Bangladesh has secured USD 2.1 billion in investments from China during Chief Adviser Muhammad Yunus’s visit. This includes USD 1 billion from Chinese companies for the Industrial Economic Zone, loans for port modernization, and grants. The visit is considered pivotal for enhancing Bangladesh’s manufacturing sector and attracting Chinese investment.

Bangladesh has secured a significant commitment of USD 2.1 billion in investments, loans, and grants from China during Chief Adviser Muhammad Yunus’s recent visit, which has been described as a “milestone”. The Chinese ambassador to Dhaka, Yao Wen, alongside Bangladeshi officials, reported that around 30 Chinese companies have promised to invest USD 1 billion in the Chinese Industrial Economic Zone following a call from the Chief Adviser for investments in the country’s manufacturing sector.

China plans to provide a loan of approximately USD 400 million for the modernization of Mongla Port and an additional USD 350 million for the development of the China Industrial Economic Zone. Furthermore, another USD 150 million is allocated for technical assistance. The remaining funds will be disbursed as grants and other forms of financing.

Chinese envoy Yao Wen remarked on the significance of the visit, marking it as a historical moment for bilateral relations. According to Ashik Chowdhury, the Executive Chairman of the Bangladesh Investment Development Authority, this visit could lead to a substantial increase in Chinese investments in the region.

During the discussions, Professor Yunus urged President Xi Jinping to support Chinese private companies’ investments in Bangladesh. Chowdhury confirmed that President Xi expressed his willingness to encourage Chinese firms to move their manufacturing operations to Bangladesh as part of their strategy to diversify production.

The bilateral engagement involved efforts to attract investments from over 100 Chinese companies, with a specific focus on sectors such as advanced textiles, pharmaceuticals, light engineering, and renewable energy. Chowdhury noted a positive reception from the participating firms, indicating a hopeful response towards investment opportunities in Bangladesh.

In conclusion, Bangladesh’s recent agreements with China signify a promising development in investment relations, with USD 2.1 billion earmarked for various sectors. The commitment from nearly 30 Chinese companies to invest significantly enhances prospects for growth in Bangladesh’s manufacturing industry. With ongoing support from the Chinese government and a favorable response from private enterprises, the future looks optimistic for increased economic collaboration.

Original Source: www.zawya.com

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