Economy
Envoy says China, a trustworthy neighbor to Bangladesh
Bangladesh on Friday (8 September) reaffirmed its strong and enduring partnership with China, describing China as a dependable neighbor, close friend, and collaborative ally in Bangladesh’s path to modernization. This declaration was made during the inauguration of the “Belt and Road Initiative in Bangladesh Exhibition 2023” in the city, where the Chinese envoy delivered a keynote address emphasizing the commitment to bolster economic and trade relations between China and Bangladesh.
The envoy expressed optimism that, under the Belt and Road Initiative, the relationship between the two nations would ascend to new heights and usher in a fresh era of friendly collaboration. Notably, this year marks the 10th anniversary of the Belt and Road Initiative, with Bangladesh having been the first South Asian country to join this initiative.
The Chinese envoy extended gratitude to the Bangladesh China Chamber of Commerce and Industry and the Chinese Enterprise Association for orchestrating this event. He underscored the significance of this exhibition, which vividly showcases the achievements of the Belt and Road Initiative in Bangladesh, serving as a platform for cooperation between Chinese and Bangladeshi enterprises. Moreover, this exhibition is a gesture commemorating the 74th anniversary of the Founding of the People’s Republic of China.
The “Belt and Road Initiative in Bangladesh Exhibition 2023” is a premium exhibition that features leading companies from both China and Bangladesh. It is scheduled from September 8th to 10th, 2023, at the Bangabandhu Bangladesh – China Friendship Exhibition Center in Purbachal, running from 10:30 AM to 7:00 PM. The event is a collaborative effort involving the Embassy of China in Bangladesh, the Bangladesh China Chamber of Commerce and Industry (BCCCI), and the Chinese Enterprise Association (CEAB).
The exhibition encompasses various activities, including seminars, workshops with government departments, forums for dialogue between Chinese and Bangladeshi businesses, job fairs, and business meetings. Among the exhibitors are 15 Chinese companies with their South Asian regional headquarters in Bangladesh, nearly 20 other prominent Chinese companies actively operating in the Bangladesh market, and several prominent Bangladeshi companies and banks.
The Bangladesh Meteorological Department (BMD) has forecasted light to moderate rain or thundershowers accompanied by temporary gusty winds at most places across the Rangpur, Rajshahi, Mymensingh, Dhaka, Khulna, Barishal, Chattogram, and Sylhet divisions. Some areas may experience moderately heavy to very heavy rainfall, according to their latest weather bulletin released on Thursday.
Day and night temperatures are expected to remain nearly unchanged across the country.
The highest rainfall in the country over the past 24 hours was recorded in Kumarkhali, with 104mm of rain by 6 a.m. on Thursday.
The axis of the monsoon trough extends from India’s Madhya Pradesh, Odisha, and West Bengal to Assam, passing through Bangladesh, with one of its associated troughs stretching into the North Bay of Bengal.
The monsoon remains active over Bangladesh and moderate to strong over the North Bay region.
Chinese Foreign Minister Wang Yi expressed China’s keen interest in investing in Bangladesh’s solar panel industry and strengthening trade and economic relations with the country. He made these remarks during a meeting with Bangladesh’s Chief Adviser, Professor Muhammad Yunus, on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters on Wednesday.
Calling Prof. Yunus “an old friend of the Chinese people,” Wang Yi congratulated him on assuming the leadership of Bangladesh’s interim government. He voiced confidence in Prof. Yunus’s ability to meet the expectations of the people and unite the nation.
Wang Yi affirmed China’s commitment to Prof. Yunus’s earlier request for Chinese solar panel manufacturers to establish plants in Bangladesh, a proposal raised when the Chinese ambassador in Dhaka met Prof. Yunus last month. The Chinese Foreign Minister also emphasized fostering greater cooperation between companies from both nations.
He highlighted China’s recent decision to grant zero-tariff access to goods from Least Developed Countries (LDCs), which Bangladesh stands to benefit from. Additionally, Wang Yi noted that the Chinese Red Cross had sent a medical team to treat individuals injured during the mass protests that occurred in Bangladesh between July and August.
In terms of education, Wang Yi expressed China’s readiness to welcome more Bangladeshi students to study in the country, further strengthening people-to-people ties.
Prof. Yunus thanked China for its continued support, praising its “amazing” achievements in poverty reduction. He urged Chinese solar companies to invest more substantially in Bangladesh, taking advantage of the preferential market access that the country enjoys in many developed economies. He also encouraged other Chinese manufacturers to consider relocating their factories to Bangladesh.
The Chief Adviser emphasized the importance of building closer ties with China, describing this moment as an opportunity to “open a new chapter” in bilateral relations. He also called for increased technological collaboration between businesses in both countries, underscoring the potential for future cooperation.
“We will love to collaborate with Chinese companies. We have a lot of scope to work together,” Prof. Yunus said.
Ajay Banga, President of the World Bank (WB) Group, announced today that the global financial institution would extend $3.5 billion to support reform initiatives undertaken by Bangladesh’s interim government. The announcement was made during a meeting between Banga and Bangladesh’s Chief Adviser, Professor Muhammad Yunus, on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters on Wednesday.
Banga, a long-time friend of Prof. Yunus, revealed that $2 billion would come as fresh funding, while an additional $1.5 billion would be redirected from existing programmes. The World Bank’s financial assistance aims to support critical reforms in Bangladesh’s digitisation, liquidity, energy, power, and transport sectors.
During the discussions, Prof. Yunus expressed his gratitude and urged the World Bank to take a creative approach in designing its lending programme, emphasizing the significant opportunity to rebuild the nation.
In the meeting, the WB president also explored avenues for energy sector cooperation in South Asia, specifically how hydro energy generated in Nepal and Bhutan could be distributed to neighboring countries like India and Bangladesh.
Energy and Power Adviser Fouzul Kabir Khan was also in attendance at the meeting, which underscored the broader regional energy collaboration efforts.
