Chinese Ambassador to Bangladesh Li Jiming on Saturday said that Bangladesh needed to produce what the Chinese market required to boost export.
The envoy also said that Bangladesh needs more Chinese market-oriented investment, as China's investment in Bangladesh in 2021 amounted to $1.26 billion and grew almost threefold.
With an accumulated investment of nearly $3 billion, China remains a prominent FDI source for Bangladesh, he added.
The envoy was speaking at China-Bangladesh Enterprises Cooperation Forum 2022, held at the Bangabandhu Bangladesh-China Exhibition Centre in the capital.
As one of the most reliable and trusted friends, China continuously supports Bangladesh through various means to promote the infrastructure development, including concessional loans, investment cooperation, project contracting and China-aid projects, said Ambassador Jiming.
A number of mega projects have been and will be completed this year, including the Padma Bridge Project, the eighth Bangladesh-China Friendship Bridge, South Asia’s largest sewage treatment plant at Dasherkandi, the Karnaphuli Tunnel and some other power and rail projects, he also said.
State Councilor and Foreign Minister Wang Yi announced that the duty-free treatment of 98% tariff lines on goods originating from Bangladesh and exported to China effective from September 1, which will further help to boost Bangladesh's exports to China, the envoy also said.
"Bilateral financial and currency cooperation is strongly recommended to help facilitate trade and economic cooperation. If we could use RMB and Taka in bilateral trade, it will reduce transaction costs and mitigate exchange risks," the Chinese envoy also said.
"In preparation for Bangladesh's exit from the LDCs in 2026, we are pleased to see that the Bangladeshi side has taken a positive stance and begun discussions on FTA with trade partners, including China," he added.
State Minister for Planning Shamsul Alam said that China was an old friend of Bangladesh, and that historically the relationship between the two countries remained a priority.
“Bangabandhu Sheikh Mujibur Rahman understood the potential growth of China and started a good friendship with the rapidly-growing country,” he said, adding that Bangladesh had to follow the growth of China.
China has been helping Bangladesh in many ways, especially in building infrastructures, transforming the economy of the country, the state minister also said.
“In many aspects, we need to learn from China,” he added.
He urged China to enhance the relationship in some areas including trade visits, cultural visits, people to people relations and many more.
There are rooms for accelerating relationships on renewable energy, technology, and educational scholarships, the state minister added.
He also said that Bangladesh is enjoying duty free access to 99% of products to China.
“However, we need comprehensive economic partnership between the two countries and FTA,” he added.
He also said that China was the second largest economy of the world and Bangladesh wanted higher FDI influx from China.
“We built dedicated economic zones for Chinese investors. Moreover, we also want low interest rate projects,” he added.
Chinese Enterprises Association in Bangladesh (Ceab), the largest association dedicated to bolstering Chinese trade and investment in Bangladesh, has now grown rapidly with more than 260 members, with almost every large-scale Chinese company in Bangladesh joining, said Ke Changlian, president of Ceab.
"Dependence on only foreign currency of US dollar leads to a perilous loss both for Bangladesh and China. That is why we have long been asking to do business in Chinese currency, which has been a quite stable global currency," said Gazi Golum Murtoza, president of Bangladesh China Chamber of Commerce and Industry.
"We have 650 plus members, out of whom nearly 430 are Chinese business organizations who has directly contributed to Bangladesh’s economy," said Al Mamun Mridha, acting secretary general of BCCCI.
"I sincerely believe that such a get-together between Bangladeshi and Chinese enterprises would bring a confident contribution towards effectively bringing all concerned stakeholders of Bangladesh and China, this forum would be the liaising forum of Chinese and Bangladeshi enterprises," he added.