Speakers: Bangladesh now a risk-free place for Chinese investment

Online Desk

10 Sep 2023, 12:13

Bangladesh has become a perfect and risk-free destination for increasing Chinese investment, speakers said at a seminar in Dhaka on Saturday.

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The seminar, titled "China-Bangladesh Enterprises High-quality Development Forum Achievement and Way Forward", took place at the Bangabandhu Bangladesh–China Friendship Exhibition Centre in Purbachal, Dhaka.

The Bangladesh China Chamber of Commerce and Industry (BCCI) and the Chinese Embassy in Dhaka jointly organized the event.

Speakers at the seminar said that the Bangladesh government has strengthened infrastructure, ICT, roads, highways, and the power and energy sectors to promote more investment.

“Bangladesh has now turned into an ideal and risk-free place for foreign investment, especially from China,” they said.

The speakers also highlighted that the Chinese government and businesses have acted as key contributors to Bangladesh's development.

The current development scenario in Bangladesh is boosting confidence to draw more investment from China, and Chinese counterparts should take this advantage, they said.
However, during the open discussion session at the end of the seminar, Chinese investors in Bangladesh voiced complaints about harassment over new working conditions, customs, and visa issues.

Addressing the seminar as the chief guest, Economic Relations Division (ERD) Additional Secretary AHM Jahangir said that the Chinese investment in Bangladesh is visible enough.

"Chinese companies operating in Bangladesh are making higher profits than others. Investing in Bangladesh is less risky for them, leading us to anticipate increased Chinese investment in the future," he said.

Mentioning the nature of Chinese investments in Bangladesh, he further said: "Most are G2G projects and others are government tenders. The internal procedure for finalizing these projects with China is slow. I urge the Chinese government to reduce the time of processing the investments in Bangladesh.”

In his welcome speech, Chinese Enterprises Association in Bangladesh (CEAB) President and CCECC Bangladesh Limited Chairman Ke Changliang said: “China is the infrastructure construction hero in the world, even in Bangladesh. Chinese companies are quite active in different important mega projects.”

“A total of 12 roads and 21 bridges totalling a length of 550 kilometres have been built, while seven railway lines with a total length of 541.9 kilometres have been constructed by Chinese enterprises,” he said.

“Also, Chinese enterprises have invested in various energy fields such as coal, solar, and wind power plants, making the energy mix increasingly diversified,” he added.

He further said that Chinese companies now have made significant investments in the manufacturing sector and set up manufacturing plants that created half a million jobs in Bangladesh.

“In the EPZ area, 25% of investors are Chinese. Chinese companies have been working hard and made a great achievement and contribution to the rapid socio-economic development of Bangladesh,” he said.

“Looking into the future, we commit to strengthen ties with all parties in Bangladesh, to prompt the bilateral economic cooperation to a higher level,” he added.

Bangladesh China Chamber of Commerce and Industry (BCCCI) General Secretary Al Mamun Mridha said: "Bangladesh and China have a remarkable journey of 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,” he said.

“In the coming years, we aspire to further strengthen our ties, explore new avenues of cooperation, and continue to work towards mutual prosperity,” he added.

Mentioning the Belt and Road Initiative as a beacon of hope, the BCCCI general secretary hoped that it would “continue to illuminate the path toward high-quality development and a brighter future for both nations”.

Deputy Country Manager of PowerChina in Bangladesh Han Kun said: In Bangladesh, we are investing the most in the energy sector. This is because there is no alternative to electricity or renewable energy for economic development.”

“There is a lot of development happening in the power sector. The prime minister has stated Bangladesh's target is to achieve 40% of renewable energy by 2041. But this target is far off; there is a huge gap in fulfilling this goal," he added.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said: “Chinese investors should invest more in the RMG sector of Bangladesh. Currently, the RMG sector of Bangladesh is playing one of the leading roles in the economic sector. China can help us take this industry forward with its advanced technology.”

After the discussion at the seminar, in the open session, Chinese investors in Bangladesh complained about harassment over new business conditions and visa issues. They highlighted concerns regarding the time delay associated with the imposition of customs duties, taxes, and visa issues.

Later, Sung Yong, commercial counselor of the Chinese Embassy in Dhaka, sought assistance from the BCCCI leaders and relevant government officials present at the seminar on addressing these complaints.

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