ePaper

Friday, September 22, 2017

China's 'One Belt, One Road' plan will benefit Bangladesh

  • Print

On the forty years of relationship with Bangla-desh and China, Bangla-desh has formally annou-nced to join China's 'One Belt, One Road' (OBOR), which experts say will immensely benefit connectivity, trade and people-to-people contacts in the region.

In a rare gesture all major political parties, including opposition Bangladesh Nationalists Party (BNP) have welcomes the OBOR plan of China, during the visit of China's President Xi Jinping in Dhaka in October last. The present bilateral trade between China and Bangladesh may exceed US$30 billion by 2021 and would further double, a Foreign Ministry official privy of the Bangladesh-China relations told the Asian Age on Wednesday.

China's economic growth has made it a strong economic force in driving global trade. As its trading partner, Bangladesh expects from China, principally, increasing amounts of Chinese direct investment, better access for Bangla-deshi products in China's market and China's continuing support in developing the infrastructure of the country, writes Nusrat Zahan is a visiting scholar at Fudan Development Institute in the Shanghai Daily.

Meanwhile Bangladesh has taken active participating in the OBOR and, as a part of the initiative, the BCIM (Bangladesh, China, India and Myan-mar) corridor is now in its final stage. Fortunately India is also in the BCIM initiative which is in line with the Chinese OBOR initiative. India has responsibility to engage its efforts in developing regional integration, Bangladesh, India, Nepal, and Myanmar along with China.

India, of course has another responsibility andĀ  can play wider roles to access opportunities in the region by resolving the issues of mutual mistrust, said Bangladesh-China bilateral relations specialist Nusrat Zahan.Given the reality, it is now imperative for Bangladesh to build a secure relationship with India and China on the basis of mutual respect, trust and friendship.

Bangladesh should pay more attention to its Look East policy to activate the connectivity further and thus increase bilateral trade, said Zahan, an associate professor in international relations, Jahangirnagar University. Bangladesh and China believe in regional cooperation and have common interest in the corridor, this offers additional impetus, the expert said.

As a mandate of the Bangkok Agreement, China provides Bangladesh duty free access to a list of Bangladeshi products. While Chinese investors have interests in Bangladesh's garment industry due to the availability of cheap labor, the Chittagong and Mongla ports are also of great interests for China to develop connectivity for its Southern gateway.

China is one of the largest development partners of Bangladesh, with an expectation that the bilateral relations would develop cooperation, after President Xi's visited Bangladesh which was marked by Bangladesh press as the start of a "new era of friendship," the official of Foreign office said.

China is already providing project loans and development assistance and wishes to increase investment in the information and communication technology industry, river management, industrial zones, land reclamation and maritime cooperation.

China has offered to build mega infrastructure projects within the Belt and Road areas to increase trade and service, offering substantial prospects for Bangladesh.

This initiative meets Bangladesh's need for wider connectivity within the region. While Asia is currently experiencing increasing economic development centering on China, subjected to implementation of OBOR, and Zahan believes that Asia will become the center of gravity for the world economy.

Since China's OBOR initiative is compliment to Bangladesh's goals of connectivity and increased trade, Bangladesh now needs to make all efforts to ensure good governance and political stability so that it can achieve the aims and expectations of OBOR, which could have a great impact on the long term future of the economy of Bangladesh.


More News For this Category

'Force Myanmar to take back refugees'

| By News Desk
Prime Minister Sheikh Hasina on Wednesday urged Director General of the International Organi-zation for Migration (IOM) William Lacy Swing to create pressure on Myanmar government to take back Rohingya
'Force Myanmar to take back refugees'

'No refugee will die of hunger'

| By AA Correspondent
The government has taken all possible measures to ensure food for the Rohingya refugees who have fled violence in Myanmar."Not a single refugee will die of hunger. The government's

Suu Kyi has two options

| By Saleem Samad
State Counselor of Myan-mar Aung San Suu Kyi has two policy options for Rohingyas, which are a choice between Tatmadaw and implementation of Kofi Annan Commission report. Nobel laureate

It's ethnic cleansing of Rohingyas, say British MPs

| By News Desk
Three British Conservative MPs, who have visited Cox's Bazar and heard 'horrific' stories of Rohingyas who fled violence in Rakhine State, say they have no doubt that an ethnic

Army told to avoid collateral damage

| By International Desk
Myanmar's vice president told the United Nations on Wednesday that security forces in his country's Rakhine State, from which hundreds of thousands of people have recently fled, have been

Go back to Rakhine

| By
Myanmar's army chief called on Thursday for people internally displaced by violence in Rakhine State to go home and rebuild communities, but he made no mentionĀ  of 422,000 Rohingya

Model who turned Neo JMB leader arrested

| By AA Correspondent
The elite force Rapid Action Battalion (RAB) yesterday arrested a ramp model-turned operative of the Neo-Jamaatul Mujahi-deen Bangladesh (JMB) belonging to Sarwar-Tamim group from the city's Khilgaon area. "We

4 lakh to get rice at Tk 30 a Kg daily

| By News Desk
A total of 4.21 lakh people across the country will get rice per day at Taka 30 per kilogram under Open Market Sale (OMS), the program launched by the
4 lakh to get rice at Tk 30 a Kg daily

BNP for nat'l unity over Rohingya crisis

| By AA Correspondent
BNP Secretary General Mirza Fakhrul Islam Alamgir yesterday said their party wants a national unity to drum up world opinion to resolve Rohingya crisis and repatriate Myanmar's persecuted citizens
BNP for nat'l unity over Rohingya  crisis

Trump delighted in insulting Women: Hillary Clinton

| By International Desk
A very special interview with a multi-faceted world leader. A woman who, for the first time, became presidential nominee for the United States election, also an ex-Secretary of State
Trump delighted in insulting Women: Hillary Clinton

© 2017 The Asian Age