Economic Reporter :
Bangladesh needs more Chinese market-oriented investments to boost its exports to Xi Jinping’s nation, said speakers.
Bilateral financial and currency cooperation is strongly recommended to help facilitate trade and economic cooperation between the two countries, they said.
Speakers at a business networking event said Bangladesh needs more Chinese market-oriented investment in Bangladesh to boost the country’s exports in Chinese markets.
They also said bilateral financial and currency cooperation is strongly recommended to help facilitate trade and economic cooperation.
They came up this at the event titled “China-Bangladesh Enterprises Cooperation Forum 2022,” at the Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC), Purbachal in the capital on Saturday.
This type of get-together is aimed at bringing all stakeholders, including China’s large state-owned and private companies, their potential local suppliers, and service providers, together, organizers said.
The event is jointly organized by the Bangladesh China Chamber of Commerce & Industry (BCCCI) and the Chinese Enterprises Association in Bangladesh (CEAB).
State Minister of Planning Dr. Shamsul Alam, attended the program as the chief guest. At the program, Li Jiming, the Chinese Ambassador to Bangladesh, and Mahbub Uz Zaman, the immediate past Bangladesh Ambassador to China, attended the program as special guests.
BCCCI President Gazi Golum Murtoza chaired the program while CEAB President Ke Changlian and BCCCI Acting General Secretary Al Mamun Mridha delivered the welcome speeches.
Chinese Ambassador Li Jiming said: The China-Bangladesh bilateral relationship is strong, complementary, and growing. Our economic and political ties are vast and robust.
Since China and Bangladesh formally established diplomatic ties back in the mid-70s of the last century, the two sides have been sharing broad success for cooperation in areas such as agriculture, trade, marine affairs, climate change, infrastructure, urban management, and poverty alleviation, and remarkable progress has been achieved in these key areas.
Under the Belt and Road Initiative, China has signed more than 200 collaboration documents with 149 countries and 32 international organizations. As of the first half of this year, China’s trade in goods with countries involved in the BRI totaled $11.8 trillion, and its nonfinancial direct investment in these countries exceeded $140 billion, he said.
By the way, it is learnt that Chinese direct investment in Bangladesh has increased by 300% and China has promised to invest more $40 billion into joint ventures and infrastructure projects through the Belt and Road Initiative (BRI), which will highly facilitate realizationof the main target of the Bangladeshi government with bringing dynamism in the economic activities, creating employment, increasing assets and easing the livelihood of the people through infrastructure development, he said.
As one of the most reliable and trusted friends, China continuously supports Bangladesh through various means to promote the infrastructure development, including concessional loans, investment cooperation, project contracting and China-aid projects.
“We recommend Bangladesh’s enterprises and exporters participate in China’s International Import Expo (CIIE). Bangladesh needs more Chinese market-oriented investment. Bangladesh needs to produce what the Chinese market needs in order to boost export. “
China’s investment in Bangladesh in 2021 amounted to 1.26 billion dollars and grew almost threefold. With an accumulated investment of nearly $3 billion, China remains a prominent FDI source for Bangladesh. The good news is that the Chinese Economic and Industrial Zone, as the first industrial park, will soon be built in Chattogram, which is of landmark significance. Bangladesh needs to advance studies on the bilateral Free Trade Agreement (FTA).
BCCCI President Gazi Golum Murtoza said: “due to worldwide pandemic followed by Ukrain War, the exchange rate of US Dollar has become out of control as it keeps on rising and rising.
As Bangladesh and China account for an average annual basket of trade worth US Dollar 15 billion. As such dependence on only foreign currency of US dollar leads to a perilous loss both for Bangladesh and China, he said.
BCCCI Acting General Secretary Al Mamun Mridha said: “we have worked vigorously as the catalyst to promote and facilitate trade and investment between two friendly countries through different channels and activities. Within the year 2003 to 2022 our bilateral trade jumped from $1.17 billion to more than $15 billion.
The State Minister for Planning ministry Dr Shamsul Alam has sought technological support to expand Bangladesh economy. “The Father of the nation Bangabandhu Sheikh Mujibur Rahman understood the potential growth of China and started a good friendship with the rapid growing country,” he added, saying that Bangladesh has to follow the growth of China.
Mentioning China has been helping Bangladesh in various ways, particularly in building infrastructures, transforming the economy of the country, Shamsul urged China to enhance the relationship on some areas including trade visits, cultural visits, people to people relations and many more. There are rooms for accelerating relationship on renewable energy, technology, and educational scholarships.
