India-funded projects to continue

The projects taken under the Indian line of credit (LoC) would continue considering their importance to the country, said Salehuddin Ahmed, the finance and commerce adviser to the interim government.
“Already, the projects they [India] have with us are big projects and we will continue those and we will take another big project for the benefits of ours,” he said in response to queries from reporters after the meeting with Indian High Commissioner Pranay Verma at the former’s Secretariat office yesterday.
The issues regarding the implementation and disbursement under the three Indian LoCs were discussed at the meeting. There were some issues related to the disbursement of funds under the LoCs.
Bangladesh and India signed the first LoC agreement involving $862 million in August 2010, the second one involving $2 billion in March 2016 and the third one involving $4.5 billion in March 2017.
“We have assured him [Verma] that Bangladesh is a very good place for investment and economic cooperation. They [the Indian side] have taken note and will continue the cooperation,” said Salehuddin.
The meeting also discussed how to enhance the existing economic cooperation, he said, adding that India and Bangladesh have many areas of economic cooperation and trade.
The existing bilateral trade relationship is heavily tilted in favour of India, but the issue would be sorted out, he said.
The adviser said Verma has assured him that they would encourage more quality export of Bangladeshi products to India and that should be a win-win situation for both the countries.
The Indian side also offered support to Bangladesh in the fields of science and technology and scientific research and laboratory, Salehuddin added.
India has not stopped any of its LoC projects in Bangladesh since those are big projects, Verma said.
“Those projects are going on and those are basically very big projects and located at different sites. So, the contractors will be coming back to start the projects.”
The revolving issue of implementation of projects would be resolved through mutual cooperation and the approach of the Indian side is positive in this regard.
Asked about the Indian government’s engagement with the interim government, Verma said, “Of course, we are very closely engaging with the government and my meeting with the adviser is proof of that.”