CA urges Chinese investors to build production hubs in BD

Chief Advisor Prof Muhammad Yunus called upon Chinese investors to help transform Bangladesh into a "production hub" as a big band of entrepreneurs from Beijing, led by their commerce minister, are here exploring business prospects.

Speaking at a business meet Sunday in Dhaka, Yunus noted that half of Bangladesh's total workforce is under the age of 26, and this demographic is ready to get engaged in productive work, according to state news agency Bangladesh Sangbad Sangstha (BSS).

"I urge Chinese investors to make Bangladesh their home and their production hub...the young people are ready to accept that challenge," the head of interim government told his business audience.

He urged Chinese businesses to integrate them into the workforce.

Stressing the importance of reviving the jute industry to strengthen the national economy, Yunus said: "When you talk about jute, it is an emotional issue for Bangladesh."

Jute is often viewed solely as a material for sacks, despite its potential as an eco-friendly fibre that could play a vital role in protecting the environment and the planet.

"Together we can make a wonderful start of jute to give it a right place in our economic programmes," he added.

He also recalled the lost glory of Dhakai Muslin, once a world-renowned and highly prized fabric.

Terming the ongoing visit of the high-profile Chinese business delegation 'historic and significant', Executive Chairman of Bangladesh Investment Development Authority (BIDA) Ashik Chowdhury said they showed keen interest in investing in Bangladesh.

"We have not seen such a large number of business delegates visiting Bangladesh from a single country before," said the BIDA executive chairman.

He went on: "We see a new ray of hope, a new level of interest from Chinese investors."

Mr. Chowdhury made the observations while briefing newsmen after a daylong 'China-Bangladesh Conference on Investment and Trade' held at the BIDA headquarters in the city's Agargaon area.

BIDA and Bangladesh Economic Zones Authority (BEZA) jointly organised the conference with the participation of the Chinese Ministry of Commerce and the Chinese Embassy in Dhaka.

"Around 250 business delegates of 143 Chinese companies, including Six Fortune 500 ones, took part in the conference," said Mr Chowdhury, who is also the Chairman of the BEZA.

He said renowned companies like Hongdou Group, Shandong Weiqiao Pioneering Group, Global Textile Powerhouse of textile sector, Meide Group, solar photovoltaic manufacturing company Huantai Energy, PowerChina and China Road and Bridge Corporation joined the meet.

The opening session was followed by a series of business-to-business (B2B) or business-to-government (B2G) meetings also.

Besides, a memorandum of understanding (MoU) was signed between BEZA and Power China International Group Limited to establish a Chinese Agrivoltaics Economic Zone (EZ) in Chandpur district, the press conference was told.

The delegation mostly comprises representatives from four trade bodies namely China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), China International Chamber of Commerce for the Private Sector (CICCPS), China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and Animal By-Products (CFNA), and China Chamber of Commerce for Import and Export of Textiles (CCCT).

Mr Chowdhury doesn't expect that the delegates would make instant commitments to making investment rather it is a long journey.

"Investment journey is a long process-the first step of the process is to bring them in Bangladesh and make them familiar with the different parts of the investment climate," he said.

The investment promoter hopes the conference will create new scopes for investment gradually in the coming days.

He also expects the ongoing visit of the Chinese businesses and the subsequent conference to yield the desired outcomes in the next six to 24 months.

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