Indian High Commissioner in Dhaka Harsh Vardhan Shringla on Thursday said companies from both Bangladesh and India are also exploring new opportunities for investing and setting up joint ventures in each other's country.

He said Indian investments, including those in the automotive sector, registered with Bangladesh Investment Development Authority are more than $ 3 billion.

The High Commissioner was addressing the inaugural session of Indo-Bangla Automotive Show - 2017 at International Convention City, Bashundhara in the city.

Shringla said rapid economic growth, growing trade and commercial ties, and economic integration between India and Bangladesh have created the right conditions for sectors such as automobiles in the two countries to come together to jointly explore new opportunities.

Road Transport and Bridges Minister Obaidul Quader attended the inaugural session as the chief guest.

Senior Industries Ministry Secretary Md. Mosharraf Hossain Bhuiyan, Federation of Bangladesh Chambers of Commerce and Industry President Abdul Matlub Ahmed, India Bangladesh Chamber of Commerce and Industry President Taskeen Ahmed, Society of Indian Automobile Manufacturers President Vinod K Dasari, Vice President Ravi Pisharody, Bangladesh Automobile Assemblers and Manufacturers Association (BAAMA) President Hafizur Rahman Khan, Bangladesh Motorcycle Assemblers and Manufacturers Association (BMAMA) Matiur Rahman were, among others, present.

Shringla said Bangladesh-India trade and commercial relationship is also growing at a substantial pace. “Our bilateral trade has registered a significant increase over the last few years. In the last 15 years, Bangladesh's exports to India grew tenfold whereas India's exports to Bangladesh grew six times. The total bilateral trade in 2015-16 stood at $ 6.14 billion.”

He said the automotive show will serve as launch-pad for the players in the automotive industry in the two countries to collaborate to meet the growing demand for automobiles in Bangladesh.

Top automotive brands from India as well as from Bangladesh are participating in the show.

The High Commissioner said with economic growth of over 7 percent, greater disposable incomes, and improving road infrastructure, the demand for automobiles in Bangladesh has increased, and there exists great potential for further growth.

‘Given its capacity, competence and geographical proximity to Bangladesh, Indian automotive industry is in an ideal position to meet this demand. India is the sixth largest producer of automobiles in the world with an average annual production of 24 million vehicles’, he said.

Automotive sector accounted for 7.1 per cent of India's GDP in 2015-16. India is also exporting more than 3.5 million vehicles annually, and Indian companies are increasingly gaining acceptance on a global scale.

The High Commissioner said India automotive companies can also explore the possibility of working together with the business community and the government of Bangladesh to promote manufacturing in Bangladesh by setting up joint ventures here.

Already, a number of Indian companies have set up operations in the country. Tata Motors' joint venture with the Nitol-Niloy Group has an assembly plant in Jessore; Hero MotoCorp is setting up a two-wheeler plant in Jessore while Ashok Leyland and Ifad Auto inaugurated their assembly plant in Dhamrai on Thursday.