Foreign Minister Dr Khalilur Rahman on Saturday said a proposed Bangladesh-Myanmar-China economic corridor could significantly reduce the cost and time of transporting raw materials and goods, improving Bangladesh's competitiveness and supporting the Chinese Economic Zone under development in Anwara, Chittagong.
He made the remarks at a press briefing at the Ministry of Foreign Affairs on Prime Minister Tarique Rahman's visits to Malaysia and China.
During the prime minister's meeting with Chinese President Xi Jinping, Bangladesh proposed establishing an economic corridor linking Bangladesh with China through Myanmar.
Explaining the significance of the proposal, Khalilur Rahman said efficient logistics would be crucial for the success of the Chinese Economic Zone.
"We have approved the Chinese Economic Zone here. Industries there will only be viable if they enjoy a competitive advantage. That advantage depends on production costs and logistics. If it takes seven days to bring raw materials from one end of China to Bangladesh, the time-related costs also increase," he said.
The foreign minister also highlighted what he described as the importance China attached to the prime minister's visit.
"As diplomats, we can understand what the other side considers important by seeing who attends a meeting. China's foreign exchange reserves are in the trillions of dollars. It is a major surplus economy, while we are a deficit economy. At that meeting, China's finance minister, foreign minister and the governor of the central bank were all present. The people managing such a large economy collectively gave us nearly one hour of their time. Looking at these factors, you can see that the significance of this visit was completely different from previous visits," he said.
Referring to China's existing connectivity with several ports in Myanmar, Khalilur Rahman said Bangladesh could substantially lower transport costs by establishing multimodal links with those ports.
"If Bangladesh can establish multimodal connectivity with those ports and use this route to import raw materials and export goods for the Chinese Economic Zone, transport time and costs will be reduced significantly. This will enhance Bangladesh's competitiveness and make it easier to attract investment," he said.
He noted that similar economic corridors have been developed across Europe, America, Asia and Central Asia with the aim of boosting production by ensuring faster and more cost-effective connectivity.
Asked whether the government had taken any decision on the proposed corridor, the foreign minister said the matter remains under consideration.
"We are now exploring the issue. Just as there are plans for developing the economic zone and establishing factories, the logistics system must also be considered in an integrated manner. It is a very attractive idea, and both sides will examine it. Our main objective is to determine how much transport costs and time can be reduced and how much Bangladesh's competitiveness can be enhanced," he said.
