Dhaka seeks operation of Chinese bank in Bangladesh to facilitate yuan trade

State Minister of Commerce Ahsanul Islam has urged the Chinese government to initiate the operations of a Chinese bank in Bangladesh to facilitate the use of yuan for bilateral trade.

"The Chinese currency has been recognised by the government as the official currency since last month to facilitate trade with China for Bangladesh," he mentioned during the Economic Reporters Forum (ERF) and China Bangladesh Chamber of Commerce Industry (BCCCI) Journalism Award ceremony held at the Sonargaon Hotel in the capital on Sunday.

Conducted by ERF General Secretary Abul Kashem, the event featured speeches from Minister Counsellor and Deputy Chief of Mission at the Embassy of China in Bangladesh Hualong Yan, Federation of Bangladesh Chambers of Commerce and Industry President Md Mahbubul Alam, BCCCI President Gazi Golam Murtoza, its Secretary Al Mamun Mridha, and ERF President Refayet Ullah Mirdha."

Mentioning that Bangladesh has the potential to become a global trade hub, Ahsanul said, "The bilateral trade gap with China is substantial – around $22 billion. Increasing China's investment in the country is essential to narrowing this gap. We can potentially reduce this disparity by re-exporting products made through China's investment."

He added that achieving the goal of smart market management requires identifying and addressing the issues in market management.

"Increasing China's investment in the country is essential to narrowing this gap. We can potentially reduce this disparity by re-exporting products made through China's investment."

Ahsanul Islam, state minister of commerce

He said the commerce ministry oversees both imports and exports, implementing business-supportive policies aimed at safeguarding consumer interests. Specific initiatives, particularly concerning Ramadan products, have been introduced. The National Board of Revenue has been urged to consider reducing duties on essential items such as oil, chickpeas, chilies, pulses, and onions.

"The prime minister also supports this stance, and we anticipate that the supply of these products will remain uninterrupted," he mentioned.

The state minister assured, "There is a sufficient stock of food products for the upcoming Ramadan. Proposals have been submitted to the prime minister to reduce import duties on some other products, with the hope that they will positively impact consumers during Ramadan."

He mentioned that the country currently has 18 lakh tonnes of rice in stock, and an additional 13 lakh tonnes of food grains have been imported. The supply of various products is expected to remain normal during the month of fasting.

"We are engaged in coordinating efforts at the production, import, and export levels. Collaborative endeavours with all stakeholders are ongoing," he added.

FBCCI President Mahbubul Alam stated that Bangladesh has grown from a $90 billion economy to a $470 billion one. The country is now on the path toward becoming a trillion-dollar economy.

"The China Chamber has been encouraged to collaborate in order to boost Chinese investment in Bangladesh," he added.

BCCCI President Gazi Golam Murtoza said, "We regularly present awards in collaboration with ERF. This initiative is commendable for the people of the country, especially the journalists."

At the ceremony, the State Minister for Commerce presented crests, certificates, and checks to 15 journalists, including The Business Standard Chief Reporter Abbas Uddin Noyon and Senior Reporter Jahidul Islam.

A total of 68 news articles were submitted in five categories for the BCCCI-ERF Journalism Award this year. According to the scores given by the six-member jury board, 12 winners were awarded first, second, and third places in four categories.

In another category, the first and second-place winners were one each, but the third place was held jointly by three winners. Altogether, 17 journalists received awards in five categories.

The award was jointly launched by BCCCI and ERF in 2020 to highlight the growing trade and economic ties between Bangladesh and China.