aspects, Bangladesh-India relations have never been better. Bangladesh has already addressed major issues that remained matters of concern from India's security point of view for a long period. Bangladesh has handed over to India a large number of North East Indian insurgents who had been camping and executing anti-India operations from Bangladeshi soil. Bangladesh government did this even though there was no extradition treaty between the two sides. Anup Chetia, a major United Liberation Front of Assam (ULFA) insurgent and a constant headache for Indian security establishment, has also been handed over to India by the country.
