On Wednesday, Yao Wen, the Chinese Ambassador to Bangladesh, stated that regardless of the leadership in Bangladesh, China is committed to enhancing trade and investment in the nation, thereby supporting sustainable development and improving the livelihoods of its people.
During a seminar held in the capital, he emphasised that a robust investment environment necessitates institutional safeguards. He expressed optimism that Bangladesh would collaborate with China to advance negotiations aimed at upgrading the bilateral investment treaty and Free Trade Agreement (FTA) between the two nations.
He stated that these initiatives will enhance the confidence and resolve of Chinese companies to invest in Bangladesh.
Ambassador Yao emphasised the importance of prompt action, stating, “We sincerely hope that our Bangladeshi friends will take it seriously and act promptly,” during his remarks at the seminar.
Chowdhury Ashik Mahmud Bin Harun, the Executive Chairman of the Bangladesh Investment Development Authority (BIDA), addressed the seminar, highlighting a recurring issue of making promises without follow-through.
“The government is actively working to shift that attitude and culture.” “We are optimistic that you will experience substantial progress,” he stated.
The Chinese Enterprises Association in Bangladesh (CEAB) organised a seminar named ‘China-Bangladesh Industrial and Supply Chain Cooperation,’ during which the CEAB unveiled its ‘Industry Reports.’
Chowdhury Ashik Mahmud Bin Harun, the Executive Chairman of the Bangladesh Investment Development Authority (BIDA), was in attendance alongside representatives from relevant government agencies and departments, as well as business leaders from both nations.
China has expressed its readiness to collaborate with Bangladesh, emphasising the importance of adhering to the strategic guidance established by the consensus of the two leaders. The Golden Jubilee is viewed as a pivotal moment to initiate high-quality Belt and Road cooperation, with a focus on enhancing the integration of industrial and supply chains, alongside investment and trade initiatives.
“Together, we can elevate our economic and trade relations to new heights, further contributing to the China-Bangladesh Comprehensive Strategic Cooperative Partnership,” he stated.
The conference showcased comprehensive research reports from various specialised sectors of CEAB, including power and energy, roads and bridges, harbours, textiles and garments, trade and services, railways and civil aviation, information and communication technology, as well as water and environment.
The reports focus on pinpointing market trends, investment opportunities, and challenges while promoting collaboration between Bangladeshi and Chinese enterprises within the framework of the Belt and Road Initiative (BRI).
Ambassador Yao emphasised that through collaborative efforts between the two nations, Chinese businesses are poised to flourish in Bangladesh, playing a significant role in the country’s economic and social advancement, as well as enhancing the quality of life for its citizens.
He emphasised that at this stage of development in Bangladesh, enhancing the business environment is essential for promoting an open economy and attaining consistent and sustainable growth.
Bangladesh finds itself at a pivotal moment, marked by significant transformation and advancements in its industrial sector. Ambassador Yao highlighted the positive trajectory of the economy under the leadership of Chief Adviser Prof Muhammad Yunus, noting that it continues to stabilise and improve. He emphasised that the business environment is progressively enhancing, positioning the country as a burgeoning investment hotspot in South Asia.
With Chinese enterprises representing the largest contingent of foreign investors in Bangladesh, he emphasised the importance of Bangladeshi stakeholders gaining insights from their experiences and recommendations. These insights stem from the extensive operations these companies have maintained in the country, as detailed in the ten reports presented.
“They encapsulate the shared knowledge of Chinese businesses operating in Bangladesh.” The Ambassador stated, “I believe that they will serve as an important reference for the ongoing economic reforms in Bangladesh.”
During the first quarter of this year, there was a remarkable increase in Chinese investment in Bangladesh, soaring by 3.7 times. Since August of last year, nearly 20 Chinese firms have entered into investment agreements with partners in Bangladesh, collectively aiming to invest over US$400 million.
Since the interim government assumed power, China has emerged as the leading source of foreign direct investment in Bangladesh.
Construction is set to commence on the Chattogram Chinese Economic and Industrial Zone.
The Ambassador announced that the cooperation documents for the Chinese Agrivoltaics Economic Zone at Baherchar Island have been signed, while also noting the steady progress of the China-Bangladesh Mongla Port Economic Zone.
He stated that China not only backs the existing interim government but also expresses complete confidence in the future elected government of Bangladesh.
