China's rebound to benefit Bangladesh too: Ambassador Yao Wen

Fresh Chinese investment is expected to flow into Bangladesh's textile and ICT sectors, said Chinese ambassador in Dhaka Yao Wen on Tuesday, adding that China's return to growth trajectory will benefit Bangladesh too. 

Despite being the world's second largest readymade garments exporter, Bangladesh still imports a significant amount of textile products from China, he said. As a result, Chinese investors are planning to establish factories in Bangladesh to manufacture textile products locally.

At the event titled "Spring Dialogue with China," organised by the Chinese Embassy on Tuesday, he also said that there is great potential for Chinese investment in solar panel manufacturing plants, the food processing industry, and ICT sector in Bangladesh.

The country's leading business daily The Business Standard was the co-organiser of the event, which was moderated by its Editor Inam Ahmed.

The Chinese ambassador said that China's growth was 3% last year amid a global slowdown owing to the Covid pandemic, which may increase to 5% this year. Bangladesh will also get the benefit of this turnaround in China's economy. This year China will import more from Bangladesh, and Chinese investment in Bangladesh will increase.

He further said that 40 Chinese companies participated in the just concluded business summit organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and said that so far China has invested in Bangladesh's various sectors, including infrastructure and power plants. China can help the government build a smart Bangladesh by 2041. Chinese investment will come here.

Stating that China produces 80% of the world's solar panels, he said that the country is considering investing in Bangladesh. Chinese companies may set up solar panel manufacturing factories in Bangladesh.

The ambassador said that Bangladesh will continue to enjoy duty-free facilities on 98% of the existing products even after transitioning from a least developed country to a developing country.

Pointing out that the developing countries, including Bangladesh, have suffered for the last three years in the context of the global slowdown brought on by the pandemic and the Ukraine-Russia war, the Chinese envoy said that various projects, including the construction of the Bangladesh-China Friendship Bridge, are being implemented under the Built Road Initiative. Eight megaprojects with Chinese assistance, including the Bangabandhu Tunnel in the Karnaphuli River, will be launched this year.

He said that by 2026, the implementation of another 27 projects with Chinese assistance will be completed.

Regarding the repatriation of Rohingya, he said that the initiative taken to repatriate the Rohingya after the tripartite meetings two years ago has unfortunately been suspended. However, China will never remove itself from the process, and the country is not protecting any side on the Rohingya issue.

To a question about the US-led Aukus (Australia, UK, and USA) and the Quad (USA, Japan, Australia, and India), the ambassador said that these have nothing to do with development and peace but rather defence. Australia is getting nuclear submarines under Aukus. He said that Bangladesh is very cautious about joining these initiatives.

When asked whether the Teesta water conservation project is progressing or not, he said that a survey is underway for this. China is helping in this regard. Discussions are going on with the government regarding Teesta. China is willing to provide any assistance Bangladesh wants.

Asked whether China will supply weapons to Russia in the ongoing Russia-Ukraine conflict, the ambassador said, China has given a position paper in favour of ending this war. Meanwhile, diplomatic relations between Iran and Saudi Arabia are being established through the mediation of China. China also wants to play a similar role in the Russia-Ukraine issue. But the US and Nato are encouraging Ukraine to fight by supplying weapons.

Pointing out that China is working together with India and Bangladesh for development, he said that China has extended its support for holding BRICS (Brazil, Russia, India, China, and South Africa) and G20 summits in India.