Indian company keen to invest in agricultural sector

Indian company Mahindra is willing to build a state-of-the-art factory for assembling agricultural machinery in Bangladesh. The company also wants tosell these equipment to the farmers at a low price and easy conditions. 

PawanGoenka, Managing Director and Chief Executive Officer of Mahindra & Mahindra Limitedsaid this while holding a meeting with Agriculture Minister AbdurRazzak on a virtual platform on Tuesday. 

Following the meeting, the Agriculture Minister told newsmen, “The shortage of agricultural workers in Bangladesh is decreasing day by day. Farmers are moving from agriculture to other sectors. As a result, the cost of labour is much higher and farmers becomeless benefited from agriculture. That is why the government is attaching great importance to agricultural mechanisation”. 

“The government has provided agricultural equipment including combined harvesters and reapers to the farmers with 50 to 70 percent subsidy through Tk 200 crore this year. Besides, a project worth Tk 3,000 crore has been taken through which about 51,000 agricultural implements will be provided”, added the minister. 

He also added that, “The market for agricultural machinery in Bangladesh is about USD 1.20 billion peryear, which is growing at a rate of 10 percent per year. 

There are many opportunities for India to invest in this huge market”. 

According to the ministry, the Mahindra will set up factories for assembling machines as well as give responsibility to small entrepreneurs and those who are making spare parts in the country to create entrepreneurs at the local level. In addition, due to the high cost of agricultural machinery, farmers in many cases cannot afford it. With this in mind, they are also thinking of giving loans to the farmers of Bangladesh. 

Additional Secretary of the Ministry of Agriculture (Extension) MdHasanuzzamanKallol, Additional Secretary MdAbdurRauf, Chairman of Bangladesh Agricultural Development Corporation (BADC)MdSaidul Islam and HemantSikka, President of Farm Equipment Sector (FES) of Mahindra and Mahindra Limited, PrakashWakankar, CEO of FES, and Robin Kumar Das, Country Head, Bangladesh were also present at the meeting virtually.