Staff Reporter :
A summit focusing on “trade, business, and investment opportunities between Bangladesh and China” in Beijing has resulted in significant strides in bilateral economic relations.
During the summit, attended by Prime Minister Sheikh Hasina, 16 Memoranda of Understanding (MoUs) were inked between Bangladeshi and Chinese entities, marking a pivotal moment in enhancing economic ties between the two nations.
According to Shibli Rubayet ul Islam, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), these MoUs are set to bring $490 million in investments to Bangladesh.
This influx of capital spans across various sectors, including textiles, electric vehicles, solar power, fintech, and technology, underscoring the breadth of collaboration envisioned.
In a notable development, Nagad and Huawei Technologies (Bangladesh) Ltd. have sealed a strategic partnership involving a $50 million investment.
This partnership aims to bolster Bangladesh’s digital financial platform as part of the SMART Bangladesh initiative.
Additionally, Dex Bangladesh Tech Ltd. and Huawei Technologies (Bangladesh) have committed $20 million towards the ‘Bangladesh Capital Market Digital Transformation Project’, signalling a substantial boost in the country’s digital infrastructure.
Shibli Rubayet ul Islam expressed optimism about the potential for Chinese investments in Bangladesh surpassing $5 billion, contingent upon sustained interest from Chinese entities.
Deshbondhu Group, Chemtex, and China Chemical CNCC have entered into a substantial $400 million Memorandum of Understanding (MoU) to invest in Bangladesh.
This agreement aims to establish the largest factory for polyester staple fibre (PSF), PET bottles, and textile-grade products within the Mongla Economic Zone, highlighting China’s interest in expanding industrial capabilities in Bangladesh.
In the realm of infrastructure development, China Road and Bridge Corporation (CRBC) and Ningbo Cixing Company Limited have signed an investment framework agreement for the Chinese Economic and Industrial Zone in Bangladesh, underscoring efforts to enhance economic ties and infrastructural development.
Billion10 Communications Ltd. has also made significant strides in collaboration with Chinese partners.
They have signed MoUs with CHTC (HengYang) Intelligent EV Company Ltd for manufacturing electric vehicles, Ningbo Sun East Solar Co Ltd for establishing a solar park in Sylhet, HeSheng (Hoshine) Silicon Industry Co Ltd for investments in renewable energy, and Zhongke Guorui (Zhuhai) New Material Technology Co Ltd for the waste lubricant oil recovery and refining industry in Bangladesh.
Additionally, EB Solution Ltd. has partnered with Hongji Intelligent Transport Co. Ltd. for the Dhaka City Mobile Project and Ningbo Shering New Energy Technology Ltd. for investing in smart cold chain logistics solutions in Bangladesh.
Intraco Refuelling Station PLC and Shijiazhuang Enric Gas Equipment Co. Ltd. have collaborated on a $20 million investment for CNG transportation via river and road, further emphasising cross-sectoral cooperation between the countries.
Furthermore, Nitol Niloy Group has joined forces with multiple Chinese companies for diverse ventures in Bangladesh.
They have signed MoUs with Zibo Jinhuateng Paper Machinery Co. Ltd. for investments in the paper machinery sector; Zhengzhou Dongfeng Mid-South Enterprise Company for TBR tyre projects; Shandong Sunite Machinery for aerated autoclave concrete (AAC) block production; Daliam Huahan Rubber & Plastic Machinery for the rubber machinery sector; and ZP Technology (Anhui) Co. Ltd. for lithium batteries and electric vehicles.
These collaborations underscore a deepening economic relationship between Bangladesh and China, encompassing diverse sectors from digital finance and renewable energy to manufacturing and infrastructure development.
During her speech at the business summit, Prime Minister Sheikh Hasina urged Chinese investors to consider Bangladesh as a prime investment destination, citing the country’s skilled manpower and promising business opportunities.
“Bangladesh is one of the most favourable investment destinations in the world. We are committed to ensuring your business is profitable,” she emphasised.
“You will find in us all the support and assistance you need. Let us work together to build a stronger, more prosperous, and more connected world. It is time to invest in Bangladesh, and I am confident that with our hands joined together, we can achieve great things,” she stated.
Ahsan Khan, chairman of the Pran-RFL group, expressed enthusiasm about Bangladesh hosting a successful summit with Chinese investors.
“Chinese investors are showing significant interest in Bangladesh. I’ve witnessed their keenness to expand investments both here and in China,” he remarked.
“Pran-RFL Group currently exports products to China and imports raw materials. The Belt and Road initiative, if successful, will enable easier transportation by road and rail. This will potentially lower costs, enhancing our global competitiveness,” Khan added.
Al Mamun Mridha, Secretary General of the Bangladesh China Chamber of Commerce and Industry (BCCCI), highlighted the Prime Minister’s call for increased investment in Bangladesh.
“We have seen over 1000 Chinese investors expressing interest in recent years, all of whom were invited to today’s summit,” Mridha noted.
“We anticipate a reduction in our bilateral trade deficit as Chinese investments pour into Bangladesh’s export sectors,” he added.