Bihar Keen To Invite Bangladeshi Textile Cos To Set Up Units In State

(MENAFN- KNN India) Patna, Nov 27 (KNN) Bihar
is eyeing
textile
entrepreneurs from
Bangladesh
for significant investment in the State, according to a report in businessline.

“Situations are quite similar in Bangladesh and Bihar. Also, Bangladeshi companies are looking for place where production should not get disturbed on account of longer non-working hours say during month-long Ramadan,” a senior State government official told
businessline.

Although, Bangladesh is rapidly emerging as a big player in the textile sector at the global level. However, the textile industry there is facing challenges such as labour and infrastructure, and hence looking for nearby locations.

As per reports, textile is one of four areas for 'Bihar Business Connect 2023'- A Global Investors' Summit to be held during December 13-14 in Patna.

Apart from textiles, the investor meet will also highlight opportunities in leathers, IT/ITeS & ESDM, Food Processing and Hospitality & Tourism sectors. The state offers a land bank of 28 lakh square meters built-up area.

It also has a provision for Rs 25,000 grant per labour for skilling besides providing Rs 3,000-5,000 employers' contribution in EPFO for new textile and leather units. There is also provision for capital subsidy and weaver of power charges.

Apart from Bangladesh, the State government is also expecting participation by investors from a dozen foreign countries such as Japan,
Taiwan, UAE, and the US. Among the domestic investors, the hope is that all large companies will participate.

The State government has already organised roadshows in Delhi,
Mumbai, Bengaluru, Tirupur,
and Chandigarh in India, apart from the USA, UAE, Japan, and Bangladesh.

The
Gross State Domestic Product
(GSDP) of Bihar for 2023-24 (at current prices) is projected to be Rs 8.59 lakh
crore, amounting to growth of 8.9 per cent over 2022-23 (Rs7.89 lakh crore).

(KNN Bureau)

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