Bangladesh’s exports to China have increased by as much as 25 per cent during the first quarter of the current fiscal year, while total exports have risen by four per cent, commerce minister Tofail Ahmed yesterday disclosed. “We have a trade gap with China, just like with India. People talk about the Indo-Bangla trade gap issue, but not the China-Bangla trade gap, even though we benefit by importing products from these countries,” he said while addressing a seminar on ‘Bangladesh China Friendship: Achievements and Expectations’, organised by the Economic Reporters Forum (ERF).
Coordinated by ERF president Saiful Islam Dilal, former industries minister Dilip Barua, senior scribe and Bangladesh Federal Union of Journalists (BFUJ) president Monjurul Ahsan Bulbul and Centre for Policy Dialogue (CPD) additional research director Khandker Golam Moazzem also participated.
Tofail said a number of memoranda of understanding (MoUs) would be signed during the visit by Chinese president Xi Jinping in Dhaka on October 14.
The minister said a total of 100 economic zones would be established in Bangladesh, and construction of 20 of these has already started. One of them will be given to China, he added.
He, however, noted that there was a problem in implementing the Chinese projects, as it has no bidding system.
Under China’s conditions, there is no scope to float tenders, the minister said, adding, “I always raise this question at the meetings of the Cabinet Committee on Purchases.”
Dilip Barua observed that some people underestimate Bangladesh. Citing an example, Barua said the World Bank did not finance the Padma Multipurpose Bridge, but the project is nevertheless being implemented, thanks to the firm decision of Prime Minister Sheikh Hasina, with China’s cooperation.
He also noted that Chinese cooperation is required for blue economy activities. Monjurul Ahsan said additional space is required to ensure additional Chinese investment in Bangladesh. Pointing out a lot of prospects ahead of the visit of the Chinese president to Dhaka, he said: “We need the capability to utilise Chinese funds.” Golam Moazzem observed that trade volumes were increasing with China, but Chinese investments were not increasing in5 line with trade. He, however, noted that Chinese investments have recently increased in the manufacturing sector.
Moazzem also said China has a ‘one belt one road’ policy, which focuses on connectivity and cooperation among countries, primarily between the People's Republic of China and the rest of Eurasia. However, it is not clear whether Bangladesh is included in this plan, he added.