Massive investment by China on cards
Chinese President Xi Jinping’s upcoming visit to Dhaka has created much media hype, as Bangladesh is hoping to get billions of dollars of investment from China under an umbrella deal between Dhaka and Beijing.
All media outlets in Bangladesh are carrying out in-depth reports and analysis highlighting entire gamut of Sina-Bangla bilateral relationship with the advent of Chinese president’s visit to Bangladesh.
Quoting senior government officials of both sides, they said, the visit would take the Dhaka-Beijing relations to “new heights”.
This will be the maiden visit by a Chinese head of state in 30 years scheduled for October 14.
“Both sides will sign loan agreements of a record amount,” MA Mannan, state minister for the planning and finance ministries told media ahead of Chinese President’s visit to Dhaka.
The state minister could not ascertain the amount, but his ministry officials said it could be up to $40 billion.
“Big loan deals will be signed to build mega infrastructure projects,” a senior Finance Ministry official told The New nation yesterday.
At least 21 projects on communication, power and energy, information technology, industries and improving of living standards have been chosen for Chinese support.
Those include four each on railways and road transport and power sectors, five on socio-economic projects to improve standard of living, two on industries, and one each on fuel and Industrial Chemical Technologies (ICT).
“Dhaka and Beijing have already discussed over their financing. We hope the issue would be settled during the visit of Chinese President,” said the finance ministry official.
State Minister for Foreign Affairs Shahriar Alam earlier said China expressed its willingness about extending support for implementing these projects after feasibility study of these projects Bangladesh.
Of these projects, the estimated loan for Padma Bridge rail link project is $ 2.57 billion, Dhaka-Chittagong railway project $3.03 billion, Dhaka-Ashulia elevated expressway $1.39 billion, Sitakunda-Cox’s Bazar marine drive expressway and coastal protection project $ 2.85 billion and four lane Dhaka-Sylhet highway project $ 1.6 billion.
The ICT project is likely to get $1 billion credit from China and will be spent for establishing digital connectivity.
China on Monday officially announced the visit of President Xi Jinping to Bangladesh at the invitation of President Md Abdul Hamid.
Assistant Minister of Foreign Affairs Kong Xuanyou at a press briefing said the visit would be a “milestone”, noting that both sides would make deals and bilateral relations would be improved, reports Xinhua.
Xi would pay “state” visits to Cambodia and Bangladesh and attend the eighth BRICS Summit in Goa, India from October 13 to October 17.
During the visit, Xuanyou said, Xi will meet President Abdul Hamid, Speaker Shirin Sharmin Chowdhury, and hold bilateral talks with Prime Minister Sheikh Hasina.
Hamid would receive him at the airport on his arrival at 11.40am, according to the tentative programme. All the official engagements would be finished on the first day.
He would leave Dhaka for Goa on Octover 15 after paying respect to the National Martyrs Memorial in Savar at about 9am.
Xi’s visit to Bangladesh is regarded as significant as it is taking place after 30 years. In March 1986, then Chinese president Li Xiannian had visited the country.
“The visit of Chinese President has huge significance in terms of trade and economic aspects as well as further consolidating bilateral relations,” Tofail Ahmed, Minister for Commerce told The New Nation yesterday.
He said Prime Minister Sheikh Hasina is expected to discuss issues like economic and regional cooperation, security and other bilateral matters during the meeting with the Chinese president.
“She will seek Chinese support to develop big infrastructure projects taken up by her government,” he added.
“No doubt, the visit of Chinese President would be ‘milestone’ in improving the bilateral relations and economic cooperation. Bangladesh is likely to sign big loan deals to finance its development projects.
These deals should be singed after creating a ‘win-win’ situation and upholding long-term interests of the country,” Prof Mustafizur Rahman, Executive Director, Centre for Policy Dialogue, told The New Nation.
“The loan deals should be competitive and economically viable,” he added.
