New Delhi, Mar 7 (PTI) Uninterrupted supply chains, joint production of defence equipment, exploring potential sectors of investments and pharmacy are the focus areas that can help strengthen economic ties between India and Bangladesh, Commerce and Industry Minister Piyush Goyal said on Monday.

Both countries can work towards becoming the 'pharmacy of the world', he said while addressing the inaugural session of the India-Bangladesh stakeholders meet.

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Goyal said Bangladesh is India's biggest trade partner in South Asia and India is looking to advance Comprehensive Economic Partnership Agreement with that country in the days to come.

"May I suggest four focus areas for strengthening the India-Bangladesh relationship. Can we look at uninterrupted resilient supply chains, which is the need of the hour, we need to give more impetus to joint production of defence equipment , and explore potential areas of investments like textiles, jute, leather, footwear, medical equipment, and electronics," he said.

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The fourth focus area is pharmacy, where both nations can work towards becoming 'pharmacy of the world', he added.

He said defence cooperation between the nations has not progressed, though India has offered USD 500 million line of credit.

India has also extended three lines of credit for USD 8 billion to Bangladesh, which is the largest concessional credit given by India to any single country.

Further, he said the country is also developing two Indian Economic Zones in Bangladesh. The bilateral trade between the countries stood at USD 10.8 billion in 2020-21 as against USD 9.5 billion in 2019-20.

Major exports from India to Bangladesh include cotton, cereals, fuel, vehicle parts and machinery and mechanical appliances.

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