Md Mazadul Hoque
To begin, China–Bangladesh bilateral relations started moving fast when Chinese President Xi Jinping came to Bangladesh in October, 2016. That is why 2016 has been a significant one to us since Xi Jinping always showed positive approach to stand beside Bangladesh in any situation while visiting Dhaka. His two-day historic state visit indicated that China would remain beside Bangladesh as an ‘all-weather friend’.
Before Xi Jinping went back to China from Bangladesh twenty seven deals were signed between Bangladesh and China which would have been a very big help for the sake of our economy.
That should be noted with pride that reports published in various national dailies said that China’s USD 38 billion investment in Bangladesh, in combination with USD 24.45 billion in bilateral assistance for infrastructure projects and USD 13.6 billion in joint ventures in addition to the USD 20 billion in loan agreements that were made soon after the visit of President Xi played a great role in expediting the development of Bangladesh. So, it can be easily said that this friendship between Bangladesh and China will be a long and strong one.
Bangladesh now needs foreign entrepreneurs with huge capital for investing in the country to move our economy forward rapidly. Bangladesh’s economy currently wants to see foreign direct investment (FDI) to become middle-income country by 2021. Its steady growth will definitely turn the economy into a competitive one if FDI is brought from world’s developed economies through persuasion. China has been contributing in our economy in many ways since 1975. According to Bangladesh Bank (BB), gross FDI inflows from China during October-December, 2018 recorded USD 228 million where as from India it was USD 24 million and Japan USD 33 million.
Bangladesh’s largest trading partner is China in terms of import of electronics items and defense materials. Reports in various dailies said that according to BB sources, imports payments to China in 2016-17 recorded USD 10,194 million which shares 25.2% of total import payments. In respect of export, the products made in Bangladesh are gradually being accepted by them. Nevertheless, economic activities with China have been recorded better with the rise of export volume. According to published report in a daily, in 2017- 18, Bangladesh exported US$ 36.67 billion worth of goods and services and it plans to raise the export volume to US$ 72 billion by 2023-24.
Following Xi Jinping’s strong promises in 2016, Prime Minister Sheikh Hasina has recently flown to China hoping to achieve more than expectations. Finally, she came back home from China with a ray of hope since nine instruments have already been signed in Beijing in the presence of two premiers. The deals signed in the PM’s visit are likely to force our economy towards development more. Also, her visit has brought tremendous successes. Firstly, the humanitarian crisis regarding the Rohingyas has been put before the Chinese leadership to be resolved with great emphasis. Sheikh Hasina returned home carrying promising message that China will take the responsibility of resolving the Rohingya issue.
I think prime minister should have discussed the issue of China-Bangladesh-India-Myanmar Economic corridor (BCIM-EC) under ‘Belt and Road Initiative (BRI)’ undertaken by Chinese president Xi in 2013 because this long economic way would turn our economy into developed one very soon. India is seldom seen to show little interest regarding implementation of BRI project. We have to show our enthusiasm towards BRI for the region’s greater interest. Prime Minister should have talked with Chinese manpower agencies to recruit our low-skilled people as workers. In a report BB sources said that in 2017-18, USD 9.37 million and USD 21.25 million came in Bangladesh as remittance from China and Special Administrative Regions (SAR) of China where many countries contribute more. Foreign remittance is now important to balance out the import expenses in the country.
We will be highly benefited economically if China shows keen interest to use Bangladeshi products. Export volume of Bangladeshi products in China is not satisfactory at all where export receipts of Bangladesh from USA registered USD 1,173 million, from United Kingdom USD 734 million, from Germany USD 1,209 million during the period January–March, 2019. I am sorry to say that Bangladesh’s export receipts from China amount to only USD 153 million which has been recorded during the said time. Hence, there is no alternative other than to increase export items in China.
It is internationally well-known that China is market leader in respect of producing apparel products where as Bangladesh’s position is second. I will tell the globally renewed Chinese businessmen to invest in our garment sectors. I will never deny the role of China in the ongoing mega projects but at this moment our expectations have become higher to meet the country’s demand. Nevertheless, immediately after coming to power, our prime minister made the commitment to do great for the country through hard work and adept leadership. To keep her words, our economy demands more assistance from world’s leading economies. So, the need for completing the mega projects within the promised time is a must that requires a huge amount of funding. No doubt that China continuously has been maintaining good relations with us through financial assistance from time to time whenever asked.
The recent visit of prime minister would be a historic one if the Chinese premier and president keep their commitment to resolve the humanitarian issue of Bangladesh and talk with Myanmar immediately. If China fails to solve the issue, Bangladesh has to suffer a lot in coming days. Beijing should respond quickly and adeptly regarding Bangladesh’s humanitarian crises. Otherwise, regional peace and stability might have been paralyzed at any time for growing Rohingya population. Bangladesh, at this moment, should practice strategic diplomacy with major powerful economies for solving the globally focused Rohingya issue.
I am obliged to praise Prime minister Sheikh Hasina’s diplomatic skills since China’s favor in respect of Rohingya issue was completely unexpected to Bangladesh side. Bangladesh prime minister performed best while talking to the Chinese counterpart about various issues. Chinese VISA policy for Bangladesh nationals might be relaxed for frequent access of our business people similar to India. I am confirmed that two country’s relations is set to further enhance if Bangladesh hurriedly responds the projects under ‘Belt and Road Initiative (BRI)’ taken by China in 2013. We are grateful to China as the Chinese people are now alarmingly engaged with country’s development works that would help our economy to become a developed one before 2041.
Md Mazadul Hoque is currently serving at Social Islami Bank Ltd with Certified Expert in Trade Services (CETS) from BIBM and Member of Bangladesh Economic Association (BEA).
