Two Indian companies -- Dwarka Gems Ltd and Niraj Jewellers are going to invest in the jewellery sector in Bangladesh seeing huge business prospects.
The companies expressed their interest at the joint conference of India's trade organisation Confederation of Indian Industry (CII) and the India-Bangladesh Chamber of Commerce and Industry (IBCCI).
According to IBCCI, Dwarka Gems and Niraj Jewellers have already signed an Expression of Interest (EOI) with Nazabi Group and Manna Sarder Pvt Ltd of Bangladesh in this regard.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Md Sirazul Islam revealed the information at a press conference after his India visit.
Renowned Indian jewellery brand Malabar Gold and Diamonds has recently invested in Bangladesh. The company is setting up a world-class factory in Narayanganj.
Just a month later, two more Indian companies are also investing in this sector as Bangladesh has huge potential in the jewellery industry.
Apart from these two companies, eight other Indian companies have also signed EOI to invest Tk 800 crore in Bangladesh’s jewellery, automobile, three-wheelers, mustard oil, paper, and electronics sectors.
However, this investment will come in phases.
Sirazul Islam said a few days ago, there was a big joint venture of Nital Niloy Group with Malabar Gold and Diamonds. Seeing them, the interest of Indian businessmen in this sector is increasing gradually.
“Businessmen are interested to come in knowing the business potential in Bangladesh. I told the Indian businessmen about the benefits they will get if they invest in Bangladesh,” he added.
@ This report appeared on the print and online version of Bangladesh Pratidin on Saturday (September 3) and has been rewritten in English by Tanvir Raihan and Golam Rosul
