On July 8, Prime Minister Sheikh Hasina of Bangladesh commenced a four-day bilateral visit to China, marking a significant milestone in the relationship between the two countries. Invited by Chinese Premier Li Qiang, this visit aims to elevate the bilateral relations from a “strategic partnership” to a “comprehensive strategic cooperative partnership”, reflecting a deepening of ties and mutual commitment to economic and strategic cooperation.
During her visit, which spans from July 8 to July 11, Prime Minister Sheikh Hasina is scheduled to engage in high-level discussions with top Chinese leaders. On July 10, she will meet with Chinese President Xi Jinping and participate in a delegation-level bilateral meeting with Premier Li Qiang. These meetings are expected to focus on enhancing bilateral cooperation in various sectors, including trade, investment, infrastructure, and technology.
One of the key highlights of the visit is the anticipated signing of 20 to 22 Memorandums of Understanding (MoUs) between Bangladesh and China. These agreements are aimed at fostering collaboration in multiple areas and signify the commitment of both nations to further strengthen their partnership.
On July 9, Prime Minister Sheikh Hasina addressed the Chinese business community at the “Trade, Business, and Investment Opportunities between Bangladesh and China” summit in Beijing. The event was organized by the Embassy of Bangladesh in Beijing, Bangladesh Investment Development Authority (BIDA), Bangladesh Securities and Exchange Commission (BSEC), and the China Council for the Promotion of International Trade (CCPIT).
In her address, Prime Minister Sheikh Hasina urged Chinese investors to take advantage of Bangladesh’s liberal investment regime and explore opportunities in key sectors such as infrastructure, energy, logistics, information and communication technology (ICT), tourism, and agro-processing industries. She highlighted the significant potential for Chinese investment in the energy sector, including renewable energy, and invited Chinese businesses to invest in climate-resilient smart farming and agro-processing industries with buy-back arrangements.
Sheikh Hasina announced plans to establish three special tourism zones in Bangladesh, inviting Chinese investments in real estate and hospitality. She also encouraged Chinese investors to consider portfolio investments in Bangladesh, noting the efforts of the Bangladesh Securities and Exchange Commission to further develop its capital markets and make them more attractive to foreign investors.
Highlighting Bangladesh’s embrace of the digital age, PM Sheikh Hasina pointed out that her government actively promotes the growth of the ICT sector by offering incentives for startups, investing in tech parks, and fostering an ecosystem that encourages innovation and entrepreneurship. “Our young entrepreneurs are making their mark on the global stage, and we invite you to be a part of this exciting journey,” she stated.
She also mentioned the opportunities in renewable energy, waste management, and green technologies, emphasizing Bangladesh’s commitment to sustainable development.
At the summit, 16 MoUs were exchanged between companies from Bangladesh and China, showcasing the growing business collaborations. Prominent business leaders from both countries, including Chinese Vice Minister of Commerce Li Fei, Chairman of China Communications Construction Group Company Ltd Wang Tongzhou, President and CEO of HSBC China Mark Wang, and Senior Vice President of Huawei Simon Lin, participated in the event.
Prime Minister Sheikh Hasina elaborated on Bangladesh’s strategic location, highlighting its direct connectivity to major international trading and shipment routes. “We are at the crossroads of the South Asian, Southeast Asian, and East Asian growth circuits. Our seaports, airports, and land routes are continuously upgraded to meet international standards, ensuring efficient and seamless logistics,” she said.
She emphasized Bangladesh’s huge domestic market and the adjacent markets’ endless opportunities. “Bangladesh is committed to ensuring your business operations are profitable,” she assured potential investors, noting the country’s liberal investment regime and the comprehensive services provided by the Bangladesh Investment Development Authority (BIDA).
Sheikh Hasina highlighted Bangladesh’s ambitious infrastructure projects, including the establishment of 100 Special Economic Zones (SEZs) equipped with state-of-the-art facilities. Additionally, the country is developing five country-specific Economic Zones to foster closer economic ties with key partner nations.
She also mentioned significant measures taken by her government to enhance the ease of doing business, including legislative reforms, simplified procedures, and improved infrastructure. “Our aim is to position Bangladesh as one of the most attractive investment destinations in the world,” she declared.
The premier outlined Bangladesh’s maiden logistics policy aimed at achieving sustainable economic growth by increasing domestic and international trade and investment capacity through a world-class, technology-based, time and cost-efficient, and environmentally friendly logistics system. The policy emphasizes encouraging private sector investment in infrastructure development through public-private partnerships.
Sheikh Hasina cited several mega-projects as examples of Bangladesh’s infrastructure advancements, including the Padma Multi-purpose Bridge, the Karnaphuli River Tunnel, the Matarbari Deep Sea Port, the expanded Third Terminal at Dhaka International Airport, the Rooppur Nuclear Power Plant, and the Dhaka Metro-Rail system. She also highlighted nationwide electricity and internet coverage, as well as the launch of Bangladesh’s first communication satellite, Bangabandhu-I.
Prime Minister Sheikh Hasina emphasized Bangladesh’s young and dynamic workforce, with a median age of around 27 years. She noted the government’s efforts to enhance workforce capabilities through vocational training and higher education initiatives. “Our youths are gearing up to participate in the Fourth Industrial Revolution,” she said, adding that investing in Bangladesh means gaining access to a large pool of skilled and semi-skilled labor.
China is Bangladesh’s largest trading partner, with trade volumes increasing annually. Sheikh Hasina expressed Bangladesh’s commitment to addressing trade imbalances and creating a more equitable trade relationship. She encouraged Chinese investments in Bangladesh’s export-oriented industries to diversify the export basket and reduce trade deficits.
She also urged Chinese companies to form joint ventures with Bangladeshi firms to facilitate technology transfer, skill development, and market access. “Investment in research and development is crucial for fostering innovation and competitiveness,” she said, inviting Chinese companies to establish R&D centers in Bangladesh.
Prime Minister Sheikh Hasina also emphasized the shared vision for economic growth, technological advancement, and sustainable development between Bangladesh and China. She expressed confidence that the partnership between the two countries holds immense promise for the future. “Let us work together to build a stronger, more prosperous, and more connected world,” she said.
The visit underscores the strong and enduring friendship between Bangladesh and China, highlighting the significant contributions China has made to Bangladesh’s infrastructure projects, technological advancements, and overall economic growth. With both nations committed to exploring new areas of collaboration in trade and investment, the future looks promising for Bangladesh-China relations. This visit marks a new chapter in the strategic partnership, setting the stage for a mutually beneficial and prosperous relationship between the two countries.
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