China-Bangladesh economic, trade ties highly complementary with huge potential ahead: chamber head

Local students enjoy Chinese tea in Dhaka, Bangladesh, May 21, 2024. Two programs of "Tea for Harmony" Yaji Cultural Salon 2024 were held in Bangladesh's capital Dhaka this week, with hundreds of local people attending to appreciate the uniqueness of Chinese tea culture. (Photo: Xinhua)

China-Bangladesh economic and trade relations are highly complementary, and China's advanced technologies and vast experience across many industries can greatly assist Bangladesh in its journey toward industrial modernization and development, Al Mamun Mridha, secretary general of the Bangladesh China Chamber of Commerce and Industry (BCCCI), told the Global Times on Monday, expressing his high optimism toward bilateral ties.

The remarks came as Prime Minister Sheikh Hasina of Bangladesh is paying an official visit to China from Monday to Wednesday. This is her first visit to China since her new term began and five years after her last visit to China, according to the Xinhua News Agency.

Cooperation documents will be signed between the two countries during the Bangladeshi prime minister's visit, the report said.

This visit has drawn high expectations among business representative groups as greater opportunities are expected as bilateral ties strengthen.

"I have high expectations for Prime Minister Sheikh Hasina's China visit, which comes at a pivotal time for both countries, as we aim to deepen our economic and trade relations," Mridha said.

He anticipates that the visit will result in significant agreements and collaborations, particularly in infrastructure, technology transfer, and investment. "Strengthening these ties will not only enhance our trade balance but also open new avenues for Bangladeshi exports to China, thus fostering sustainable economic growth for both nations," Mridha said.

The chamber head's high anticipation over the Bangladeshi prime minister's visit does not come out of the blue. In the latest trade data released by China's General Administration of Customs, from January to May, China-Bangladesh bilateral trade amounted to 74.91 billion yuan ($10.30 billion), gaining a positive growth of 0.2 percent year-on-year. China remains Bangladesh's largest trading partner.

Moreover, China has also been one of the largest sources of investment in the South Asian country.

As of the end of 2023, China's investment stock in Bangladesh had increased to nearly $1.4 billion, and there were nearly 700 Chinese-funded companies in Bangladesh, creating more than 550,000 jobs, with bilateral ties continuing to tighten, according to the Chinese Embassy in Bangladesh.

Chinese investments in sectors like manufacturing, energy, and information technology can provide the necessary impetus for our industrial upgrade. Furthermore, adopting advanced Chinese technologies and products can enhance the productivity and competitiveness of Bangladeshi industries on the global stage, Mridha said.

"This cooperation [with China] will be instrumental in achieving our Vision 2041, which aims for Bangladesh to become a developed nation," the Bangladeshi industry representative said.

There are several areas where both sides have huge potential for cooperation. Infrastructure development such as roads, bridges, and ports, technology innovation that helps facilitate the South Asian country's digitalization, and the energy sector including modern energy solutions from China, according to Mridha.

Other areas such as textile and garments and agriculture and food processing also see great potential for cooperation.

Under this context, Mridha said that he is optimistic that the prime minister's visit will "pave the way for new partnerships and elevate our bilateral relations to new heights."

China and Bangladesh have engaged in extensive cooperation under the China-proposed Belt and Road Initiative, particularly in infrastructure development, yielding significant benefits that have greatly boosted Bangladesh's economic and social progress, Liu Zongyi, secretary-general of the Research Center for China-South Asia Cooperation at the Shanghai Institutes for International Studies, told the Global Times on Monday.

Bangladesh aims to officially graduate from its least developed country status by 2026. However, the subsequent economic trajectory and industrial transformation present significant challenges, Liu said, noting that strengthening cooperation with China can help facilitate Bangladesh's pursuit of sustainable development.