China Bangladesh Photo: VCG
China has been the largest source of foreign investment in Bangladesh during recent years, with investments in sectors including energy, transportation, and digital industries creating a large number of jobs and generating tax revenue, injecting momentum into the South Asian country’s economic growth, Han Kun, president of the Chinese Enterprises Association in Bangladesh, told the Global Times on Wednesday.
Han highlighted the close economic and trade cooperation between China and Bangladesh, noting that this year marks the 50th anniversary of diplomatic relations between the two nations.
Since October 2016, Chinese companies have invested over $11 billion in Bangladesh, mainly in sectors like electricity, roads and bridges, water supply, and textiles, Han said.
Through these investments, Chinese companies created substantial employment opportunities and tax revenue for Bangladesh. According to incomplete statistics, Chinese companies have directly and indirectly generated about 550,000 jobs in Bangladesh. Simultaneously, they have promoted technological innovation in relevant local industries, he said.
For example, during the construction of the Dhaka Bypass Expressway, now opening for a trial operation – China’s Sichuan Road and Bridge Group developed two technologies “semi-rigid pavement” and “reinforced retaining walls” to address Bangladesh’s flexible pavement conditions, such as poor load-bearing capacity, low stability, and limited raw materials, Han said.
In addition, China and Bangladesh hold great potential for agricultural cooperation, Han said, noting that China and Bangladesh have long maintained sound cooperation in sectors including textiles and agriculture, with the international competitiveness of Bangladesh’s textile industry increasing by importing high-quality textile raw materials from China.
A shipment of three tons of fresh mangoes from Bangladesh arrived in Changsha on May 28, marking China’s first import of mangoes from the country, Xinhua News Agency reported.
“In the field of agricultural collaboration, China and Bangladesh hold substantial potential for cooperation in areas such as trade in agricultural products, fruits and vegetables, deep processing of marine products, high-end food production and export, and cold chain logistics,” Han said.
During Chinese Commerce Minister Wang Wentao’s visit to Bangladesh between May 31 and June 1, a delegation of Chinese companies organized by China Chamber of Commerce of Import and Export of Foodstuffs explored the local market and discussed cooperation with local government agencies and businesses, Han said.
For example, China, as a major fishing nation, has made significant progress in aquatic product processing. Bangladesh possesses abundant marine fishery resources.
Through cooperation, Chinese technologies can be applied to enhance seafood processing in Bangladesh to develop ready-to-eat seafood, marine bioproducts, aquatic seasonings, and other value-added products, increasing the economic value of Bangladesh’s aquatic resources, said Han.
China has actively worked to address the trade imbalance with Bangladeshby lowering tariffs – providing 98 percent zero-tariff treatment for Bangladeshi goods and expanding market access for Bangladeshi agricultural products, such as mangoes and jute. Additionally, the proportion of ready-made garments exported from Bangladesh to China has been increasing annually, helping mitigate the impact of US tariffs on the country, Han said.
As the first South Asian country to sign a Belt and Road cooperation document with China, Bangladesh has achieved fruitful outcomes with China under the BRI framework. “While steadily boosting cooperation in traditional sectors, there are extensive opportunities for the two countries to expand collaboration in sectors including textiles, agro-processing, fisheries, food, and information technology,” Han said.