DHAKA, July 17 (Xinhua) -- Bangladesh and China "have developed a friendly and mutually beneficial relationship that offers a strong platform to take our collaboration to the next level," a Bangladeshi senior official has said.
"Our cooperation over the past 50 years has been remarkable," Nahian Rahman Rochi, head of business development at the Bangladesh Investment Development Authority (BIDA) under the Chief Adviser's office, told Xinhua in a recent interview. "China is very important for us, and it's one of our most important investment partners."
According to official data, China has been Bangladesh's largest trading partner for 15 consecutive years. At present, there are nearly 1,000 Chinese enterprises operating in Bangladesh.
Reviewing the outcomes of cooperation, Rochi said "Traditionally, we have had lots of support from our Chinese partners in different types of infrastructure project developments. And we also have investments coming from China into sectors like ready-made garments. Apart from that, we now see renewed interest in sectors like pharmaceuticals, renewable energy, ICT, and electronics."
The official said Bangladesh is seeking to turn itself into a regional manufacturing hub and build a more competitive digital economy, which needs deeper ties with China.
He sees great potential in integrating the two economies across the value chain. "China can focus on capital-intensive, high-tech stages of production, while Bangladesh becomes a manufacturing hub. We could become a major sourcing center for Chinese industries serving global markets," he suggested.
He acknowledged one key challenge facing Bangladesh: energy sustainability. "One area where we need improvement is providing stable energy access to industries. That's why we're looking increasingly into renewable sources such as solar, wind, and hydropower."
He said he believed China is the right partner to support Bangladesh to graduate to the level where it can efficiently and effectively use renewable energy.
The BIDA official also spoke highly of China's economic development model and its approach to attracting investment. "China has set probably the best example globally of how to welcome investors. I have always been amazed by the speed and ingenuity of the Chinese people and the facilities that you offer."
"Whenever we are planning the initiatives within Bangladesh, China comes as the first reference in the case study. So we are always trying to learn from what you did over the last 10 to 15 years," he said.
Noting that a BIDA delegation will visit China this month, the official expressed great anticipation.
"We will be going to different areas in China to deliver to the Chinese investors the opportunity that is here in Bangladesh and also try to share with them the potential of having increased collaboration with Bangladesh," Rochi said.
For target sectors or priorities of the upcoming visit, he said it would be around textiles, pharmaceuticals, ICT and renewable energy. There are also emerging sectors like medical equipment and automobiles.
Highlighting the importance of Chinese investors, Rochi said that Bangladesh has a dedicated economic zone for Chinese investors and is also contemplating expanding into a second economic zone.
"We do offer very competitive tax and other incentives, which I think will be very much favorable to any Chinese investor who wants to enter Bangladesh."
He emphasized his long-term vision for the bilateral relationship. "The progress that we made in the last 50 years can be a very good benchmark and set up a form to launch to the next stage."
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