Chinese presidents historic visit
China as a neighbour
can offer great
economic possibilities for Bangladesh, not just providing help for building crucial pieces of infrastructure
On the Chinese President Xi Jinpings current visit to Bangladesh, Prime Minister Sheikh Hasina very positively said that it would usher in a new era of intensive cooperation in trade, investment and other sectors between Bangladesh and China. Large loan agreements involving record Chinese funding amounting to $40 billions are expected to be signed during what China calls its presidents milestone visit to Bangladesh, 30 years after its former president Li Xiannian came here in 1986.
The intensive cooperation is a thing that ought to be given priority in this first quarter of 21st century when political and economic relations between one country and other is quickly changing. And both Bangladesh and China need to engage themselves accordingly to move to future.
On her part Sheikh Hasina emphatically reiterated that Bangladesh strongly adheres to the One-China policy and supports Beijing on its core national interests and efforts to safeguard its national sovereignty and territorial integrity. There is no denying the fact that Bangladesh and China as developing countries have common interests in regional as well as international affairs.
According to many, the size of Chinese economy has already become the greatest in the world. Bangladeshs closest neighbour, India, is also growing into an economic powerhouse. Given the complex relationship between China and India at this point of time, Bangladesh is, however, not expected to walk a tightrope now but it must handle problems and prospects through mature diplomacy with a futuristic vision.
Bangladesh needs to grow in all sectors and it ought to tap all potential venues and China as a neighbour can offer great economic possibilities for Bangladesh, not just providing help for building crucial pieces of infrastructure. During Xis visit, therefore, Bangladesh also needs to focus on reducing the trade gaps it has with China.
While it is true that China already provided zero tariff benefit to some Bangladeshi items, Bangladesh is still far away from taking any fruitful step in reducing the ever-yawning trade gap with China. The galloping economic imbalance with China can be minimised through improving the quality of Bangladeshs export items. Improved quality of products will also help Bangladesh reduce trade gaps with economic partners including India, Japan and others outside the continent.
In the recent years, direct foreign investment in Bangladesh does not present a hopeful scenario. As Bangladesh is going to create an exclusive Economic and Industrial Zone in Chittagong, Bangladesh needs to fruitfully encourage Chinese investors to invest in these economic zones.
Bangladeshs relationship with China is described as time-tested, all-weather friendship. History is witness to this warm relationship that has grown over centuries. For greater benefit, Bangladesh ought to make most from the current visit of Chinese president.
