July 22, 2024, 4:55 pm

China-Bangladesh Economic Ties Poised for Growth Amid Prime Minister’s Visit

Sarakhon Desk
  • Update Time : Tuesday, July 9, 2024

Prime Minister Sheikh Hasina’s Visit to China Aims to Bolster Economic Collaboration

Prime Minister Sheikh Hasina’s official visit to China this week marks a significant step towards deepening economic and trade relations between China and Bangladesh. This visit, her first since the beginning of her new term, is expected to result in pivotal agreements and collaborations that will foster industrial modernization and development in Bangladesh.

Strengthening Bilateral Ties
Al Mamun Mridha, Secretary General of the Bangladesh China Chamber of Commerce and Industry (BCCCI), expressed high optimism regarding the visit. “This visit comes at a pivotal time for both countries, as we aim to deepen our economic and trade relations,” Mridha told the Global Times.

Key Areas of Cooperation
Infrastructure and Investment: Mridha anticipates significant agreements in infrastructure, technology transfer, and investment, which will not only enhance trade balance but also create new export opportunities for Bangladesh.

Technological Advancement: The adoption of advanced Chinese technologies is expected to boost productivity and competitiveness in Bangladeshi industries. Mridha highlighted the potential in sectors like manufacturing, energy, and IT, essential for Bangladesh’s industrial upgrade and Vision 2041.

Economic Data and Investments
From January to May, China-Bangladesh bilateral trade reached 74.91 billion yuan ($10.30 billion), showing a positive growth of 0.2 percent year-on-year. China remains Bangladesh’s largest trading partner and one of its biggest investors, with investments totaling nearly $1.4 billion by the end of 2023. This includes around 700 Chinese-funded companies in Bangladesh, creating over 550,000 jobs.

Future Prospects
The cooperation between the two nations is expected to pave the way for new partnerships in infrastructure development, digitalization, energy solutions, textiles, garments, agriculture, and food processing. The Belt and Road Initiative has already yielded significant benefits, boosting Bangladesh’s economic and social progress.

Liu Zongyi, Director of the Center for South Asia Studies at the Shanghai Institutes for International Studies, emphasized the importance of this cooperation. He noted that Bangladesh’s pursuit of sustainable development and its goal to graduate from the least developed country status by 2026 can be significantly facilitated by strengthening ties with China.

 

Please Share This Post in Your Social Media

Leave a Reply

Your email address will not be published. Required fields are marked *

More News Of This Category