Monday, 25 September, 2023

Bangladesh a risk-free destination for Chinese investment

  • Staff Correspondent
  • 10th September, 2023 03:35:36 PM
  • Print news
Bangladesh a risk-free destination for Chinese investment

Popular News

Bangladesh is becoming an increasingly attractive destination for Chinese investment, AHM Jahangir, additional secretary of the Economic Relations Division (ERD), has said.  

Speaking at the Belt and Road Initiative in Bangladesh Exhibition on Saturday as the chief guest, Jahangir highlighted that Chinese companies operating in the country are yielding higher profits compared to others.

The exhibition, marking the tenth anniversary of the Belt & Road Initiative (BRI), was held at the Bangabandhu Bangladesh-China Friendship Exhibition Center in Purbachal.

Embassy of China in Bangladesh, in association with the Bangladesh China Chamber of Commerce & Industry (BCCCI) and the China Enterprises Association in Bangladesh (CEAB) organized the event.

"Rather than investing in Bangladesh being risky, it has turned out to be highly profitable for Chinese businesses. We anticipate a surge in Chinese investment in the days to come," said Jahangir.

He further added that the majority of investments are G2G (Government to Government) projects, while the rest come through government tenders. "The internal procedure for finalising these projects with China has been slow. We urge the Chinese government to accelerate the process," he advised.

CEAB President Ke Changliang, who delivered the welcome address, underscored China's global leadership in infrastructure development.

"Chinese companies are significantly involved in pivotal mega-projects in Bangladesh," he said. Changliang cited the construction of 12 roads and 21 bridges totalling 550 kilometres, along with seven railway lines spanning 541.9 kilometres,                 as testament to Chinese involvement. Investments in diverse energy fields, including coal, solar, and wind power, have also been made by Chinese enterprises, adding variety to Bangladesh's energy mix.

Jahangir also highlighted that the Bangladesh government has invested heavily in strengthening infrastructure, technology, and energy sectors to attract further foreign investments. "The government is fully committed to creating an enabling environment for more investors to come in," he stated.

The exhibition featured 15 Chinese companies with South Asian regional headquarters in Bangladesh, nearly 20 other large Chinese enterprises operating deeply in the Bangladesh market, and several large Bangladeshi companies and banks.

Chinese companies have made significant investments in the manufacturing sector, setting up plants that have created half a million jobs in Bangladesh. In the EPZ area, 25 percent of investors are Chinese, according to entrepreneurs.

BCCCI Secretary General Mamun Mridha stated that Bangladesh and China have had a remarkable journey marked by high-quality development, innovation, and collaboration under the Belt and Road Initiative. "Chinese companies have been instrumental in transforming our nation, contributing to various sectors of our economy. In the coming years, we aspire to further strengthen our ties, explore new avenues of cooperation, and continue working towards mutual prosperity," he said.

Chinese Commercial Counsellor Song Yang, BGMEA First Vice President Syed Nazrul Islam, Bangladesh Bridge Authority Chief Engineer Quazi Muhammad Ferdous, BKMEA Executive President Mohammad Hatem, AM Al-Amin of the Public-Private Partnership Authority, CEAB Honorary President Zhuang Lifeng, Huawei South Asia Technology Chief Ma Jian, PowerChina in Bangladesh Deputy Country Manager Han Kun, S Alam Group Advisor ASM Alamgir Kabir, Powervision Group Managing Director Mojibur Rahman, and Max Group Chairman Ghulam Mohammed Alomgir were also present on the occasion.