Build comprehensive trade partnership with China: experts

Dhaka and Beijing should build a comprehensive trade partnership in order to facilitate Bangladesh's economic development, said speakers at a webinar held yesterday.

"The commerce ministry should prioritise agendas to build up a comprehensive trade partnership with China so that both sides can benefit in terms of imports and exports," said Shamsul Alam, state minister for planning.

The event, styled "Chinese Investment: Prospects and Challenges in Bangladesh", was organised by the Bangladesh China Chamber of Commerce and Industry (BCCCI).

"This type of partnership would help Bangladesh become a rich country by 2041 as well as achieve sustainable development goals (SDGs)," Alam said.

Bangladesh needs an additional $6 to $9 billion in investments to attain its SDGs by 2030.

"So, foreign direct investment is highly required," he added.


The state minister for planning stressed the need for technology adaptation for increased economic growth, and spending 1 per cent of the country's gross domestic product (GDP) to reassess and ensure quality education.

Alam said he believes Bangladesh will become one of the strongest economies in South Asia in the coming days.

He went on to say that China is a big player in developing Bangladesh's economy in terms of investment.

Mahbub Uz Zaman, ambassador of Bangladesh to China, said many Chinese investors are showing interest in Bangladesh's leather, chemical, and various other sectors.

Regarding the duty-free access enjoyed by 97 per cent of Bangladesh's products to Chinese markets, Zaman said this benefit encourages Chinese investors to open operations in the country.

He also said the Chinese special economic zone will help to attract more Chinese investment.

However, these investors need support for supply chain development in Bangladesh, Zaman added.

MS Siddiqui, a legal economist, said Bangladesh has a positive image among Chinese investors and they are interested to invest here due to the cheaper labour compared to China and Vietnam.

He also emphasised developing skilled manpower for the investors.

There is good scope for Chinese small-and-medium enterprises (SMEs) to grow their business in Bangladesh.

But, there is no Chinese SME in Bangladesh despite the huge potential, Siddiqui said.

M Abu Eusuf, a professor of the economics department at the University of Dhaka, said Chinese investors can develop their businesses in Bangladesh as the domestic market size is growing rapidly.

Mohsina Yasmin, executive member of the Bangladesh Investment Development Authority, said China has been the largest source of foreign investment proposals in Bangladesh for the last five years,

Moderated by Siban Shahana, a researcher at the Bangladesh Institute of Development Studies, the seminar was also addressed by Gazi Golam Murtoza, president of the BCCCI.

Md Rakibul Hoque, associate professor of management information systems at the University of Dhaka, delivered the keynote.