Economic scenario of Bangladesh
Bangladesh is a country with significant economic potential in the South Asia. The country maintained a strong track record of growth even during the periods of global uncertainty – it maintained growth above 5% since 2005 which came down only in 2020 due to the pandemic and again regained momentum in the coming years. The country is expected to graduate from its LDC status by 2026. IMF predicts that in 2024 Bangladesh will grow at around 6% in 2024 and will continue in a growth path thereafter.
Bilateral trade between India and Bangladesh
India and Bangladesh are important trade partners in the South Asia region. In terms of engineering, Bangladesh regularly features among India’s top 25 export destinations. In the last six years, India’s exports to Bangladesh grew by almost 4 percent. The figure below indicates both India’s merchandise and engineering exports to Bangladesh in the last six years.
Opportunity for engineering exports to Bangladesh
Bangladesh has gained momentum in the recent years and has become the second largest economy of South Asia. As the neighbouring country of India with a common border of length 4096 kms. This makes Bangladesh an important destination for Indian engineering exports. Some of the major industries in Bangladesh are that of textile, agriculture and food processing. There is also a flourishing light engineering industry in Bangladesh. Presence of all these sectors would need continuous supply of machineries and other technological components – these create significant opportunity for the Indian exporters. Apart from the above Bangladesh is developing its infrastructure which would also require machineries and electrical components. There is significant scope in automobile, two and three wheelers, auto components and medical devices sector too. Since INDEE which is EEPC India’s flagship overseas event caters to arrange of engineering products it would be helpful for Indian engineering exporters across sectors to expand their presence in Bangladeshi market.