Bangladesh and India's Paschimbanga state (West Bengal) could be a major investment destination in Asia in the future thanks to the existing conducive climate to doing businesses, industrialists and investors said. 

So, the business communities of both the countries should pick Bangladesh and Paschimbanga as investment destinations, they said.  

The observations came from the industrialists and investors at the “CWBTA Eastern India: Trade Summit & Exhibition 2018” at the Biswa Bangla Convention Centre, New Town in Kolkata.

The Confederation of West Bengal Trade Association (CWBTA) organised the three-day event, which started on Saturday.

The summit comprises discussions and business-to-business agreement signings. Some 60 companies from Bangladesh as well as the northeastern region of India are showcasing their products.

At the inauguration, Debashis Sen, additional chief secretary of the West Bengal government, said this type of programme cannot be confined to just a three-day event.

Efforts to strengthen rapport between industrialists, entrepreneurs and local businesspeople of the two countries have to be continued throughout the year.

He said business activities have to be carried out by way of availing spaces in the two economic zones that have been set up in Bangladesh. There is immense opportunity to invest in Bangladesh, the secretary said. 

Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce and Industry, said many Indian companies are doing business in Bangladesh under joint arrangements in order to benefit from the duty-free export preference to India.

He is leading a 12-member Bangladesh delegation to the summit.

CWBTA President Sushil Poddar said Paschimbanga and Bangladesh are the two most important destinations for investment at the moment.

Bangladesh government has created congenial climate for investment and Indian businesspeople would have to avail the opportunity, Poddar said.

The organisers said at least 20 deals would be signed between the business communities of the two countries at the summit, the first of its kind.

Similar summit will also be organised in Bangladesh this year, said a number of delegates from Bangladesh.