China has been gaining prominence in the world ever since it separated its economic structure from its political one. Only in China are a socialist regime and a capitalist economy co-existing, in somewhat perfect harmony. Like humans, countries can hold contradictory ideologies and perform efficiently. With the LPG model of economics worldwide, China has surpassed the global market in production and export.
India has picked up the same since the 1990s when all the countries were opening up their borders with limited regulations in import-export ever since the fall of the Berlin wall and the end of Soviet rule. With the help of foreign direct investment (FDI), they too picked up the pace in manufacturing and exporting goods and services.
The relations between India and China have changed several times in the span of 50 years -- from chini-hindi bhai-bhai to the Sino-Indian War (1962) where they pretty much fought over a frozen wasteland and ironically, on it, to the Sino-Indian skirmish in 1987 almost leading to war, which then ultimately led to strong diplomatic and economic ties.
In June 2012, China and India strengthened their ties, which they claimed to be “the most important bilateral partnership of the century” when they set a goal to increase bilateral trade to $100 billion. They are not only cooperating on international trade alone but on important environmental issues like climate change, and reforming the global financial order among other things such as to promote common interests.
Bangladesh, being sandwiched between two superpowers of the 21st century, has huge shoes to fill. What is soft power? For example, K-pop is ruling the world right now in terms of music, it is the epitome of the soft power of South Korea along with their great cinema. Similarly, the Indian culture affects the Bangladeshi society. If we could screen Bollywood movies in theatres such as Cineplex and Blockbuster, the theatre industry in Bangladesh would boom. India has hold over Bangladesh through this soft power.
The songs and movies shape our society and our culture and mentality more than we would like to think. Even though we are a monolingual country for the most part, most -- if not all -- of our citizens can understand Hindi and even speak to an extent. Well, since it comes from the same language branch, Sanskrit, it is easier for us and we consume it wholesale.
Speaking of consumption, when we go out with our family for dinners, the choice of cuisine is often Chinese even though it is not authentic or genuine, but a hybridization or our interpretation of Chinese food. Nevertheless, China has hold over us along with all the countries of the world through their cuisine along with India.
Not to mention that just about anything a person picks up anywhere in the world is made in China. Both countries are in the top 10 highest GDP countries of the world, meaning they are among the biggest economies, and a higher economic position entitles a higher political position globally.
What is our soft power, you may ask? Similar to China and India, it is our textile industry that put us on the map. Bangladesh, India, China, Vietnam, Ethiopia, Indonesia, Sri Lanka, and the Philippines are the leading markets for clothing. So, chances are that a person in Europe will know Bangladesh by the t-shirt he or she wears. And that’s how we have soft power over them. Perhaps we can do the same with our leather and tea down the line.
Like South Korea, China, India, and other countries, we too can become a global powerhouse. By 2050, according to a recent study by PricewaterhouseCooper, it is estimated that China will have overtaken United States and become the biggest economy. The second highest will be India, followed by US and Indonesia. Since growing economies are booming, the advanced ones will stagnate if they do not increase their economic growth. The world economy could also more than double in size by 2050.
As a growing economy, how Bangladesh will fare in the economic-political race depends entirely on our regime and a stable political structure. With our current growth rate, we should not be far behind, and when the tables turn, we can expect to rise fast as our GDP is concerned. But emerging economies like ours need to enhance our institutions and our infrastructure significantly if we are to realize our long-term growth potential.
Aunik Arnold Dhali is a sub-editor at Dhaka Tribune.
