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FDI from B'desh to get clearance this year: Ramesh

By Staff
Google Oneindia News

Kolkata, Jul 28: The Centre will allow Foreign Directed Investment(FDI) from Bangladesh within this year, Union Minister of State for Commerce and Industry Jairam Ramesh said.

Speaking to mediapersons at a press conference here today, the minister said,''We will allow FDI on a case to case basis to Bangladeshi companies.'' Currently, India does not allow FDI from Bangladesh and Pakistan for security reasons.

At present 43 Indian companies like Sun Pharma, Arvind mills and Marico industries have their plants in Bangladesh, the minister said adding that two steel majors -- Tata steel and Ispat industries -- have mega-investment plans in that country worth several billion dollars, which had been pending for last few years.

''On the other hand the Bangladeshi companies were not allowed to invest in India. I have taken up the matter with Prime Minister Manmohan Singh and External Affairs Minister Pranab Mukherjee. I expect that the Centre will allow FDI in that country by this year,'' he said.

In 2006-07, India's export to Bangladesh was USD 1.7 billon, while Bangladeshi share was a mere 250 million dollar.

''The huge trade imbalance should be briged,'' he added.


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