Govt expects big investment, stronger economic ties

Bangladesh is set to sit for a Joint Economic Commission (JEC) meeting with China on June 1st wherefrom Dhaka expects larger-scale economic and investment cooperation.

Officials said Tuesday Chinese Commerce Minister Wang Wentao could lead a big delegation of Chinese investors and some government officials to attend the vital bilateral meeting, being held in Dhaka after the lapse nine years.

Beijing and Dhaka are expected to sign some big investment deals and economic cooperation, loan and strategic agreements at the JEC meeting, officials involved with the meeting told the FE.

Health-sector cooperation, including the setting up of an international-standard hospital in Bangladesh, might also be confirmed during the JEC meet, they said.

The health adviser of the interim government was expected to sit on Wednesday with the Chinese Ambassador and Bangladesh's relevant ministries at his Secretariat office in Dhaka for finalising the Chinese investment in setting up a modern hospital in Bangladesh.

China has agreed to provide grants for Bangladesh to construct a modern hospital with international-standard treatment facilities and labs for the patients.

At last the JEC meeting is scheduled to be held on June 1 in Dhaka where the biggest delegation from Beijing, including some 200 investors and government representatives, is expected.

Meanwhile, an inter-ministerial meeting was held last week at the Economic Relations Division (ERD) in preparation for the upcoming JEC meeting.

"We are going to sit with China for JEC after long 9 years in June. We have so far been informed that a big delegation of investors and government staff members, led by Commerce Minister, will participate in the JEC," says an ERD official.

It is expected that some loan, investment and economic cooperation deals would be confirmed at the upcoming JEC meeting in Dhaka.

Bangladesh in 2016 sought some $20 billion worth of loans for implementing 27 projects. Over the last 9 years, Beijing has provided funds only for 4-5 projects.

"Our focus will be on the confirmation of some investments in Bangladesh from the visiting Chinese delegation. The next JEC will play a vital role to do that," the ERD official adds.

Beijing would seek Bangladesh's help in establishing its Belt and Road Initiative (BRI), a senior official at the Ministry of Foreign Affairs said.

In a high-level meeting between Bangladesh interim government Chief Adviser Prof Muhammad Yunus and Chinese President XI Jinping last month in Beijing, both sides decided to extend the economic cooperation.

The two sides agreed to promote high-quality Belt and Road cooperation, strengthen international cooperation in industrial and supply chains and work to achieve modernisation in both countries.

The summit meet decided that Beijing will continue to support Dhaka in improving infrastructure and advancing industrialisation, and encourage Chinese companies to invest in Bangladesh's textile and garment, clean energy, digital economy, agriculture and manufacturing sectors.

Bangladesh welcomes Chinese companies to participate in the Mongla Port Facilities Modernisation and Expansion Project, and stands ready to work with the Chinese side to further develop the Chinese Economic and Industrial Zone (CEIZ) in Chittagong.

kabirhumayan10@gmail.com