DHAKA: China is expected to invest $500 billion in different countries, import goods worth $10 trillion, and export goods worth $20 trillion. More than 400 million Chinese nationals are expected to visit other countries during the period. “Given geographical proximity, we see a huge potential in trade and investment from China to Bangladesh,” said Abrar A Anwar, chief executive officer of Standard Chartered Bangladesh.
He spoke at a discussion on “Bangladesh-China trade and investment corridor importance, potential and outlook”, co-organised by SCB and The Daily Star at the newspaper’s office in Dhaka.
Anwar said the country has a huge opportunity to deepen ties with China, as the Asian economic giant has already opened its economy to trading partners under its planned 21st Century Maritime Silk Route Economic Belt.
“We need to explore how we can tap the opportunity,” he added.
At present, China is Bangladesh’s largest trading partner. In fiscal 2013-14, trade volume between the two countries stood at around $8.29 billion.
The trade balance though is heavily tilted in favour of the Asian giant: last fiscal year, Bangladesh imported goods worth $7.54 billion and exported goods worth $746.2 million.
China’s investment in Bangladesh too leaves a lot to be desired, although it is the single largest investor in the country.
In 2014, entrepreneurs from mainland China brought in $43 million worth of foreign direct investment, which is about 3 percent of the total investment the country received during the year.
Areas such as agriculture, industries, power and energy are ripe for Chinese investment, Anwar said, adding that Chinese banks can also look to invest in Bangladesh.
Chinese Ambassador Ma Mingqiang said there are many similarities between China and Bangladesh as both the countries are populous, agrarian and still developing. So, the two economies can help each other grow, he said.
“We should seize the opportunity to tap the trade and investment potential between the two countries. We have the scope to further consolidate the relationships which will ultimately benefit the people of the two countries.”
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