Bangladesh was looking at attracting more investments in the gas and power sector from the Indian subcontinent as the sector had great potential in a country with 20-50 years of gas reserves.
These have not been exploited, said Abdul Matlub Ahmad, president of India Bangladesh Chamber of Commerce & Industry in Dhaka, as drilling and exploration work in the last decade had been limited.
Investment in the last decade was slow because of complicated tendering processes, which could be simplified. After the formation of the new democratically-elected government, global tenders for the gas drilling contracts would be floated, said Ahmad.
Bangladesh expected some contracts would go to Indian units.
Bilateral trade between the two countries had grown in the last five years from $ 1 billion in 2001-02 to $ 2.55 billion in 2006-07.
Bangladesh's imports from India grew by 124 per cent in 2001-2007 and exports to India grew by 480 per cent in the same period. Bangladesh exports to India were around $350 million and Indian exports to Bangladesh close to $2.1 billion at present.
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Major Indian items exported to Bangladesh included cotton, cereals, edible vegetables, sugar, vehicles and parts.
India's major imports included inorganic chemicals, vegetable textile fibres, fertilizers and seafood.
To promote the cooperation and bilateral ties between the two countries, a protocol of mutual cooperation was signed between Calcutta Chamber of Commerce, Kolkata and India-Bangladesh Chamber of Commerce & Industry, Dhaka, here.
Under this protocol a sub committee would be shortly formed to identify investment areas in both the countries.