Chinese Ambassador to Bangladesh Yao Wen on Wednesday said no matter who leads Bangladesh, China will continue to increase trade and investment in the country, supporting its sustainable development and the improvement of people’s livelihoods.
Speaking at a seminar in the capital, he said a sound investment environment requires institutional safeguards and hoped that Bangladesh will work with China towards the same direction to expedite the launch of negotiations on upgrading the Bangladesh-China bilateral investment treaty and Free Trade Agreement (FTI) between the two countries.
He said these efforts will help further bolster the confidence and determination of Chinese enterprises to invest in Bangladesh.
“We sincerely hope that our Bangladeshi friends will take it seriously and act promptly,” said Ambassador Yao while speaking at the seminar.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun, who spoke at the seminar, said they have a tendency of promising things nut not delivering.
“But in the government, we are trying to change that attitude and culture. Hopefully, you will see significant improvement,” he said.
The Chinese Enterprises Association in Bangladesh (CEAB) hosted the seminar titled ‘China-Bangladesh Industrial and Supply Chain Cooperation’ where ‘Industry Reports’ by the CEAB was released.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun, along with representatives from the concerned agencies and departments of the Bangladesh government and business leaders from both countries were present.
He said China stands ready to work with Bangladesh to follow the strategic guidance of the two leaders’ important consensus, take the Golden Jubilee as a new starting point, advance high-quality Belt and Road cooperation, promote the integration of industrial and supply chains as well as investment and trade.
“Together, we can elevate our economic and trade relations to new heights, and further contribute to the China-Bangladesh Comprehensive Strategic Cooperative Partnership,” he said.
The conference featured in-depth research reports from specialised branches of CEAB, covering power and energy, roads and bridges, harbor, textile and garments, trade and services, railway and civil aviation, information and communication technology and water and environment.
These reports aim to identify market trends, investment opportunities and challenges, facilitating collaboration between Bangladeshi and Chinese enterprises under the Belt and Road Initiative (BRI).
Ambassador Yao said with the joint efforts of both countries, Chinese enterprises will continue to thrive in Bangladesh and contribute to its economic and social development as well as the improvement of people’s livelihoods.
At Bangladesh’s current stage of development, he said, improving the business environment is crucial for fostering an open economy and achieving steady and sustainable development.
“Now, Bangladesh is also at a critical juncture of transformation and industrial upgrading. Under the able leadership of Chief Adviser Prof Muhammad Yunus, the economy keeps stabilising and improving, and the business environment is steadily enhancing, making the country emerge as a new investment hotspot in South Asia,” Ambassador Yao said.
Since Chinese enterprises constitute the largest group of foreign investors in Bangladesh, he said, it would be invaluable for the Bangladeshi friends to hear from their experiences and suggestions, which originate from their long-term operations here and are reflected in these ten reports.
“They crystallise the collective wisdom of Chinese enterprises in Bangladesh. I believe that they will serve as an important reference for the ongoing economic reforms in Bangladesh,” the Ambassador said.
In the first quarter of this year, Chinese investment in Bangladesh surged by 3.7 times. Since last August, nearly 20 Chinese companies have signed investment agreements with Bangladeshi partners, with a total intended investment exceeding US$400 million.
China has become the largest source of foreign direct investment in Bangladesh since the interim government took office.
The Chattogram Chinese Economic and Industrial Zone is about to start construction.
The cooperation documents for the Chinese Agrivoltaics Economic Zone at Baherchar Island have been signed, and the China-Bangladesh Mongla Port Economic Zone is progressing steadily, the Ambassador said.
He said China not only supports the current interim government but also has full confidence in Bangladesh’s future elected government.