Staff Reporter:
Bangladesh has secured a commitment of $2.1 billion in Chinese investments, loans and grants from the Chinese government and its companies during the “milestone” visit of Chief Adviser Professor Muhammad Yunus to China, officials said.
Bangladeshi officials and Chinese ambassador in Dhaka Yao Wen said nearly 30 Chinese companies have pledged to jointly invest one billion dollars in the exclusive Chinese Industrial Economic Zone after the Chief Adviser urged Chinese private enterprises to invest in the manufacturing sector in Bangladesh.
China has also planned to lend some $400 million for the Mongla port modernisation project, some $350 million for the development of the China Industrial Economic Zone and another $150 million as technical assistance. The rest of the amount would come as grants and other forms of lending.
“It is a milestone visit,” Chinese envoy Yao Wen said, referring to the Chief Adviser’s four-day-long first bilateral tour to China.
Ashik Chowdhury, the executive chairman of the Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zone Authority (BEZA), said the visit could propel a “surge” of Chinese investment to Bangladesh.
During the bilateral meeting, Prof Yunus has requested President Xi Jinping to give his “green signal” to Chinese private companies to invest in Bangladesh.
President Xi affirmed that he would encourage Chinese firms to relocate their manufacturing plants to Bangladesh as they look to diversify their production destination, said Chowdhury.
“This visit will play a big part in persuading many Chinese companies to invest in Bangladesh. It is just a matter of time,” he said.
On Friday, Prof Yunus and Ashik Chowdhury briefed officials of more than 100 Chinese companies, including some of the biggest in the world, to invest in manufacturing in Bangladesh, especially in advanced textiles, pharmaceuticals, light engineering and renewables.
They spoke in three interactive sessions in Beijing.
“So far, the response is very positive,” he said.
