Golam Moin Uddin & AKM Moinuddin
Dhaka – Getting engaged very closely with Bangladesh, China sees an investment potential of around US$ 42 billion in the coming years though it is likely to come up with some $25 billion for the projects it has committed, UNB news agency reported.
“China doesn’t want to emphasise the figure of investment volume as it wants to engage deeply with Bangladesh ensuring a win-win situation,” an official told UNB mentioning that China sees an investment potential of US$ 42 billion in Bangladesh.
With the implementation of Belt and Road Initiative as well as BCIM (Bangladesh, China, India, Myanmar) Economic Corridor, many Chinese investors have expressed their interest to invest in Bangladesh in the fields of textile, garment and infrastructure projects, another official told the news agency referring to China’s focus areas.There has been no official announcement regarding investment figure during the historic visit of Chinese President Xi Jinping.
“This is not in practice (revealing investment figure). More importantly, there have been some areas which could not be finalised at that time,” a diplomat told UNB.
A government official said the actual amount that China will provide cannot be mentioned yet but it will be somewhere between US$20 billion to US$25 billion.
The Chinese side said their businesspeople have ‘encountered’ some difficulties in Bangladesh like land acquisition and natural gas supply which Bangladesh is trying to address.
According to a document of the Economic Relations Division (ERD), the Chinese President stressed promoting greater joint contribution and sharing the interest with each other countries participating in the ‘Silk Road Economic Belt’ and ‘21st Century Maritime Silk Road’ initiative.
“This initiative won’t only benefit China but also the countries along the Belt and Road,” an official said quoting the China’s views.
The Chinese side proposed establishing a joint working group to support Bangladesh in developing favourable policies for foreign investors and for resolving problems that may arise in the process of developing economic zones, said an ERD official.
He said the joint working group will help attract more foreign investment, especially Chinese one to Bangladesh.
Earlier, a memorandum of understanding (MoU) was signed between Bangladesh Economic Zones Authority (BEZA) and China Ministry of Commerce on cooperation in the establishment of Chinese Economic and Industrial Zone (CEIZ) in Bangladesh.
Following the MoU, BEZA allotted a land for the proposed economic zone which is situated in Anwara Upazila of Chittagong district on 774 acres of land.
If China needs more land to expand industrial zone, Bangladesh is ready to provide more, said a government official.
Apart from highlighting difficulties, the Chinese side has also expressed satisfaction over a number of favourable policies to attract more foreign investment and make the investment climate better.
Bangladesh and China signed documents of cooperation in the Belt and Road Initiative, industrial capacity building, power and energy, information and communication technology, investment, maritime cooperation, disaster management and cultural and people-to-people contacts during the Chinese President’s Dhaka visit.
