Chinese entrepreneurs urged to invest in heavy industries

Businessmen and government officials have urged Chinese entrepreneurs in Bangladesh to invest in heavy industries including capital machinery, saying the government has strengthened the infrastructure, ICT, roads and highways, and power and energy sectors to create a safe environment for foreign investors.

Bangladesh's present development scenario has been providing confidence to attract more investment from China, and the Chinese counterparts should take this advantage, they said while addressing a seminar titled "China-Bangladesh Enterprises High-quality Development Forum Achievement and Way Forward" at the Bangabandhu Bangladesh-China Friendship Exhibition Centre at Purbachal in the capital on Saturday afternoon.

Addressing the seminar as the chief guest, Additional Secretary of the Economic Relations Division (ERD) AHM Jahangir said, "The Chinese investment in Bangladesh is visible enough.

Chinese companies are making good profits and their investment is safe here. So, we hope for more and more Chinese investment in Bangladesh in the coming days."

About the types of Chinese investments in Bangladesh, he said, "Majority of it came in through government-to-government (g2g) projects and the rest is through government tenders. However, the procedure for signing projects with China is slow. I urge the Chinese government to reduce the processing time."

Bangladeshi entrepreneurs also praised the Chinese government and entrepreneurs for being one of the carriers of Bangladesh's development.

Ke Changliang, president of the Chinese Enterprises Association in Bangladesh (Ceab) and chairman of China Civil Engineering Construction Corporation (CCECC) Bangladesh Limited, in his welcome speech, said, "Chinese companies are the infrastructure construction heroes in the world. Even in Bangladesh, Chinese companies are quite active in different important mega projects."

"A total of 12 roads and 21 bridges totalling a length of 550 kilometres have been built, while seven railway lines with a total length of 541.9 kilometres have been constructed by Chinese enterprises. Also, Chinese enterprises have invested in various energy fields such as coal, solar, and wind power plants, making the energy mix increasingly diversified," he said.

"Now Chinese companies have made significant investments in the manufacturing sector and set up manufacturing plants creating half a million jobs in Bangladesh," Ke Changliang said.

"In the EPZ area, about 25% of investors are Chinese. Chinese companies have been working hard for the rapid socio-economic development of Bangladesh. Looking into the future, we commit to strengthen ties with all parties in Bangladesh, to prompt the bilateral economic cooperation to a higher level," the Ceab president added.

Bangladesh and China have a remarkable journey of high-quality development, innovation, and collaboration under the Belt and Road Initiative, said General Secretary of Bangladesh China Chamber of Commerce and Industry (BCCCI) Al Mamun Mridha.

"Chinese companies have been instrumental in transforming our nation, contributing to various sectors of our economy. In the coming years, we aspire to further strengthen our ties, explore new avenues of cooperation, and continue to work towards mutual prosperity," he said.

"The Belt and Road Initiative has been a beacon of hope, and together, we will continue to illuminate the path toward high-quality development and a brighter future for both our nations," Mridha added.

The event was also addressed by the Economic and Commercial Counsellor of the Embassy of China in Bangladesh Song Yang, First Vice President of BGMEA Syed Nazrul Islam, Chief Engineer of Bangladesh Bridge Authority Quazi Muhammad Ferdous, Executive President of BKMEA Mohammad Hatem, PPP Specialist of Public Private Partnership Authority AM Al-Amin, Honorary President of Ceab and Managing Director of LDC Group Zhuang Lifeng, and Managing Director of Powervision Group Mojibur Rahman.