Education Minister Dr Dipu Moni on Thursday termed China a "steadfast ally" of Bangladesh, saying Beijing had continuously demonstrated a "willingness to collaborate when required."
"Our relationship, founded on trust, cooperation and mutual benefit, serves as a shining example of international partnership," the minister said while launching a report on China's Belt and Road Initiative (BRI) in Bangladesh. The launch of the report by the Chinese embassy marked the 10th anniversary of the initiative rolled out by President Xi Jinping in 2013.
"The joint construction of the Belt and Road Initiative has opened a new door of development for Bangladesh," Dipu Moni said.
Chinese Ambassador Yao Wen said Bangladesh was the first South Asian country to join the BRI in 2016. Since then, Chinese investment in Bangladesh had grown from $241 million in 2016 to $1.346 billion in 2022, he added. Meanwhile, two-way trade was $22.8 billion in 2022, up from $15.3 billion, said the ambassador.
The ambassador said China had built 12 roads, 21 bridges, and 27 power and energy projects in Bangladesh, adding that Chinese companies had created more than 550,000 jobs in Bangladesh. There were more than 670 Chinese companies operating in Bangladesh, he said.
Meanwhile, Dipu Moni called the BRI a "visionary global endeavour" proposed by China, adding that in the past seven years, “we have witnessed the contribution of the Belt and Road Initiative has made to Bangladesh.”
"In the education section, BRAC University, a leading university of Bangladesh… its new campus constructed by a Chinese company will help train the next generation of Bangladeshis to serve the nation," she said.
"In power, China has helped Bangladesh achieve 100% electricity coverage, making Bangladesh the first South Asian country to achieve this goal.
"In the ICT sector, China has helped Bangladesh establish a tier-4 data centre, which has brought the dream of Smart Bangladesh one step closer.”.
The minister continued: "China is also a major supplier of our road, bridge, railways and clean energy… Clearly China and the Belt and Road Initiative have made great contributions for us to realize our Vision 2041 and Sonar Bangla dreams."
As the ambassador awarded licences to 16 Chinese companies whose South Asian headquarters are in Bangladesh, Dipu Moni said it not only indicated the confidence of Chinese companies in Bangladesh but also showed support for the Indo-Pacific outlook proposed by Bangladesh.
She referred to Prime Minister Sheikh Hasina and President of China Xi Jinping's recent meeting in South Africa and said Sheikh Hasina had pointed out that the good relations between Bangladesh and China were based on mutual respect and non-interference in each other's internal affairs.
"I believe, in the future, with the important consensus reached by our two countries’ leaders and the framework of the Belt and Road Initiative, Bangladesh and China can cooperate stronger in policy, infrastructure, trade, finance and people-to-people connectivity."
Transformative opportunity
According to the report, the BRI has emerged as a "transformative opportunity for Bangladesh, offering tremendous potential for buoyant economic activities, infrastructure development and enhanced trade connectivity."
The report divided BRI activities in Bangladesh into three areas: infrastructure development, energy and power collaboration, and social and cultural exchange.
The Padma Bridge Rail Link Project, the Bangabandhu Sheikh Mujibur Rahman Tunnel under the Karnaphuli River in Chittagong, the Dhaka Elevated Expressway, the Dhaka-Ashulia Elevated Expressway Project and the Dhaka Bypass Expressway Project are the major infrastructure projects under the BRI, according to the report.
Major ICT-related projects include Info Sarkar Project 3 and IV Tier National Data Center.
Projects related to water, sanitation and the environment include the Dasherkandi Sewage Treatment Plant Project and the Rajshahi Wasa Surface Water Treatment Plant Project.
Energy and power cooperation include the expansion and strengthening of the power system network under DPDC and the Power Grid Network Strengthening Project Under the PGCB.
"Social and cultural exchange remains essential to China's BRI strategy, fostering mutual understanding and cooperation among participating countries," the report said.
The report mentioned that Bangladesh's external borrowing remains within reasonable limits of its debt-bearing capacity.
The majority of foreign debt is long-term in nature and is allocated for infrastructure and capacity-building projects, it added.
Chinese development loans constitute only a small portion of Bangladesh's external debt portfolio. Concerns about debt sustainability related to the BRI are often based on misconceptions and overlook internal structural issues that need to be addressed, according to the report.